Space tourism can be defined as travel into space for recreational and leisure purposes. This type of travel encompasses lunar, suborbital, and orbital space tourism. Initially, the space missions were launched, and only rigorously trained astronauts were sent into space, while now the trend is transitioning to space tourism appearing as a recreational activity. Moreover, the evolution of technology has allowed even non-qualified people to travel beyond the earth’s space. The major market players in the global space tourism market have been investing huge amounts in carrying out such tourism missions, along with enhancing the traveler experience (Allied Analytics, 2022).
Space tourism production is going to be more agile after the end of COVID-19. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of space tourism across the globe, thereby increasing the supply–demand gap (Digital Journal, 2022).
Thus, insufficiency in raw material supply is expected to hamper the production rate of space tourism systems, which negatively impacts the market growth. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities (Allied Analytics, 2022).
The global market for space tourism is driven by the growing inclination of the population towards space travel. This is followed by sufficient government and private sector investments, which, in turn, is creating opportunities for the global space tourism market to grow. In addition, the proliferation of technology is fostering the growth of space travel programs. However, high cost restraints may hamper market growth during the forecast period (Digital Journal, 2022).
Consistent transformations in technology are proliferating the demand for the space tourism market globally. Moreover, the technological advancements in the field of space travel are fueling the development of spacecraft and superior rockets at a robust pace. This way, space tourists are allowed to travel into space and gain the expected experience. Moreover, major emerging economies across the globe are exploring the space programs, which, in turn, is anticipated to fuel the global growth of the space tourism market. Furthermore, the increased research & development activities are pushing rapid developments and innovations in terms of propulsion systems, spacecraft models, and tourist experience. In addition, several nations are finding opportunities generated by huge investments from the government as well as nongovernment institutions. Such factors together contribute to the growth of the global space tourism market (Allied Analytics, 2022).
The trend of space tourism is gradually gaining recognition in the global markets and is anticipated to accelerate the growth of the global space tourism market during the forecast timeframe. In addition, the growing completion in the space tourism industry is expected to decrease the cost of space tourism. Moreover, the cost of getting into space is expected to decline rapidly while the next-generation space planes can reach the orbit. Therefore, the cost of launching satellites is likely to reduce considerably, which, in turn, is reducing the overall expenditure over space exploration missions. Hence, space travel will become an economically feasible solution over the years. Also, the reduced cost encourages the launch of nanosatellites in solar systems by multiple vendors. Such factors are pushing the overall growth potential of the space tourism market (Digital Journal, 2022).
The study conducted by Allied Market Research (2022) presents the analytical depiction of the global space tourism industry along with the current trends and future estimations to determine the imminent investment pockets. The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global space tourism market share. The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years (Allied Analytics, 2022).