Global Space Tourism Market Size to witness a CAGR of 32% through 2028

By Sachin Pashte  | Date: December 27, 2022

Global Space Tourism Market Size to witness a CAGR of 32% through 2028

Expert analysts opine that global Space Tourism Market, which was valued at USD 520 million in 2021, is estimated to progress at a CAGR of 32% through the forecast period.

Surging interest of individuals with high net worth in spaceflight, expanding tendency of adventure travelers, rising technological breakthroughs, and soaring attention on R&D activities by public & private research institutions are some of the factors driving the expansion of global space tourism market.

Despite the optimistic outlook, the COVID-19 pandemic and the ongoing conflict between Russia & Ukraine hindered corporate expansion as a consequence of some businesses withdrawing their operational activities from Russia, which drastically decreased the profitability of this market.

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However, with the coronavirus outbreak under control, the business landscape is estimated to pick up pace in the forthcoming years,

Based on type terrain, the market is split into sub orbital and orbital. In terms of form, the industry is divided into discrete, early majority, and innovators early adopters. On the basis of product, the market is segregated into aircraft replacement flights, atmospheric-zero gravity flights, and high-altitude jet fighter flights.

Speaking of destinations, worldwide space tourism industry is classified into ceres, Moon, Venus, Earth orbit, Mars, and others. By end-user, the market is categorized into commercial and government.

Regionally, the latest trends are studied across Western Europe (UK, Benelux, France, Spain, Nordic, Germany, Italy, rest of Western Europe), Asia Pacific (Australia, South Korea, China, ASEAN, India, Japan, Rest of APAC), Middle East & Africa (GCC, Turkey, South Africa, Rest of MEA), Latin America (Mexico, Brazil, Rest of Latin America), Eastern Europe (Poland, Russia, rest of Eastern Europe), and North America (U.S. and Canada). Among these, the North America region is likely to expand significantly during the forecast years owing to highly developed infrastructure.

The main players are concentrating on providing unique day or week-long trips, giving travelers an exciting experience. The competitive landscape of global space tourism industry is influenced by firms like Zero Gravity Corporation, Zero 2 Infinity, Virgin Galactic, Space Exploration Technologies Corp., Space Adventures, Inc., Orion Span, Blue Origin, LLC, Axiom Space, Inc., Airbus SE, and National Aeronautics and Space Administration. Additionally, in order to obtain a competitive advantage over their rivals and take a substantial market share, these companies are partnering with regional and local players as well as aeronautical organizations.

Questions and Answers: - Global Space Tourism Market

Question 1. What are the major factors driving global space tourism market trends?

Answer 1. Surging interest of individuals with high net worth in spaceflight, expanding tendency of adventure travelers, rising technological breakthroughs, and soaring attention on R&D activities by public & private research institutions are some of the factors driving the expansion of global space tourism market.

Question 2. How is the form category in global space tourism market divided?

Answer 2. In terms of form, the industry is divided into discrete, early majority, and innovators early adopters.

Question 3. Which are the key players influencing global space tourism market dynamics?

Answer 3. The competitive landscape of global space tourism market is influenced by players like Zero Gravity Corporation, Zero 2 Infinity, Virgin Galactic, Space Exploration Technologies Corp., Space Adventures, Inc., Orion Span, Blue Origin, LLC, Axiom Space, Inc., Airbus SE, and National Aeronautics and Space Administration.

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About Author

Sachin Pashte     ibmag.com

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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