GVR Report cover Space Tourism Market Size, Share & Trends Report

Space Tourism Market Size, Share & Trends Analysis Report By Type (Orbital, Sub-orbital), By End Use (Government, Commercial), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-955-3
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global space tourism market size was valued at USD 598 million in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 37.1% from 2022 to 2030. Rising advancements in technology, growing inclination of adventure travelers, High Net Worth of Income (HNWI) individuals toward spaceflight, and increased focus on research and development activities by government and private research organizations are some of the factors fueling the growth of the market. Space tourism allows travelers to travel within and across the Earth’s orbit for leisure, recreation, or business purposes. Space tourism is anticipated to make travel accessible to lay and non-astronaut people in the coming years. The industry is expanding at a tremendous growth rate owing to technological innovations coupled with users’ inclination toward space adventures.

 U.S. space tourism market size, by type, 2020 - 2030 (USD Million)

 

In 2021, there were 146 space launches, out of which 51 were from the U.S., 55 from China, and 25 from Russia. The launches are expected to rise, which can deteriorate the ozone layer, thus, creating a detrimental effect on the Earth’s climate. In June 2022, researchers from the Massachusetts Institute of Technology (MIT), the University of Cambridge, and the University College London (UCL) observed that the soot emitted from rocket launches had impacted the atmosphere by generating more heat when compared to other emitting sources.

The emitted pollutants are responsible for the depletion of the ozone layer in the stratosphere. The spacecraft sent into orbit follows a multi-stage configuration and is plunged to pass through the Earth’s atmosphere. With every stage, the auxiliary parts are separated from the launch vehicle and are discarded or reused in further explorations.

The industry has remarkably evolved in the U.S. and Europe owing to the accessibility of launch facilities, commercial space launches, technological breakthroughs, and space tourism. The market is consolidated, with a few players dominating and capturing a significant share. These players have been planning on research and development to build orbital and suborbital vehicles to travel to space in the coming years. These companies have invested an enormous sum of the amount, as the industry is anticipated witness exponential growth.

COVID-19 Impact On The Space Tourism Market

The COVID-19 pandemic has highly affected the commercial aviation industry, restraining individuals from traveling for leisure and business purposes. The setback in the travel and tourism industry has also affected the development of the space tourism market. This impact is anticipated to prolong space missions and temporarily halt long-haul travel missions. The growth in travel by business jets and in-flight connectivity has opened up new possibilities for supersonic/hypersonic flights. It has allowed the companies to achieve the potential of time-saving on long-haul flights when compared to other mediums.

SMEs have been primarily impacted by the space industry as these enterprises largely depend on the government as their source of revenue. The SMEs and government contractors operating in America, Europe, and Asia have benefitted from the financial and administrative support offered by the space agencies in terms of advance payments and liaising with regional and local authorities, enabling the smooth operation of facilities. Rising concerns regarding the short-term and long-term consequences of the COVID-19 pandemic on customer demand and government budgets have deteriorated the growth for a short period.

Type Insights

In terms of type, the market is classified into orbital, suborbital, and others. The sub-orbital segment dominated the overall market, gaining a market share of 49.5% in 2021 and witnessing a CAGR of over 36.0% during the forecast period. Suborbital tourism allows individuals to experience weightlessness and observe space without actually exiting the Earth's orbit. This enables human spaceflight to reach the edge of space without sending the vehicle into orbit.

The orbital and suborbital flights are distinguished based on the vehicle's speed. A suborbital flight is operated at lower speeds than an orbital flight. Hence, these flights do not have sufficient acceleration to reach orbit. These flights fly up to a certain height and descend to the ground when the engines shut down. Companies are focusing more on commencing suborbital flights as they can reuse the rockets, thus saving on their manufacturing costs.

The orbital segment is anticipated to witness the fastest CAGR of 37.9% throughout the forecast period. Orbital flights can last for a few days or several weeks, depending upon the destination, such as the International Space Station (ISS), the moon, or Mars. Companies, including Virgin Galactic and Blue Origin, primarily focus on launching suborbital flights, whereas SpaceX and Orion Span aims for orbital flights.

For instance, Orion Span, a U.S.-based space travel company, is planning on deploying a private commercial space station that is expected to function as a space hotel. The Aurora Space Station will be placed in Low Earth Orbit (LEO) and will host up to six tourists at once.

End-user Insights

The commercial space tourism market is expected to dominate in 2021, gaining a market share of 56.7%. It is expected to grow at the fastest CAGR of over 37.0% throughout the forecast period. In 2021, there were thirteen commercial spaceflight missions undertaken by several private and government organizations, of which seven missions were executed successfully.

Billionaires have invested considerable sums in traveling to space and witnessing the Earth from above. Virgin Galactic, Blue Origin, SpaceX, and NASA have undertaken spaceflight missions to transport non-astronaut individuals across space and bring them back to Earth after a certain period. These explorations have achieved several milestones, including the first feature film shot in space and the oldest person to go to space.

 Global space tourism market share, by end-user, 2021 (%)

The government segment is anticipated to grow at a considerable CAGR of 36.9% throughout the forecast period. Space agencies and global government organizations have sent astronauts into space, and NASA has opened the ISS for non-astronauts. NASA has entered into a three-way partnership with Axiom and SpaceX to commercialize space tourism in Low Earth Orbit.

In April 2022, NASA, Axiom, and SpaceX launched three civilians and a former NASA astronaut to the ISS in a SpaceX Dragon spacecraft. The week-long travel has cost USD 55 million each, and these individuals have conducted scientific research, outreach, and commercial activities.

Regional Insights

North America led the overall market in 2021, with a market share of 38.3%. The region is equipped with a highly developed infrastructure and owns an extensive research and development base, allowing the region to be the top revenue contributor in the worldwide market during the projected period. A well-established infrastructure has allowed the speedier implementation of modern technologies.

The significant presence of small and medium players in North America, which offer components and services to the giants such as SpaceX, Blue Origin, and Virgin Galactic, has also propelled the market growth. The U.S. is expected to retain its dominance over the forecast period owing to the inclination of high-net-worth individuals towards space tourism and growing technological investments in the region.

Space Tourism Market Trends by Region

The Asia-Pacific is expected to develop substantially by the projection period and grow at a CAGR of 37.5%. Significant contributors to the growth of the Asia-Pacific market include the China National Space Administration (CNSA), the Indian Space Research Organization (ISRO), and Japan Aerospace Exploration Agency (JAXA). CAS Space, a Chinese Academy of Sciences (CAS) spinoff, has been developing rockets for commercial satellite launches.

The company aims to launch a demo flight in 2022, a full suborbital flight in 2023, and tourists in space by 2024. As per a survey conducted by the Chinese University of Hong Kong, young Chinese respondents have expressed more substantial interest in space tourism and space hotels when compared to American respondents. The Chinese respondents were willing to spend USD 1.6 million for a round trip to Earth, whereas the American respondents were willing to pay USD 0.9 million for the same.

Key Companies & Market Share Insights

The market is consolidated and is anticipated to witness increased competition due to several players' presence. Major players are spending heavily on R&D activities to integrate advanced technologies in spacecraft used for tourism and deploying space hotels has intensified the competition among these players.

The key players are focusing on offering individual day or week-long tours, creating an adventurous experience for the tourists. These companies are also collaborating with aerospace organizations and local & regional players to gain a competitive edge over their peers and capture a significant market share. Some prominent players in the global space tourism market include:

  • Blue Origin

  • Virgin Galactic

  • SpaceX

  • Airbus Group SE

  • Boeing

  • ZERO-G

  • Airbus Group SE

  • Axiom Space

  • Bigelow Aerospace

  • Orion Span

  • Space Adventures

  • Space Perspective

  • World View Enterprises

  • Zero2Infinity.

Space Tourism Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 695.1 million

Revenue forecast in 2030

USD 8.67 billion

Growth rate

CAGR of 37.1% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, end-user, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil

Key companies profiled

Airbus Group SE; Axiom Space; Blue Origin; Boeing; Orion Span; Space Adventures; SpaceX; Virgin Galactic; Zero2Infinity; ZERO-G

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Space Tourism Market Segmentation

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global space tourism market report based on type, end-user, and region:

Global Space Tourism Market Segmentation

  • Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Orbital

    • Sub-orbital

    • Others

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • Government

    • Commercial

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia-Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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