The global space tourism market size reached USD 747.1 million in 2023. Demand for space tourism recorded a y-o-y growth of 14.0% in 2023. Hence, the market valuation is expected to reach USD 851.7 million by 2024. Over the forecast period, the global space tourism industry is predicted to exhibit a 19.8% CAGR, reaching USD 5,191.7 million by 2034.
Several factors are expected to drive the space tourism market growth. These include the increasing inclination of adventure travelers & high net worth income (HNWI) individuals toward spaceflight, the rising affordability of space travel, and technological advancements.
The market for space tourism is experiencing significant growth, driven by increasing government initiatives and investments worldwide. Governments are playing a pivotal role in fostering the development of space tourism by providing financial support, regulatory frameworks, and infrastructure.
The increasing awareness of environmental sustainability is leading to the exploration of greener and more efficient propulsion systems. This is projected to help space tourism companies address concerns related to the carbon footprint of space tourism.
Cutting-edge developments in propulsion systems, materials, and manufacturing techniques are also leading to the creation of safer, more efficient, and accessible spacecraft. The development of these novel space technologies will offer tourists the opportunity to experience space travel like never before.
| Attributes | Key Insights |
|---|---|
| Space Tourism Market Size in 2023 | USD 747.1 million |
| Estimated Space Tourism Market Size (2024) | USD 851.7 million |
| Projected Space Tourism Market Value (2034) | USD 5,191.7 million |
| Expected Space Tourism Market CAGR (2024 to 2034) | 19.8% |
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The market for space tourism exhibited a CAGR of 9.4% between 2019 and 2033. It attained a valuation of USD 747.1 million at the end of 2023. Over the assessment period, the global space tourism market is set to progress at a 19.8% CAGR.
| Historical CAGR (2019 to 2023) | 9.4% |
|---|---|
| Forecast CAGR (2024 to 2034) | 19.8% |
The space tourism industry is still in its early stages, but it has the potential to expand into a multi-billion-dollar industry in the years to come. As technology continues to advance and costs come down, space travel is expected to become more accessible to the general public. This could lead to a new era of space exploration and discovery in the assessment period.
The space tourism market encourages travelers across the Earth to experience leisure, recreational activities, and business purposes as well. There have been technological innovations that are contributing to the fast growth of space tourism.
The high net-worth income individuals are significantly contributing toward the rise of spaceflight and the growth in adventure travel. This will enhance the growth of the space tourism market, and the trend is expected to continue through 2034.
Top space tourism companies are investing in research and development programs for building new suborbital and orbital vehicles for traveling into space. This will boost revenues for space tourism companies.
Principal Consultant
Emergence of Commercial Space Travel Companies to Boost Space Tourism Sales
The emergence of commercial space travel companies has significantly propelled the growth of the space tourism market. Companies such as SpaceX, Blue Origin, and Virgin Galactic have pioneered reusable rocket technology, making space travel more cost-effective and accessible.
Innovations by companies have led to the development of suborbital and orbital flights for paying customers, sparking a new era of space tourism. This competitive market has driven companies to continuously improve their technology, reduce launch costs, and enhance passenger safety, ultimately expanding the opportunities for individuals to experience space travel.
The space tourism industry is witnessing surging interest and investment, opening up a new frontier for commercial space ventures and transforming space exploration into a viable business sector. Hence, a robust growth trajectory has been predicted for the global space tourism industry.
Developing Insurance Products Tailored to the Unique Risks of Space Travel
The rapid advancement of space technology and the emergence of private space exploration companies have ushered in a new era of space travel, opening up unprecedented opportunities for the space tourism market. As more individuals and corporations express interest in space travel, there is a growing need for insurance products specifically tailored to the unique risks associated with space exploration.
Unlike traditional travel insurance, space travel insurance must account for a myriad of exceptional risks. This includes equipment malfunctions, spacecraft accidents, extreme environmental conditions, and even space debris.
The potential for accidents or failures during launch, orbital travel, re-entry, and landing stages necessitates highly specialized coverage. Insurance companies have a substantial growth opportunity in this niche market by developing innovative and comprehensive insurance products that address these unique risks.
Concerns about the Environmental Impact of Space Tourism Limit Market Expansion
The space tourism industry has generated both excitement and trepidation due to its potential environmental impact. This is raising concerns about sustainability and long-term consequences.
Suborbital and orbital flights, while offering a unique experience for a handful, are notorious for their carbon footprint. This is mainly attributed to the immense energy required for rocket launches and the release of greenhouse gases and particulate matter into the atmosphere.
The increased traffic of spacecraft in near-Earth orbit can exacerbate the growing issue of space debris, posing a hazard to future space missions and satellites. The rapid growth of the space tourism market, if not adequately regulated, can contribute to an even more congested and polluted space environment, further challenging the sustainability of space activities.
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The section brings to the fore key highlights of the space tourism market across prominent countries. Out of all the countries profiled, the market in the United States is expected to witness a CAGR of 17.3%.
| Country | Growth Rate, 2024 to 2034 |
|---|---|
| United States | 17.3% |
| Russia | 15.5% |
| China | 14.8% |
| India | 16.2% |
| Japan | 13.3% |
| United Kingdom | 12.7% |
| Germany | 10.6% |
The United States space tourism market is anticipated to expand at a CAGR of 17.3% during the projection period. It will likely hold a prominent share of the global space tourism industry by the end of 2034.
Several factors are expected to drive the United States space tourism industry forward. These include a strong presence of space companies, the development of advanced space technologies, and favorable government support.
The country’s government strongly supports space exploration and is investing heavily in developing new space technologies. This is creating a favorable environment for the development of the space tourism industry.
The United States is also home to a handful of the world's leading space companies, such as SpaceX, Virgin Galactic, and Blue Origin. These companies are developing cutting-edge technologies and infrastructure that are further driving the growth of the space tourism market.
As per the latest space tourism market analysis, Russia's space tourism market is poised to exhibit a robust CAGR of 15.5% during the forecast period. This is attributable to the presence of a robust technological base and increasing support from the government.
The government is also supportive of the development of space tourism, and it has allocated funds to enhance the development of new technologies and infrastructure. The government is working to create a regulatory framework for space tourism, which will help to ensure the safety and security of space tourists.
After sending the first human into space, Russia has continued to be a leader in space technology ever since. This has given Russia a significant advantage in the development of space tourism infrastructure, and the country is now home to several companies that offer space tourism experiences.
Space agencies such as the Indian Space Research Organization (ISRO) are focusing on exploring the possibilities of offering space tourism services. Similarly, the Indian Space Promotion and Authorization Centre (IN-SPACe) is encouraging private companies to carry on with space activities, including space tourism. This will boost the target market.
The Department of Space is further undertaking the process of a space policy that is comprehensive and integrated. This will offer direction to the activities of the Private Indian Space Industry.
IN-SPACe plans on sharing the technical facilities across ISRO centers along with private entities. This will create dimensions of space advancement and will also bring economic benefits as space tourism evolves.
As per the latest report, India is expected to emerge as a highly lucrative market for space tourism companies during the forecast period. It will likely thrive at a CAGR of 16.2% between 2024 and 2034.
As per the latest report, China's space tourism market is predicted to expand at a healthy CAGR of 14.8% between 2024 and 2034. This is due to the rising interest in space tourism, reduction in space tour costs, and increasing investments by the government in the space industry.
Citizens across China are showing a keen interest in space tourism owing to the growing popularity of space-related entertainment and raising awareness of China’s achievements in space exploration. This is expected to drive the demand for space tourism in the country.
Space organizations in China are also striving to advance in space technologies and make space tourism affordable. For instance, the China National Space Administration (CNSA) announced that it will likely launch space tourism flights as early as 2025. This will boost the target market.
Japan’s space tourism market is predicted to expand at a CAGR of 13.3% during the assessment period. This can be attributed to the development of new space technologies and favorable government support.
Japan’s government is focusing on building new spaceports to make the country Asia’s hub in the space business. This is expected to push the growth of the space tourism market in Japan during the forecast period.
The below section shows the 36 to 40 segment dominating the space tourism market. It is expected to thrive at a 23.2% CAGR during the forecast period. Based on tourism type, the suborbital segment is poised to exhibit a CAGR of 25.9%. By booking channel, the online booking segment will likely progress at a CAGR of 21.1%.
Market Growth Outlook by Key Age
| Age | 36 to 45 Years |
|---|---|
| Value CAGR | 23.2% |
In terms of age group, the 36 to 45 age category is expected to rise with a prolific CAGR of 23.2% during the forecast period. The 36 to 40 age group is particularly well-positioned to take advantage of the growing space tourism industry. This group is typically at the peak of their careers and earning power, and they are more likely to have the disposable income to afford a space tourism experience.
The age group of 36 to 40 years is more likely to be interested in space exploration and willing to take risks. This will boost the growth of the target segment.
As the space tourism market grows, it is expected to attract an increasingly diverse range of participants. However, the 36 to 40 age group will likely remain the most prominent demographic for space tourism during the assessment period.
Market Growth Outlook by Key Tourism Type
| Tourism Type | Suborbital |
|---|---|
| Value CAGR | 25.9% |
Based on tourism type, the suborbital segment is anticipated to propel with a stupendous CAGR of 25.9% during the assessment period. The growth of this segment is driven by the increasing demand for adventure travel and the rising disposable income of consumers.
Technological advancements are also making suborbital flights more affordable and accessible to a wider range of people. Technology developments such as reusable spacecraft and new launchers are lowering the cost and increasing the accessibility of space travel.
For instance, SpaceX announced that it would begin offering commercial suborbital spaceflights in 2024. The company has already sold tickets to several customers, including Japan’s billionaire Yusaku Maezawa.
Suborbital space tourism is rapidly growing. As a result, companies are developing safe, reliable, and affordable suborbital space vehicles that will be well-positioned to capitalize on this growth.
Market Growth Outlook by Booking Channel
| Booking Channel | Online Booking |
|---|---|
| Value CAGR | 21.1% |
In terms of booking channels, online booking is anticipated to surge with a CAGR of 21.1% in the forecast period. This is attributable to the convenience and ease of booking online, as well as the wide availability of information about space tourism providers and experiences.
Online booking allows potential space tourists to compare prices and options before making a decision. Further, online booking platforms specializing in space tourism typically offer a variety of experiences, including suborbital flights, spacewalks, and orbital missions.
Online booking platforms also provide information about the different space tourism providers, as well as customer reviews, which enhances its future adoption. Hence, the target segment is projected to progress rapidly through 2034.
The space tourism market is in the early stage of development, with key players employing multiple strategies to capture market share. The technological landscape in the space tourism market is constantly evolving, and new technologies are emerging all the time.
As technology continues to advance, companies are focusing on making space tourism more appealing and commercially viable for a broader range of individuals and companies. Further, support channels of suppliers are pacing up, and companies are collaborating well with the direct suppliers. Several space tourism companies are promoting and boosting space tourism through advertisements and celebrity endorsements.
Recent Developments in the Space Tourism Market
| Attribute | Details |
|---|---|
| Estimated Value (2024) | USD 851.7 million |
| Expected Value (2034) | USD 5,191,7 million |
| Anticipated Growth Rate (2024 to 2034) | 19.8% CAGR |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million in value |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, Spain, France, Italy, Russia, India, China, Japan, South Korea, Malaysia, Singapore, Thailand, Australia, GCC, South Africa, Others |
| Key Segments Covered | Direct Supplier, Indirect Supplier, Number of Booking, Age, Tourism Type, Demographic, Nationality, Booking Channel, Tour Type |
| Key Companies Profiled | Blue Origin; Virgin Galactic; Space X; Airbus Group SE; Boeing; ZERO-G; Airbus Group SE; Axiom Space; Bigelow Aerospace; Orion Span; Space Adventures; Space Perspective; World View Enterprises; Zero2Infinity; Other Players (As Requested) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
By Number of Bookings:
The global space tourism market value is expected to reach USD 851.7 million in 2024.
The global space tourism market size is predicted to reach USD 5,191.7 million in 2034.
Demand for space tourism is anticipated to expand at a 19.8% CAGR through 2034.
Thriving at a 25.9% CAGR, the suborbital type is expected to witness high demand.
Blue Origin, Virgin Galactic, and Space X are a handful of space tourism companies.
Global space tourism demand grew at a 9.4% CAGR from 2019 to 2023.
The development of next-generation space technologies is a key trend.
1. Executive Summary 1.1. Global Market Outlook 1.1.1. Who Is Travelling? 1.1.2. Travel Gross Bookings 1.1.3. Travel Gross Revenue 1.1.4. How Much Do They Spend? 1.2. Evolution Analysis 1.3. Future Market Insights (FMI) Analysis and Recommendations 2. Growth Parameters in Space Tourism 2.1. Technological Advancements and Innovation in Spacecraft Design 2.2. Emergence of Commercial Space Travel Companies 2.3. Partnerships between Governments and Private Companies 2.4. Regulatory Frameworks and Industry Standards 3. Supply to Demand: Today’s Travel Distribution Network 3.1. Direct v/s Indirect Distribution 3.2. Travel Gross Revenues, by Channel, 2024 3.2.1. Supplier Direct 3.2.2. TMC 3.2.3. Tour Operator 3.2.4. OTA 4. Direct Suppliers in Space Tourism 4.1. Total Supplier Market, Share by Segment (%), 2024 4.1.1. Airlines 4.1.2. Hotel Companies 4.1.3. Train 4.1.4. Tour Operators 4.1.5. Government Bodies 5. Indirect Suppliers in Space Tourism 5.1. OTA (Online Travel Agency) 5.2. Traditional Travel Agencies 5.3. TMCs (Travel Management Companies) 5.4. Corporate Buyers 5.5. Aggregators 6. Number of Bookings, 2024 6.1. By Age 6.1.1. Under 15 6.1.2. 16 to 25 6.1.3. 26 to 35 6.1.4. 36 to 45 6.1.5. 46 to 55 6.1.6. Over 55 6.2. By Demographic 6.2.1. Male 6.2.2. Female 6.2.3. Kid 6.3. By Nationality 6.3.1. Domestic 6.3.2. International 6.4. By Booking Channel 6.4.1.1. Offline Booking 6.4.1.2. Online Booking 6.5. By Tour Type 6.5.1.1. Individual Travel 6.5.1.2. Professional Groups 6.5.1.3. Group Travel 6.6. By Tourism Type 6.6.1. Stratospheric Tourism 6.6.2. Sub-orbital Tourism 6.6.3. Orbital Tourism 6.6.4. Others 7. Country Shift, Key Countries in Focus, 2024 8. Gross Revenue 8.1. Gross Revenue (USD Million) and Forecast (2024 to 2034) 8.2. Number of Bookings and Forecast (2024 to 2034) 8.3. Total Spending Y-o-Y Growth Projections (2024 to 2034) 8.4. Number of Tourists Y-o-Y Growth Projections 9. Challenges & Looking Forward 9.1. Success Stories: Case Studies 9.2. Future Market Insights (FMI) Recommendations 10. Market Stakeholders Landscape - Key Direct Suppliers 10.1. Airlines 10.2. Hotel Companies 10.3. Trains 10.4. Tour Operators 10.5. Government Bodies 11. Social Media Sentimental Analysis 11.1. Travel Influencers: A New Phenomenon in the world of Tourism 11.2. Social Media Platforms Preferred 11.3. Trending #Hashtags 11.4. Social Media Platform Mentions (% of Total Mentions) 11.5. Trending Subject Titles 12. Assumptions and Acronyms Used 13. Research Methodology
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