What is Space Tourism Market?
Space tourism is a space travel for recreation, leisure, or business purposes. Space tourism is an emerging trend due to the growing expenditure on travel and tourism around the globe. This adventure tourism includes a higher degree of risk coupled with high demand for the enthusiasts for space tourism. Current reduction in the cost of spending of space tourism is expected to gain traction for the global space tourism market over coming years. In space tourism, an optimal spaceflight is established that will facilitate passengers to travel to outer space, Mars as well as the Moon. Growing number of passengers signing up for space tourism together with the growing investment from passengers is likely to drive the demand for space tourism in the upcoming years. Research and development to develop orbital space tourism is expected to stimulate the growth of the global space tourism market in coming years.
The market study is being classified by Type (Suborbital and Orbital), by Application (Civilians and The Rich) and major geographies with country level break-up. According to AMA, the Global Space Tourism market is expected to see growth rate of 12.98% and may see market size of USD1.61 Million by 2025.
SPACE ADVENTURES, INC. (United States), EADS Astrium (France), Virgin Galactic (United States), Excalibur Almaz (United Kingdom), Space Island Group (United States), SPACE EXPLORATION TECHNOLOGIES CORP. (United States) and The Boeing Company (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Bigelow Aerospace (United States) and Zero 2 Infinity (Spain).
On September 17, 2018, SPACE EXPLORATION TECHNOLOGIES CORP. has announced that fashion innovator and globally recognized art curator Yusaku Maezawa will be the company’s first private passenger to fly around the Moon in 2023. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Space Tourism market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Space Tourism market by Type, Application and Region. On the basis of Type, Suborbital are dominating the market in the year 2019
On the basis of geography, the market of Space Tourism 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Experience Travel Boom driving space tourism market growth
- New Space Technologies Fuel Markets and Add Choice
- High risk associated with space tourism
- Emerging markets
- Technological advancements
- Strict government policies, and environmental regulations
Key Target AudienceSpace Tourism providing companies, Subsystem Manufacturers, Technology Support Providers, Ministry of Defense, Scientific Research Centers, Software/Hardware/Service and Solution Providers and End users
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