Sub-Orbital Space Tourism Market
Currently, the space industry is focusing on developing technologies, platforms as well as spaceports that will enable space transportation. Sub-orbital flights, including space tourism, have gathered significant interest from the space sector as well as individuals who want to travel to space. Several companies such as Virgin Galactic, Blue Origin, Space Adventures, PD AeroSpace, LTD, Space Perspective, and Zero Gravity Corporation are focusing on developing platforms that will enable space tourism. The current challenge is to make space trips cheaper and thus more accessible to the public.
One of the major technologies that the industry is focusing is the reusability of space systems such as suborbital or orbital reusable vehicles. The reusable systems allow the companies to reduce costs as well as operate the system for several missions. The developments of the players in the market showcase that this market has the potential to have immense growth in the upcoming years.
Sub-Orbital Space Tourism Industry Overview
Space transportation has garnered significant interest from several space industries in the past few years. In the past, most space transportation has been focused on cargo supply missions to the International Space Station (ISS) and launch services, but currently, this focus has shifted to in-space transportation, planetary explorations, crewed missions, sub-orbital transportation, and space tourism. Several companies, including SpaceX, Blue Origin, and Virgin Galactic, have been focusing on developing platforms such as rocket-powered sub-orbital vehicles that will enable the industry to carry out sub-orbital transportation and space tourism.
The global sub-orbital space tourism market is estimated to reach $396.6 million in 2031, at a compound annual growth rate (CAGR) of 24.46% during the forecast period 2021-2031. With the growing need to make space accessible to the general public, several companies have been developing spacecraft as well as high-altitude balloons that will enable space tourism. Some of these companies include Virgin Galactic, Space Perspective, and Orbspace, among other.
Sub-Orbital Space Tourism Market by End User
The government end-user segment is anticipated to dominate the sub-orbital space tourism market. The factors contributing to this growth are the increasing number of partnerships and contracts that government agencies are forming with commercial players for several sub-orbital transportation applications.
Sub-Orbital Space Tourism Market by Flight Vehicle Type
The sub-orbital reusable vehicles segment is expected to lead the sub-orbital space tourism market. The growth of this segment is attributed to the growing number of emerging companies involved in developing such reusable vehicles that will carry out sub-orbital transportation.
Sub-Orbital Space Tourism Market by Region
North America is expected to dominate the global sub-orbital space tourism market during the forecast period. The number of growing successful demonstrations and test flights carried out by key players in this market has created an opportunity not only for them but also for other players who want to enter the market. Apart from this, these successful demonstrations have proven the viability of these systems and may push these companies to commercialize their product offerings. Additionally, several spaceports, such as the West Texas Launch Site and Spaceport America launch site, which support sub-orbital spaceflights, are also expected to boost the sub-orbital space tourism operations, which in turn will drive the market growth.
Key Market Players and Competition Synopsis
Blue Origin, Orbspace, PD AeroSpace, LTD, SpaceX, Space Perspective, Virgin Galactic, Zero Gravity Corporation, and Zero 2 Infinity S.L
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the space industry.
Market Report Coverage - Sub-Orbital Space Tourism
- End User: Commercial, and Government
- Flight Vehicle Type: Sub-Orbital Reusable Vehicles, High-altitude Balloon, and Parabolic Aircraft
- North America: U.S. and Canada
- Europe: U.K., France, Germany, and Rest-of-Europe
- Asia-Pacific: China, Japan, Singapore, and Rest-of-Asia-Pacific
- Rest-of-the-World: Latin America, Middle East and Africa
Key Companies Profiled
Blue Origin, Orbspace, PD AeroSpace, LTD, SpaceX, Space Perspective, Virgin Galactic, Zero Gravity Corporation, Zero 2 Infinity S.L
How This Report Can Add Value
Product and Innovation Strategy: The product section will help the reader understand the different types of flight vehicles used for sub-orbital space tourism. It will also help the readers understand the different platforms’ market potential globally. The players operating in this market are developing innovative offerings and are highly focused on testing as well as demonstrating their platform capabilities. Moreover, the study also looks into the emerging spaceports that will enable sub-orbital space tourism.
Key Questions Answered in the Report
- What are the underlying structures resulting in the emerging trends within the sub-orbital transportation and space tourism market?
- What are the underlying structures resulting in the emerging trends within the sub-orbital space tourism market?
- What are the potential opportunities in the market for new OEMs and other players to enter?
- Which end user is expected to lead the sub-orbital space tourism market by 2031?
- What was the market value of the regions in the sub-orbital space tourism market in 2020, and how is the market estimated to grow during the forecast period 2021-2031?
- How is the industry expected to evolve during the forecast period 2021-2031?
- What are the key developmental strategies that are implemented by the key players to sustain the competitive market?