Global Space Tourism Market 2017-2021
About Space Tourism
For years, space tourism was an option only for the richest of the population ever since Dennis Tito went on a commercial orbital space tour in 2001. Since then, nine more people have taken up 10 such tours, spending a minimum of $20 million on each trip. These people have been categorized under the first generation of space tourists.
Technavio’s analysts forecast the global space tourism market to grow at a CAGR of 14.34% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global space tourism market for 2017-2021. To calculate the market size, the report considers the investment made in commercial space tourism services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Space Tourism Market 2017-2021
Technavio recognizes the following companies as the key players in the global space tourism market: Bigelow Aerospace, SpaceX, Virgin Galactic, and XCOR Aerospace.
Other Prominent Vendors in the market are: Armadillo Aerospace, Boeing, EADS Astrium, Excalibur Almaz, Space Adventures, Space Island Group, and Zero2infinity.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increase in the number of next-generation engineers. The space tourism market is expected to inspire a new generation of engineers. Unlike IT engineers, who spend most of the time in front of a computer, space engineers get to work on space engines.”
According to the report, one driver in the market is the prospect of pioneering the activity. Space tourism is an expensive leisure activity, which can only be affordable by the affluent population. The addressable market for space tourism is the population, whose net worth is more than $5 million. Over 99% of space tourists have a net worth over $5 million. Considering the wealth at their disposal, these people are motivated to try out activities that have not been experienced by the common man.
Further, the report states that one challenge in the market is high risk involved. One of the major factors that will hinder the growth of space tourism is the high risk associated with the tour. The addressable market has enough income to experience tours such as mountain climbing or skydiving. However, the preference for an adventure also depends on the availability of the activity, physical fitness, and risks associated with it, apart from affordability, which is not an issue among the addressable market.
Bigelow Aerospace, SpaceX, Virgin Galactic, XCOR Aerospace, Armadillo Aerospace, Boeing, EADS Astrium, Excalibur Almaz, Space Adventures, Space Island Group, and Zero2infinity.
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