WASHINGTON, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Space Tourism Market finds that the increasing R&D (Research & Development)activities by the government and private research centers, the growing number of adventure travelers worldwide, and the technological advancements in the Space Tourism Market are anticipated to augment the growth of the Global Space Tourism Market during the forecast period. The Global Market revenue was valued at USD 562.5 Million in 2021.
The Global Space Tourism Market size is forecast to reach USD 3622.5 Million by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 36.4% during the forecast period; states Vantage Market Research, in a report, titled “Space Tourism Market Size, Share & Trends Analysis Report by Space Tourism Types (Orbital, Sub-Orbital, Other Space Tourism Types), by End Users (Government, Commercial, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Space Tourism Market was valued USD 562.5 Million in 2021 and is all set to surpass USD 3622.5 Million by 2028, exhibiting a CAGR of 36.4% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Space Tourism industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Space Tourism Market:
- Airbus Group SE
- Axiom Space
- Blue Origin
- Boeing
- Orion Span
- Space Adventures
- SpaceX
- Virgin Galactic
- Zero2Infinity
- ZERO-G
Market Dynamics:
Driver:
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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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global Space Tourism Market is no exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Space Tourism Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the Space Tourism Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Space Tourism Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Space Tourism Market has considered the impact of COVID-19 on the Space Tourism Market globally and the subsidiaries for the Space Tourism Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Space Tourism Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Space Tourism Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Regional Analysis:
North America Dominated the Global Space Tourism Market
North America is leading the Global Space Tourism Market and is expected to continue the same during the forecast period. The region’s development is due to the well-established infrastructure, which has allowed the rapid adoption of current technologies and the presence of most billionaires. Moreover, the U.S. Space Tourism Market contributes a major market share in this region. Also, the region is equipped with a highly developed infrastructure with a wide-ranging research and development base, which will propel the market growth during the forecast period.
Recent Developments:
May 2020: US-based SpaceX sent two people into orbit, reusing the Falcon 9 rocket that had delivered the crew into orbit. This is an amazing technological breakthrough for the company, as rocket reuse results in significant cost savings for space exploration.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Space Tourism Market Size, Share & Trends Analysis Report by Space Tourism Types (Orbital, Sub-Orbital, Other Space Tourism Types), by End Users (Government, Commercial, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Space Tourism Market for the base year and forecast period?
This market titled “Space Tourism Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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