Global Space Tourism Market Is Expected To Be Driven By A Robust Technological Transformation In The Field Of Space Travel
Market.us announces the publication of its most recently generated research report titled, “Global Space Tourism Market by Type (Suborbital, Orbital), By End-User (Common People, Upper Rich People), and by Region – Global Forecast to 2028”, which offers a holistic view of the global Space Tourism market through systematic segmentation that covers every aspect of the target market. The global Space Tourism market is projected to be US$ 435.1 Mn in 2018 to reach US$ 1,566.5 Mn by 2028 at a CAGR of 13.7%.
Space tourism, as the term suggests, relates to the travel for recreational and leisure purpose into space. This type of travel encompasses orbital, suborbital and lunar space tourism. Earlier, it was only rigorously trained astronauts that made space missions outside of the Earth’s surface, however, now with a strong evolution of technology, non-qualified people are also able to travel beyond Earth into space. Several companies have pioneered space tourism, including SpaceX, Virgin Galactic, Blue Origin, and others.
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Robust technological transformation in the field of space travel, including the development of maximum superior rockets and spacecraft, allowing space tourists to travel into space is one of the major factor expected to provide strong growth to the global space tourism market. Increasing R&D investments by several governments and non-government players towards development of space exploration programs in major countries including the US, Russia, China, India, etc. in another key factor likely fuel growth of the target market.
Global Space Tourism Market Revenue (US$ Mn), 2018–2028
Moreover, Virgin Galactic and Blue Origin are said to charge approximately between US$ 200,000 – 300,000 for a single ticket, which is comparatively expensive. The high cost of space travel is one of the key factor challenging the growth of the global space tourism market. Nonetheless, with several companies entering this niche market, the price of space tourism is likely to come down in the coming years.
Global space tourism market is segmented on the basis on the type, end-user and region. On the basis of Type, the market is segmented into a tablet, oral solution and capsule. The tablet segment accounts for the majority share in the global Space Tourism market, while the oral solution is expected to register the highest growth rate over the forecast period. On the basis of the end user, the market is segmented into transfusional iron overload, and NTDT caused iron overload. The transfusional iron overload accounts for a majority share in the global Space Tourism market.
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Global Space Tourism Market by Type, 2018
On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. Global space tourism market is expected to grow steadily over the forecast period. Major factors affecting the market positively include increasing enthusiasm related to space travel amongst adventure travellers, the evolution of technology regarding space aircraft, lower requirement for training, and others. However, the high cost of investment and risk associated with space tourism are factors likely to restrain the growth of the market. In terms of geography, North America dominates a majority share of the global space tourism market, owing to the presence of several key players in the region.
The research report on the global Space Tourism market includes profiles of some of major companies such as Cipla Ltd., Apotex Inc., Airbus SE, The Boeing Company, Space Exploration Technologies Corp., Virgin Galactic, LLC, Blue Origin, LLC, Bigelow Aerospace, LLC, Space Adventures, Ltd., Zero 2 Infinity , Orion Span, Inc., Exos Aerospace Systems & Technologies, Space Island Group
Key Market Segments:
- Oral Solution
- Transfusional Iron Overload
- NTDT Caused Iron Overload
Key Market Players included in the report:
- Cipla Ltd.
- Apotex Inc.
- Airbus SE
- The Boeing Company
- Space Exploration Technologies Corp.
- Virgin Galactic, LLC
- Blue Origin, LLC
- Bigelow Aerospace, LLC
- Space Adventures Ltd.
- Zero 2 Infinity
- Orion Span Inc.
- Exos Aerospace Systems & Technologies
- Space Island Group
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