What is Space Travel?
The space travel market will progress through various stages, beginning with adventure tourists who pay several million dollars for a space trip and eventually stabilizing into a well-developed tourist sector with lower rates and easier accessibility. According to current market research, 80 percent of persons between the ages of 20 and 29 are interested in space flight. Several rivals in the sector are vying for this market by offering Earth-based space-related tourism activities. The solid economic rationale with government and business sector support is one of the burgeoning space tourism's strongest strengths. The tourism industry accounts for 10% of the global GDP. It is an industry capable of pressuring governments and private companies to develop a low-cost, reusable launch vehicle that will allow for more human space exploration.
|Unit||Value (USD Million)|
|Key Companies Profiled||Blue Origin (United States), Virgin Galactic (United States), SpaceX (United States), Space Adventures (United States), EADS Astrium (France), Armadillo Aerospace (United States), Excalibur Almaz (United Kingdom), Space Island Group (United States), Boeing (United States) and Zero 2 Infinity (Spain)|
The market study is broken down by Type (Suborbital and Orbital) and major geographies with country level break-up.
The leading companies in the market focus on product development, R&D initiatives and various other strategies to enhance the market share in the global market over the forecast period. The market is expected to be dominated by major companies such as Blue Origin, Virgin Galactic, SpaceX, Space Adventures, EADS Astrium, Armadillo Aerospace, Excalibur Almaz, Space Island Group, Boeing, Zero 2 Infinity, and others. Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Space Travel market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Blue Origin (United States), Virgin Galactic (United States), SpaceX (United States), Space Adventures (United States), EADS Astrium (France), Armadillo Aerospace (United States), Excalibur Almaz (United Kingdom), Space Island Group (United States), Boeing (United States) and Zero 2 Infinity (Spain) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Space Travel market by Type, Application and Region.
On the basis of geography, the market of Space Travel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service Providers, the sub-segment i.e. The Government will boost the Space Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Destination, the sub-segment i.e. Earth Destinations will boost the Space Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product Type, the sub-segment i.e. High altitude jet fighter flights will boost the Space Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Customers, the sub-segment i.e. Civilians will boost the Space Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In May 2020, US-based aerospace company SpaceX launched two astronauts into orbit re-using Falcon 9 rocket that initially carried the crew into orbit. This is considered to be a major technological achievement for the company as the reuse of rockets leads to significant cost savings for space exploration.
- Rising Trend Of Space Tourism To Boost The Demand
- Technological Advancements To Foster The Growth
- Growing Inclination Of The Population Towards Space Travel
- The Total Cost Of A Trip Into Space Has Reduced Significantly From The Initial Price
- Focus On Research And Development (R&D) Initiatives
- There Are A Lot Of Technical Risks Attached To Commercial, High-Volume Space Flights Used For Space Tourism
- Stringent government rules and regulations
Key Target AudienceSpace Travel companies, Subsystem Manufacturers, Technology Support Providers, Ministry of Defense, Scientific Research Centers, Software/Hardware/Service and Solution Providers and End users
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.