Partnerships among Governments and Private Companies to Propel Space Tourism Market to US$5.19 Billion by 2034 | Future Market Insights, Inc.

The space tourism industry is poised for significant growth in the coming years, fueled by government support, technological advancements, and changing consumer preferences. Businesses that can successfully navigate the challenges and capitalize on the opportunities presented by this dynamic market are well-positioned for success.

NEWARK, Del., Nov. 15, 2023 /PRNewswire/ -- The Space Tourism Market by Orbital and Suborbital Tourism Type, Growth Opportunities and Revenue Analysis, 2024 to 2034

As per the latest report, the space tourism market value is expected to surge from US$ 851.7 million in 2024 to US$ 5,191.7 million by 2034. It will likely exhibit a CAGR of 19.8% during the assessment period.

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The space tourism industry is anticipated to expand rapidly during the forecast period. This is due to several factors, including technological advancements and innovation in spacecraft design, as well as the emergence of commercial space travel companies.

The space tourism market is experiencing a remarkable surge in demand as more companies are entering the industry, offering civilians the opportunity to travel to space. This trend is driven by technological advancements, increased public interest in space exploration, and a growing number of affluent individuals willing to pay for unique extra-terrestrial experiences.

Public-private partnerships and collaborations with educational institutions are facilitating the development of unique and enriching space experiences, fostering a sense of wonder and learning among participants. For instance, Axiom Space and Embry-Riddle Aeronautical University (ERAU) announced a partnership in 2022 to develop and deliver educational programs related to space tourism.

Governments worldwide are promoting the growth of the space tourism sector through monetary incentives and regulatory changes. The government of Japan, for instance, declared in 2022 that it would invest JPY 10 billion (US$ 78 million) in the growth of a commercial space tourism business.

Companies are leading the way with a range of suborbital and orbital spaceflight options. This is making space tourism an exciting and rapidly evolving sector with the potential for significant growth in the assessment period.

The market is highly competitive, with several companies offering a wide range of space tours. A handful of the leading space tourism players include SpaceX, Blue Origin, and Virgin Galactic.

Space Tourism Industry Report Coverage 2024-2034:

Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!

Key Takeaways from the Space Tourism Market Study:

• The global space tourism market is expected to reach US$ 5,191.7 million by 2034.
• By tourism type, suborbital space tourism is set to expand with a CAGR of 25.9% through 2034.
• Based on age, the 36 to 45 segment will likely progress at a CAGR of 23.2% between 2024 and 2034.
• The online booking segment is poised to exhibit a CAGR of 21.1% through 2034.
• North America is expected to dominate the space tourism industry throughout the forecast.
• The United States space tourism market is projected to expand at a 17.3% CAGR through 2034.
• Russia is poised to exhibit a CAGR of 15.5% during the forecast period.
• Demand in China is expected to rise at a CAGR of 14.8% between 2024 and 2034.

 "Growing public interest in space exploration and the desire to experience space travel personally are expected to elevate demand for space tourism. Governments worldwide are providing support and favorable regulatory frameworks to encourage the development of the space tourism industry. This will contribute to the expansion of the space tourism market," says Sneha Varghese (Senior Consultant, Consumer Products & Goods).

Competitive Landscape

Top space tourism companies profiled in the report 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, and Zero2Infinity among others.

Key players are investing rigorously in research and development to introduce novel space technologies and reduce space travel costs. They are also continuously launching new space tourism flights to make them popular among the masses.

Recent Development-

•   In 2022, Blue Origin conducted its first space tourism launch by sending six tourists on a joyride trip outside Earth.

Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the space tourism market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study divulges compelling insights on space tourism based on direct suppliers (airlines, hotel campaigns, trains, tour operators), indirect suppliers (online travel agencies, traditional travel agencies, travel management companies, corporate buyers, aggregators), number of bookings (age, demographic, nationality, tourism type, booking channel, and tour type), and regions.

About Travel & Tourism Division at Future Market Insights (FMI)

The travel & tourism team at Future Market Insights (FMI) provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.

About the Author:

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods. 

 Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals. 

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