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 who made space missions outside of 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.
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 the 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.
Furthermore, 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 factors 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.
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 among adventure travelers, 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.