Space tourism market size to grow by USD 6,959.36 million from 2023 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK, Dec. 19, 2022 /PRNewswire/ -- Technavio categorizes the global space tourism market as a part of the global hotels, resorts, and cruise lines market, which covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services. The global space tourism market size is estimated to increase by USD 6,959.36 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of almost 14.1%.

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Global space tourism market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Global space tourism market – Vendor analysis
Vendor landscape - The global space tourism market is concentrated, with the presence of several global as well as regional vendors. A few prominent vendors that offer space tourism in the market are Airbus Group SE, Axiom Space Inc., Bigelow Aerospace LLC, Blue Origin Enterprises LP, Excalibur Almaz Ltd., PD AeroSpace Ltd., Sierra Space Corp., Space Adventures Inc., Space Exploration Technologies Corp., Space Perspective, The Boeing Co., Virgin Galactic Holdings Inc., World View Enterprises Inc., Zero 2 Infinity SL, and Zero Gravity Corp. and others.
The global space tourism market is at its growing stage. The market requires high investments, advanced technologies, and significant technical expertise to design fully functional space tourism. The possibility of a change in the dominance of key vendors is low as there are many difficulties in developing and designing space tourism. However, there exists a high scope for technological advances and the implementation of innovative alternative approaches to design space tourism. Such growing advances will drive the growth of the market during the forecast period.

Vendor offerings -

• Airbus Group SE.: The company offers space tourism services such as earth observation, telecom satellites, human spaceflights, and others. 
• Axiom Space Inc.: The company offers space tourism services such as private astronaut space travel programs by training the participants at space agency facilities. 
• Bigelow Aerospace LLC: The company offers space tourism services such as a space habitat module, and the B330 which is a next-generation inflatable space habitat.
• Blue Origin Enterprises LP: The company offers space tourism services such as spacecraft for space tourism under the name, New Shepard. 
• For details on the vendor and its offerings – Buy the report!

Global space tourism market - Segmentation assessment

Segment overview
Technavio has segmented the market based on type, type (Suborbital tourism and Orbital tourism), and technology (Innovators, Early adopters, and Early majority).

• The market share growth of suborbital tourism will be higher than the other segments during the forecast period. Space travel is inherently a risky proposition. Though the flights meet the government-mandated safety regulation, the regulations are only theoretical and cannot completely assume safety. The training required for suborbital space tourism prior to the launch varies from 1-4 weeks. The cost of a spaceflight ticket ranges from $100,000 to $500,000, which is only a fraction of the cost that NASA has to incur to send astronauts into space. This is expected to decline further in the future as the second generation of space crafts is expected to streamline the process and provide better experiences at a lower cost. Thus, the aforementioned factors will drive the market during the forecast period. 

Geography overview
By geography, the global space tourism market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global space tourism market.

• North America will account for 52% of the global space tourism market growth during the forecast period. The evolution of space tourism concepts is expected to drive the development of space tourism technology in North America since most major space tourism stakeholders, such as SpaceX, are based in this region. The company is aggressively advancing its space-related technologies in collaboration with various other regional and intercontinental space industry stakeholders. Therefore, it can be concluded that enduring investments in orbital space tourism technologies will also nurture the development of technologies related to space tourism in North America, which, in turn, will drive the growth of the regional market during the forecast period. Since the beginning of 2021, there has been a rise in space research activities, which has propelled the demand for space tourism in the region. Thus, the regional space tourism market is expected to grow during the forecast period.

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Global space tourism market – Market dynamics

Leading drivers - Increased spending on travel and tourism is notably driving the space tourism market growth. Adventure tourism is the fastest-growing segment in the travel and tourism industry. Adventure tourism has a degree of risk associated with it, and space tourism can be considered a risky prospect. The expenditure on travel and tourism is expected to increase during the forecast period as consumers have started going to tourist places post the lifting of COVID-19-related lockdowns. This will drive the growth of the market during the forecast period. Many companies have started to invest in space tourism. In addition, the number of people interested in space tourism is expected to increase during the forecast period. Thus, the demand for space tourism is expected to increase during the forecast period.

Key trends - Decreasing the costs of space tourism is a major trend in the space tourism market. Virgin Galactic is expected to conduct space tours for passengers for $0.25 million per person, and institutes are expected to sign up to fly experiments on these suborbital flights. The cost of getting into space will decline rapidly if the next generation of space planes can reach orbit. This will considerably reduce the cost of launching satellites or space exploration missions, making it an economically viable option for a larger customer segment. In addition, the reduced cost can give access to vendors to launch multiple nanosatellites in the solar system. Thus, the aforementioned factors will drive the market during the forecast period.

Major challenges - High risks associated with space tourism are the major challenge impeding the space tourism market growth.  Space tourism is an expensive activity, and the target audience for space tourism is high-net-worth individuals. The target consumer segment has the capability to pay for tours such as mountain climbing or skydiving. The preference for activity also depends on the availability of the activity, physical fitness, and risks associated with it, apart from affordability, which is not an issue in the target market. If we consider both the parameters, i.e., participation and risk coefficient (excluding space tourism), the scalar value of the correlation coefficient is very high, at 88%. However, the correlation is negative, indicating that the higher the risk, the lower the participation. Hence, the high risk involved in space tourism will hamper the growth of the market during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this space tourism market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the space tourism market between 2023 and 2027
• Precise estimation of the size of the space tourism market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the space tourism market industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Space Tourism Market vendors

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Table of Contents:

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global space tourism market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global space tourism market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Technology Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Suborbital tourism - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Suborbital tourism - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Suborbital tourism - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Suborbital tourism - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Suborbital tourism - Year-over-year growth 2022-2027 (%)

• 6.4 Orbital tourism - Market size and forecast 2022-2027
• Exhibit 38: Chart on Orbital tourism - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Orbital tourism - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Orbital tourism - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Orbital tourism - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Technology

• 7.1 Market segments 
• Exhibit 43: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Technology - Market share 2022-2027 (%)

• 7.2 Comparison by Technology 
• Exhibit 45: Chart on Comparison by Technology
• Exhibit 46: Data Table on Comparison by Technology

• 7.3 Innovators - Market size and forecast 2022-2027
• Exhibit 47: Chart on Innovators - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Innovators - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Innovators - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Innovators - Year-over-year growth 2022-2027 (%)

• 7.4 Early adopters - Market size and forecast 2022-2027
• Exhibit 51: Chart on Early adopters - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Early adopters - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Early adopters - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Early adopters - Year-over-year growth 2022-2027 (%)

• 7.5 Early majority - Market size and forecast 2022-2027
• Exhibit 55: Chart on Early majority - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Early majority - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Early majority - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Early majority - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Technology 
• Exhibit 59: Market opportunity by Technology ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 Asia - Market size and forecast 2022-2027
• Exhibit 73: Chart on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Asia - Year-over-year growth 2022-2027 (%)

• 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)

• 9.7 US - Market size and forecast 2022-2027
• Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.8 Russia - Market size and forecast 2022-2027
• Exhibit 85: Chart on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027
• Exhibit 89: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Airbus Group SE 
• Exhibit 108: Airbus Group SE - Overview
• Exhibit 109: Airbus Group SE - Business segments
• Exhibit 110: Airbus Group SE - Key news
• Exhibit 111: Airbus Group SE - Key offerings
• Exhibit 112: Airbus Group SE - Segment focus

• 12.4 Axiom Space Inc. 
• Exhibit 113: Axiom Space Inc. - Overview
• Exhibit 114: Axiom Space Inc. - Product / Service
• Exhibit 115: Axiom Space Inc. - Key offerings

• 12.5 Bigelow Aerospace LLC 
• Exhibit 116: Bigelow Aerospace LLC - Overview
• Exhibit 117: Bigelow Aerospace LLC - Product / Service
• Exhibit 118: Bigelow Aerospace LLC - Key offerings

• 12.6 Blue Origin Enterprises LP 
• Exhibit 119: Blue Origin Enterprises LP - Overview
• Exhibit 120: Blue Origin Enterprises LP - Product / Service
• Exhibit 121: Blue Origin Enterprises LP - Key offerings

• 12.7 Excalibur Almaz Ltd. 
• Exhibit 122: Excalibur Almaz Ltd. - Overview
• Exhibit 123: Excalibur Almaz Ltd. - Product / Service
• Exhibit 124: Excalibur Almaz Ltd. - Key offerings

• 12.8 PD AeroSpace Ltd. 
• Exhibit 125: PD AeroSpace Ltd. - Overview
• Exhibit 126: PD AeroSpace Ltd. - Product / Service
• Exhibit 127: PD AeroSpace Ltd. - Key offerings

• 12.9 Sierra Space Corp. 
• Exhibit 128: Sierra Space Corp. - Overview
• Exhibit 129: Sierra Space Corp. - Product / Service
• Exhibit 130: Sierra Space Corp. - Key offerings

• 12.10 Space Adventures Inc. 
• Exhibit 131: Space Adventures Inc. - Overview
• Exhibit 132: Space Adventures Inc. - Product / Service
• Exhibit 133: Space Adventures Inc. - Key offerings

• 12.11 Space Exploration Technologies Corp.
• Exhibit 134: Space Exploration Technologies Corp. - Overview
• Exhibit 135: Space Exploration Technologies Corp. - Product / Service
• Exhibit 136: Space Exploration Technologies Corp. - Key offerings

• 12.12 Space Perspective 
• Exhibit 137: Space Perspective - Overview
• Exhibit 138: Space Perspective - Product / Service
• Exhibit 139: Space Perspective - Key offerings

• 12.13 The Boeing Co. 
• Exhibit 140: The Boeing Co. - Overview
• Exhibit 141: The Boeing Co. - Business segments
• Exhibit 142: The Boeing Co. - Key news
• Exhibit 143: The Boeing Co. - Key offerings
• Exhibit 144: The Boeing Co. - Segment focus

• 12.14 Virgin Galactic Holdings Inc. 
• Exhibit 145: Virgin Galactic Holdings Inc. - Overview
• Exhibit 146: Virgin Galactic Holdings Inc. - Product / Service
• Exhibit 147: Virgin Galactic Holdings Inc. - Key offerings

• 12.15 World View Enterprises Inc. 
• Exhibit 148: World View Enterprises Inc. - Overview
• Exhibit 149: World View Enterprises Inc. - Product / Service
• Exhibit 150: World View Enterprises Inc. - Key offerings

• 12.16 Zero 2 Infinity SL 
• Exhibit 151: Zero 2 Infinity SL - Overview
• Exhibit 152: Zero 2 Infinity SL - Product / Service
• Exhibit 153: Zero 2 Infinity SL - Key offerings

• 12.17 Zero Gravity Corp. 
• Exhibit 154: Zero Gravity Corp. - Overview
• Exhibit 155: Zero Gravity Corp. - Product / Service
• Exhibit 156: Zero Gravity Corp. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 157: Inclusions checklist
• Exhibit 158: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 159: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 160: Research methodology
• Exhibit 161: Validation techniques employed for market sizing
• Exhibit 162: Information sources

• 13.5 List of abbreviations 
• Exhibit 163: List of abbreviations

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