North America to dominate the Global Space Tourism Market till 2027
Increasing focus on the
research and development activities and the efforts to make space tourism an
affordable activity is expected to drive the global space tourism market in the
forecast period.
According to TechSci Research report, “Global Space
Tourism Market By Type (Suborbital and Orbital) By Product Type (High Altitude
Jet Fighter Flights, Atmospheric Zero-Gravity Flights, Aircraft Replacement
Flights and Others) By Destination (Mars, Earth Orbit, Venus, Moon, Ceres and
Others) By Customer (Civilians, Enterprise and Others) By Service Provider
(Government, Commercial Institutions and Others), By Region, Company Forecast
& Opportunities, 2027”, The global Space Tourism Market is expected to
witness steady growth in the forecast period. Space tourism is human space
travel that tends to provide tourists with the ability to become astronauts and
experience space travel for recreational or business purposes. There are
several kinds of space tourism including orbital tourism, suborbital tourism,
and lunar tourism. Space tourism is considered expensive so now only the people
with high expenditure capacity can afford it. Commercial space tourism
operators are offering sub-orbital tourism to tourists as a means of delivering
the experience of weightlessness to tourists who are willing to pay the premium
fees. The ability to see the earth from outer space and to satisfy the
curiosity of the consumer is influencing the demand for the space tourism
market. The experience of traveling at high speed and having unusual experience
is the driving factor for the growth of the space tourism market in the next
five years.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities around the globe imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. The non-essential activities were temporarily suspended,
and the full focus and resources were devoted to curing the coronavirus. Import
and export activities were restricted which disrupted the supply chain involved
in the process of space tourism. Therefore, the COVID-19 adversely impacted the
space tourism market. However, the market is expected to properly function
again after the lifting of lockdown restrictions and is expected to pick up the
pace eventually.
The presence of uncertainty in the regulatory
framework and issuance of human space-flight regulations may restrain the
growth of the global space tourism market in the forecast period.
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Global
space tourism market is segmented into type, product type, destination,
customer, service provider, regional distribution, and company. Based on the
service provider, the market can be divided into government, commercial
institutions, and others. The commercial institutions segment is expected to
witness growth in the forecast period, 2022-2027 as a large number of
commercial intuitions are offering space tourism services and the rise in the
number of start-ups offering the sub-orbital tourism facility to the consumers.
Based on the customer, the market can be divided into civilians, enterprise,
and others. The civilians segment is expected to dominate the space tourism
market in the next five years. The increase in the expenditure capacity of the
consumers and the huge number of individuals interested in space travel is
expected to fuel the growth of this segment.
Blue
Origin, Virgin Galactic, SpaceX, Space Adventures Inc., EADS Astrium, Armadillo
Aerospace, Excalibur Almaz, Space Island Group, Boeing, Zero 2 Infinity,
Starchaser Industries are the leading players operating in global space tourism
market. Manufacturers are increasingly focusing on research and development
process to fuel higher growth in the market. To meet evolving customer demand
with respect to better efficiency and durability, several space tourism
manufacturers are coming up with their technologically advanced offerings.
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“Currently,
the space tourism activities are based on the extensions of the current rocket
launch and rocket plane development activities and to create opportunities in
the future the market players have to invest in technologies for the
development of safer ways to lift humans into the earth orbit and the space for
tourism activities. Advanced methods including the use of tethers, advanced ion
engine thrusters, solar electric propulsion, solar sail technology are expected
to create lucrative opportunities for the space tourism market growth.
Investments and efforts made by the market players to make space tourism a
commercially profitable market is expected to propel market growth till 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Global
Space Tourism Market By Type (Suborbital and Orbital) By Product Type (High
Altitude Jet Fighter Flights, Atmospheric Zero-Gravity Flights, Aircraft
Replacement Flights and Others) By Destination (Mars, Earth Orbit, Venus, Moon,
Ceres and Others) By Customer (Civilians, Enterprise and Others) By Service
Provider (Government, Commercial Institutions and Others), By Region, Company
Forecast & Opportunities, 2027” has evaluated
the future growth potential of global space tourism market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of global space tourism market.
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