Space Tourism Market Report 2023-202829th Mar 2023
A new report on the state of the space tourism industry has been released, showing trends in the market, opportunities for growth, and the key regions that are driving the market’s growth. The market report also includes an analysis of many of the big players in the industry and how they have led the growth thus far.
Using data from recent years, the report predicts 16% growth in the industry between the years 2023-2028.
Key Players in The Space Travel Market Report
Key businesses are each given their own section with detailed profiles such as financial information (if available), a SWOT analysis and many of the recent developments in the industry.
The companies analysed and identified include:
- Blue Origin
- Virgin Galactic
- Axiom Space, Inc.
- Space Perspective
- Bigelow Aerospace
Regional Insights From The Report
This report also aims to provide a regional look at the space travel and tourism industry. North America, Europe, Asia Pacific, South America, and the Middle East & Africa all have their own dedicated sections within the report, which also outlines a lot of uncertainty due to economic recession in many areas of the world.
With 16% growth predicted globally in spite of economic uncertainty, the report paints the industry in a positive light, with plenty of justification.
The Space Travel Market has huge demand from major applications industries, plus factors including “global economic expansion, rapid urbanisation, growing middle-class population and the increased spending capacity of consumers” are also predicted to assist the industry in its growth in the years up to 2028.
The data shows that global economic output topped 100 trillion USD in 2022 with five economies leading the way, the USA, China, UK, Germany, and Japan accounted for more than half of this economic impact.
The UK’s Impact
As outlined in the report, the UK is one example of a growth region in the industry, and the building of SaxaVord and Spaceport Cornwall have helped to turn the United Kingdom into a viable location for space tourism operations.
An ADS report shows that the whole of the UK space sector directly employs 47,000 people in the UK, and predicts growth for the whole industry, including tourism.
Sierra Space have created Dream Chaser, the spaceplane promising “private space travel for all” and the company recently signed a memorandum of understanding with Spaceport Cornwall after the port was recognised as a viable place for operations.
With companies from other countries now planning to use the UK for launches, the UK is finally “on the map” when it comes to space tourism.