Space Tourism Market Soaring US$ 5,191.7 Million Landscape with a 19.8% CAGR by 2034 | Future Market Insights, Inc.

US space tourism poised for significant growth with a projected 17.3% CAGR, expected to dominate global market share by 2034.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 5, 2023 /EINPresswire.com/ -- As per Future Market Insights (FMI), the global space tourism market is set to reach US$ 851.7 million in 2024. Sales in space tourism are likely to increase at 19.8% CAGR between 2024 and 2034. Total market valuation is forecast to reach US$ 5,191.7 million by 2034.

Space tourism industry is a growing market with innovations and technological advancements. Several prominent companies such as SpaceX are introducing reusable rocket technology. This is making the space flights accessible and more affordable for humans.

With the launch of commercial suborbital travels, there is going to be a subsequent change in the experiences that these travels will offer in the future. There are speculations however, that high net income people or private researchers will get direct access to space tourism in the upcoming future but it brings certain limitations when it comes to ordinary citizens.

These suborbital trips and spaceflights will bring growth opportunities for space tourism. They will also aid in scientific research purpose. Besides this they will allow travel enthusiast to get new fascinating space experience.

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Rising popularity of space tourism across emerging countries will bring new opportunities. Reduction in prices due to integration of novel space technologies will boosts sales.

However, there could be a severe environmental impact of space tourism. Hence, proper solution needs to be implemented to avoid trouble in the future. Space tourism also presents itself with another challenge which is the affordability. It is still presented as luxury due to its cost.

New initiatives are being taken to ensure that there is a complete benefit of space tourism in the commercial market.

Key Takeaways for Space Tourism Market Report:

The market for space tourism is forecast to reach a valuation of US$ 851.7 million by 2024.

Global space tourism revenue is set to rise at 19.8% CAGR between 2024 and 2034.

By demographic, male segment generates most of the revenues in space tourism market.

The United States space tourism market will exhibit marvellous growth through 2034.

The space tourism industry in India is set to generate lucrative revenues.

“Space tourism holds better opportunities for the expansion and growth. But, there are various areas which needs groundwork. There are emerging suborbital companies which are launching vehicles and new trips. There will be a surge in future for Low-Earth Orbit (LEO)” Says Ronak Shah (Associate Vice President at Future Market Insights).

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Key Companies Profiled:

Blue Origin
Virgin Galactic
Space X
Airbus Group SE
Boeing
ZERO-G
Airbus Group SE
Axiom Space
Bigelow Aerospace
Orion Span
Space Adventures
Space Perspective
World View Enterprises
Zero2Infinity
Other Players (As Requested)

Global Space Tourism Market Outlook by Category

By Direct Supplier:

Airlines
Hotel Companies
Train
Tour Operators
Government Bodies

By Indirect Supplier:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMCs (Travel Management Companies)
Corporate Buyers
Aggregators

By Number of Bookings:

By Age:

Under 15
16 to 25
26 to 35
36 to 45
46 to 55
Over 55

By Tourism Type:

Stratospheric
Suborbital
Orbital
Others

By Demographics:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Offline Booking
Online Booking

By Tour Type:

Individual Travel
Professional Groups
Group Travels

By Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

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About Travel & Tourism Division at Future Market Insights

The travel & tourism team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.

Author

Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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