The global Space Tourism market was valued at USD 2.4 Billion in 2022 and it is anticipated to grow up to USD 12.0 Billion by 20324, at a CAGR of 17.4% during the forecast period.
Global Space Tourism Market report from Global Insight Services is the single authoritative source of intelligence on Space Tourism Market . The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Space tourism is the practice of traveling to and staying in space for leisure purposes. The term generally refers to space travel for private individuals, rather than professional astronauts or trained cosmonauts. Space tourism is a relatively new concept, and it is still in the early stages of development. There are a limited number of companies offering space tourism services, and the industry is still working to develop the infrastructure and technology needed to make space travel more accessible and safe for the general public.
Market Trends and Drivers
Increase in Technological Advancements in the Space Tourism Market to Drive the Market Growth
Space Tourism Market lets travelers travel in and across the Earth’s orbit for leisure, recreation, or significant business purposes. In addition, it will probably make travel accessible to the lay and the non-astronaut populace during the forecast period. Furthermore, the technological innovations and the users’ preference for space adventures are intensifying at a remarkable growth pace in the future. Therefore, the growth in the Global Space Tourism Market can be attributable to the surge in technological advancements. Moreover, the High Net Worth of Income individuals toward spaceflight and the growth in the inclination of adventure travelers are propelling the growth of the Space Tourism Market. Besides, the augmented focus on research and development activities by government and private research organizations are other vital aspects expected to drive market expansion. The market is strengthening, with vital players dominating and capturing a significant market share. These market players are also planning on R&D to build orbital and suborbital vehicles to travel to space during the forecast period. Also, these players have been investing a considerable number, which will observe rapid growth in the future.
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Market Restraints and Challenges
The key restraints and challenges in space tourism market are as follows:
High cost: One of the major restraints for space tourism is the high cost associated with it. The cost of launching a single person into space can range from $10,000 to $40,000. This high cost limits the number of people who can afford to experience space tourism.
Safety concerns: Another key restraint for space tourism is safety concerns. There have been a number of accidents involving space tourism vehicles, which has raised concerns about the safety of space tourism.
Lack of infrastructure: A lack of infrastructure is another challenge facing the space tourism industry. There are currently no space tourism facilities on Earth, which means that space tourists have to travel to remote locations to experience space tourism. These are the key restraints and challenges facing the space tourism industry.
Major Players in the Global Space Tourism Market
The key players in the market Airbus Group SE, Boeing Company, Excalibur Almaz Limited, Space Adventures, Inc., Space Island Group, Spacex, Virgin Galactic, LLC, Zero 2 Infinity S.L., EADS Astrium, and Starchaser Industries, among others.
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