Global Space Travel or Tourism Market Overview
Space Travel or Tourism Market Size was valued at USD 186.3 Million in 2022. The Space Travel or Tourism market industry is projected to grow from USD 60.9 Million in 2023 and USD 110.7 billion in 2024 USD 3,743.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 55.3% during the forecast period (2024 – 2032).
Space travel or tourism refers to the activity of traveling beyond Earth's atmosphere for recreational, leisure, or business purposes. This emerging sector of the space industry allows civilians to experience spaceflight and witness the unique conditions of space, including microgravity, the Earth from a distance, and the void beyond our planet's atmosphere. Space tourism can range from suborbital spaceflights to lunar spaceflights.
Space tourism is rapidly expanding due to growing interest and technological advancements. Market players offer suborbital flights, fueling market growth. However, regulatory hurdles and safety concerns persist. Rising wealth and lunar exploration interest drive market expansion, with diverse experiences like space walks and hotels on the horizon. Collaborations among industry players accelerate innovation, and advances in space observation technology. Sustainable practices and international cooperation ensure long-term market viability, despite challenges in emerging economies.
FIGURE 1: SPACE TRAVEL OR TOURISM MARKET, 2019 - 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Space Travel or Tourism Market Driver
- Growing Interest in Space Exploration
Space has always seeded curiosity due to its vast nature and mysteries, which lures individuals to experience the depth of space leading to various projects accomplished or in the pipeline. Science and technology advancements have supported space exploration projects and successful missions like the Inspiration4 all-civilian crew trip and ongoing Mars exploration efforts demonstrate the growing accessibility of space, inspiring individuals to desire space travel, thus, creating growth opportunities for the space tourism market in coming years.
Space tourism provides an opportunity to participate in groundbreaking experiences. Further, companies like Blue Origin, SpaceX, and Virgin Galactic are also contributing to space exploration offering opportunities for individuals to experience space and contributing to the development of the space tourism market as the demand surges for space travel and advancements take place in the travel cost is also gradually decreasing making it affordable to many. Further, government bodies or space agencies such as ISRO are set for India's space tourism industry development and plans to contribute to space tourism by the year 2030. The expected cost of a ticket for such a journey would be Rs 6 crore. Such an initiation will further boost market growth during the assessment period.
Space Travel or Tourism Market Type Segment Insights:
Space Travel or Tourism Destination Insights
Based on the Destination, The Space Travel or Tourism market is bifurcated into Orbital Spaceflight, Sub-orbital Spaceflight, and Lunar Spaceflight. Among the Destination, Sub-orbital Spaceflight holds the highest market share of 64.4% in 2023 in Space Travel or Tourism market, the market for Sub-orbital Spaceflight was valued at USD 39.2 Million in 2023 and is anticipated to reach USD 1,048.3 Million in 2032 growing at a CAGR of 40.0%.
Orbital Spaceflight
The need for orbital spaceflight has been caused by a change of dynamics in industry together with some of the significant findings which cannot be explained by any other regular means of transport. Mainly because of the technological advancements made in the field of space exploration, the costs incurred in space travel, exploration, and the conducting of missions have been eased. An example of this is the product differentiation by Boeing and Lockheed corporation through designing of reusable rocket to reduce the cost per launch by Blue Origin and SpaceX. Consequently, the cost of orbital space travel has gone down significantly, and the commercial viability or practicality of LEO space travel has improved significantly and become realistic and affordable for a wider audience of users including the governments, businesses, and space tourists.
Sub-Orbital Spaceflight
Suborbital space tourism experience is a growing trending service as people now look for new opportunities to travel to space. While other forms of space craft are geared towards professional astronauts and movers with large pockets, suborbital spacecraft offers frequent fliers and researchers a better option. The allure of floating and a view of Earth never experienced by many individuals encourages it a lot. Moreover, short, exciting and less expensive than orbital are suborbital flights for performers and bold tourists, as well as for business that expect to receive special rewards for their work.
Lunar Spaceflight
The shift in fantasy space tourism is because there is a new wave of many companies and organization with a dream of providing commercial lunar tourism. This is because what once only true ‘rocket scientists’ could do, is now an available possibility for every space enthusiast out there willing to try it out on the moon. Not only being able to witness a sight such as Earthrise from the moon or walking on the moon encourages more interest in some individuals.
FIGURE 2: SPACE TRAVEL OR TOURISM MARKET, BY DESTINATION, 2023 & 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Space Travel or Tourism Market Duration Segment Insights:
Space Travel or Tourism Duration Insights
By Duration, the Space Travel or Tourism market is segmented into Up to 8 Days, and More than 8 Days.
Up to 8 Days
The segment that pertains to space tourism and travel for up to 8 days specifically appeals to those willing to get a quick yet strong dose of extra-terrestrial experience. This market sector targets active sports people, high, affluent wealthy travelers and space conscious audiences who would wish to go to space but not for a long time away from earth.
Some of the typical events that can be associated with this type of travel include suborbital flights, short excursions into orbit, and visits to space stations. People paid for Space tourism are allowed to observe the beauty of the earth from space, experience the sensation of zero gravity, and may be involved in experiments or have fun. Developments in technology, accessibility of space tourism, and the availability of new experience-seeking wealthy people have lead to the upcoming acceptance of 8-days space travel tours.
More than 8 Days
The space tourism and travel market, segmenting those that spend more than 8 days in space, targets the more adventurous forms of space tourism and this space tourism market. This category of travel is more extensive than normal visits and would represent things like space exploration, going to the moon or to another planet. This segment of the market is aimed at adventure seekers, scientists, researchers, and anyone who is interested in space travel and imperialism. It is also suggested that through long distance travel, they can be involved in scientific researches, initiatives in space experiments, contribute towards the development of space research technologies.
Space Travel or Tourism Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The regions included in the study are North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. North America is anticipated to dominate the Space Travel or Tourism market in 2023 while Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period.
Among Region, North America holds the highest market share of 59.9% in 2023 in Space Travel or Tourism market, the market for North America was valued at USD 36.5 Million in 2023 and is anticipated to reach USD 2,254.2 Million in 2032 growing at a CAGR of 55.0%.
The private and public sectors of North America and other developed countries continue to facilitate the advancement of space travel and space tourism. The US space agency ,that is NASA plays a vital role in the advancement in space explorations. NASA has at the moment started the process of a gradual full actualization of Artemis program of the lunar return mission that is conceived to begin a new age of human colonization of the lunar surface. For instance, the Artemis program is a project by NASA that aims to deliver the ‘‘first woman and next man’’ to the Moon by 2024 and such plans bring more attention towards the space exploration and make this as an area of study popular.
Also, North American territory can boast with the intensively evolving commercial private space industry including SpaceX Blue Origin and Virgin Galactic definitely contribute to the further space flights’ lure. I think that one of the most challenging companies on the market at the moment is SpaceX, which was established by Elon Musk. Thus, this private aerospace company has already achieved some success for Vista the first private company to launch astronauts from NASA, Into the ISS and, of course, making its craft reusable. Blue Origin is owned by Jeff Bezos and is focused on the manufacturing and application of the rocket, let alone the commercial space tourism through which it aims to offer its clients space experiences that include a suborbital space journey for a certain amount of money.
Space tourism is gaining momentum in Europe, with companies like Space Adventures and Virgin Galactic eyeing the market. Virgin Galactic, for instance, has established partnerships with European spaceports to offer suborbital flights to tourists. However, regulatory challenges, such as airspace regulations and liability issues, present hurdles to commercial spaceflight operations.
The UAE and Israel are leading the Middle East’s contribution to global space cooperation, with the wider region also becoming increasingly involved. Tremendous progress has been made by the UAE’s space programme since its inception by Mohammed Bin Rashid Space Centre (MBRSC) and the UAE Space Agency. Last year marked the Arab world’s first interplanetary mission with the successful launch of Hope Mars Mission. It is anticipated that this nation will have a human settlement on Mars by 2117, which shows their commitment towards exploring space for years to come.
FIGURE 3: SPACE TRAVEL OR TOURISM MARKET SIZE BY REGION 2023 & 2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Space Travel or Tourism Key Market Players & Competitive Insights
Major companies in the space travel and tourism market compete in terms of safety standards, reliability of space transportation systems, and passenger experience. These companies focus on innovation, cost reduction, and differentiation. They consider strategic partnership as a key strategy in the space travel and tourism market. Collaboration between government agencies, private enterprises, research institutions, and international organizations is essential to overcome technical challenges, regulatory hurdles, and financial barriers associated with space travel and tourism. By fostering collaboration and innovation, stakeholders can unlock new opportunities and propel the global space travel and tourism market towards sustainable growth and exploration of new frontiers.
During the study, MRFR has analyzed some of the major players in the Space Travel or Tourism Market who have contributed to the market growth. These include Space Adventure Limited, Blue Origin, SpaceX, Axiom Space, Inc., Virgin Galactic, SpaceVIP, Boeing, Zero 2 Infinity S.L, Rocket Lab USA Inc., and Skyroot Aerospace Pvt. Ltd.
These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.
Key Companies in the Space Travel or Tourism market include
- Space Adventure Limited
- Blue Origin
- SpaceX
- Axiom Space, Inc.
- Virgin Galactic
- SpaceVIP
- Boeing
- Zero 2 Infinity S.L
- Rocket Lab USA Inc.
- Skyroot Aerospace Pvt. Ltd.
- Others
Space Travel or Tourism Industry Developments
- October 2023, Blue Origin Unveiled Multi-Mission, Multi-Orbit Space Mobility Platform. Expanding upon its mission to build a road to space for the benefit of Earth, Blue Origin has unveiled Blue Ring, a spacecraft platform focused on providing in-space logistics and delivery.
- February 2023, Rocket Lab USA, Inc., a provider of launch services and space systems, released two new high-performance space systems products designed to increase the availability of essential satellite components to the global small satellite market.
- October 2023, Axiom Space and the European Space Agency (ESA) have entered into a Memorandum of Understanding (MOU) to explore collaborative opportunities in human spaceflight, science, technology, and commercialization.
- March 2019, Boeing acquired ForeFlight, a provider of innovative mobile and web-based aviation applications.
Space Travel or Tourism Market Segmentation
Space Travel or Tourism Destination Outlook
- Orbital Spaceflight
- Sub-orbital Spaceflight
- Lunar Spaceflight
Space Travel or Tourism Duration Outlook
- Up to 8 Days
- More than 8 Days
Space Travel or Tourism End-users Outlook
- Billionaires & Ultra-High-Net-Worth Individual (UHNWI)
- Adventure Seekers & Science Enthusiast
Space Travel or Tourism End-users Gender Outlook
Space Travel or Tourism Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Belgium
- Netherlands
- Switzerland
- Luxembourg
- Sweden
- Denmark
- Norway
- Poland
- Greece
- Ukraine
- Romania
- Czech Republic
- Turkey
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Report Attribute/Metric
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Details
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Market Size 2022
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USD 186.3 Million
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Market Size 2023
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USD 60.9 Million
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Market Size 2032
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USD 3,743.4 Million
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Compound Annual Growth Rate (CAGR)
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55.3% (2024-2032)
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Base Year
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2023
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Market Forecast Period
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2024-2032
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Historical Data
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2019- 2022
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Market Forecast Units
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Value (USD Million)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Destination, Duration, End-users, End-users Gender, and Region
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Geographies Covered
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Europe, North America, Asia-Pacific, Middle East & Africa, and South America
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Countries Covered
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The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, and others.
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Key Companies Profiled
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Space Adventure Limited, Blue Origin, SpaceX, Axiom Space, Inc., Virgin Galactic, SpaceVIP, Boeing, Zero 2 Infinity S.L, Rocket Lab USA Inc., and Skyroot Aerospace Pvt. Ltd..
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Key Market Opportunities
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· Increase in number of wealthy individuals
· Rising interest for lunar spaceflight
· Revolutionizing the space tourism industry
· Sustainable space tourism's global
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Key Market Dynamics
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· Growing interest in space exploration
· shifting perception of space travel
· The era of commercialization of global space travel
· Collaborative efforts for space sustainability
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Frequently Asked Questions (FAQ) :
The Space Travel or Tourism Market size is expected to be valued at USD 60.9 Million in 2023.
The global market is projected to grow at a CAGR of 55.3% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Space Adventure Limited, Blue Origin, SpaceX, Axiom Space, Inc., Virgin Galactic, SpaceVIP, Boeing, Zero 2 Infinity S.L, Rocket Lab USA Inc., and Skyroot Aerospace Pvt. Ltd.
The Sub-orbital Spaceflight destination dominated the market in 2023.
