DUBLIN–(BUSINESS WIRE)–The Global Space Tourism Market Size, Share and Trend Analysis by Type (Orbital, Sub-Orbital), By End-Use (Government, Commercial), By Region and Segment Forecast, 2022 -2030” was added to from ResearchAndMarkets.com offer.
The global space tourism market size is expected to reach USD 8.67 billion by 2030. It is expected to grow at a CAGR of 37.1% from 2022 to 2030. Space tourism is defined as human space travel for recreational purposes , leisure or professional. A wealthy person looking for a unique experience is willing to pay for space tourism, which increases the demand for space tourism.
As research, development and commercialization of space technologies accelerate, space tourism is becoming a strong commercial pillar of the space industry. Only a few governments and private players have recently entered the market, with the Russian government constantly showing interest in developing space tourism capabilities. In January 2021, Glavkosmos, the commercial arm of Roscosmos, announced that it would sell four seats on the Soyuz MS spacecraft, with launches scheduled for 2022 and 2023, respectively.
Space tourism should enable more space research, making space science more accessible to individuals. Since space is expensive right now, these flights will offer a much lower cost to research. Space tourism will also help create new technologies. Most space science involves new inventions, and most technologies are based on transformation that began in space. Running shoes, bulletproof vests, foam mattresses, etc., are some of the technologies that we obtained during a space visit to the moon.
Space tourism can be divided into suborbital and orbital tourism. Suborbital tourism allows human spaceflight to the space frontier without sending the vehicle into orbit. In a suborbital flight, you never go into orbit. A flight duration in suborbital flight varies from 2 to 3 hours. Orbital tourism allows travelers to experience orbit. Orbital flight involves staying in orbit, that is, continuously circling the planet at very high speeds so as not to fall back to Earth. These trips can last several days or weeks.
Space tourism is harmful to the environment. In general, rocket launches are detrimental to the environment. Rocket engines, which burn rocket fuel, release black carbon (soot particles) and harmful gases into the upper atmosphere, causing ozone depletion. However, a few space companies do not use black carbon as fuel. Companies like Blue Origin’s New Shepard use liquid hydrogen fueled gases in rockets. Hydrogen turns into water vapor when it burns and does not emit carbon.
The reason why space tourism can be harmful to the environment has an impact on its potential popularity. As rocket launches increase, so will carbon footprints. The Virgin Galactic company plans to launch 400 flights a year. The black carbon released by 1,000 space tourist flights causes the temperature of Antarctica to rise by one degree Celsius.
A few companies working in space tourism are SpaceX, Airbus Group SE, Blue Origin, Boeing, ZERO-G, Virgin Galactic and Axiom Space. In March 2022, Blue Origin launched its suborbital vehicle, New Shepard, on its first flight of the year, which carried six people on a short trip to space and back. The launch was delayed nearly an hour by several countdown wedges, including one that continued for over 45 minutes. Later, Blue Origin said it needed time to resolve an issue with the vehicle’s radio system that networks telemetry.
Highlights of the Space Tourism Market Report
Space tourism is embraced by wealthy families, wealthy people, or anyone with enough money who wants a different experience and is willing to pay for space tourism.
Space tourism has increased overall space exploration activities. In November 2020, SpaceX launched non-astronauts to the International Space Station (ISS), marking a new era of space exploration
Suborbital segment is expected to dominate the market and grow at a CAGR of 36.7% from 2022 to 2030
The commercial space tourism market is expected to grow at the highest CAGR during the forecast period
The main source markets for space tourism are the United States, Japan, China, India, United Kingdom, Canada, Germany, Hong Kong, France and Australia.
The United States will be the main source market for space tourism companies. When promoting their expeditions and hotels, all players in the space tourism industry focus on the US market, as campaigns aimed at this market are likely to have the most significant impact.
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends and Outlook
Chapter 4. Space Tourism Market Type Outlook
Chapter 5. Space Tourism Market End User Outlook
Chapter 6. Space Tourism Market: Regional Estimates and Trend Analysis
Chapter 7. Competitive Analysis
Chapter 8. Competitive Landscape
Airbus Group SE
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