Global Sub-Orbital Transportation and Space Tourism Market Booming: Estimated to Clock a Modest CAGR of 17.3% by 2027

Published | 01 October 2021

Factors such as increased spaceship and spacecraft launches and increasing investments and efforts from government agencies as well as leading industry players are driving global sub-orbital transportation and space tourism market…

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global sub-orbital transportation and space tourism market was worth USD 429.1 million in the year 2020. According to the study, the market is estimated to grow at a CAGR of 17.3%, earning revenue of around USD 1,302.2 million by the end of 2027. The global sub-orbital transportation and space tourism market hold great growth potential because of influencing factors, such as increasing development and launches of spaceships and space crafts for space tourism and sub-orbital transportation purposes and increasing investments and efforts from government bodies as well as leading industry players such as SpaceX, Blue Origin, Virgin Galactic, etc. However, the high cost of space tourism acts as a major restrictive factor for market growth.

Suborbital Reusable Vehicles Are Projected to Promote Market Growth

It is mainly the manufacturing and launch costs for spacecraft that are responsible for the extremely high cost of space tourism and space exploration. Consequently, the industry participants are investing more towards the development of reusable suborbital vehicles. As part of a reusable space transportation system development, China recently conducted a clandestine first test flight of a reusable sub-orbital vehicle. The reusable vehicles will enable low-cost, reliable, on-demand access to space, which is expected to boost the global sub-orbital transportation and space tourism markets substantially.

Global Sub-Orbital Transportation and Space Tourism Market - By Application

Based on applications, the global sub-orbital transportation and space tourism market is segmented into cargo delivery, earth observation/remote sensing, space tourism, satellite deployment, and others. The satellite deployment segment captures most of the market share due to the diverse applications of artificial satellites, including the study of the Earth and other planets, the establishment of communication systems on Earth, and communication from the ground to satellites. On the other hand, the space tourism segment is also likely to witness the highest CAGR during the forecast period because of the increasing investment and space flight launches for recreational purposes.

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Global Sub-Orbital Transportation and Space Tourism Market - By End User

Based on end-users, the global sub-orbital transportation and space tourism market is segmented into commercial, military, and government. The government segment accounts for the largest market share. The growth of this segment is boosted by the government’s increased partnerships and investments in sub-orbital transportation and space tourism companies for a wide range of applications like tracking and recording climate change.  However, the commercial segment is projected to witness the highest CAGR during the forecast period because of its expanding applications in earth science for satellite development and validation and life science for research into the physiological response to microgravity.

Global Sub-Orbital Transportation and Space Tourism Market - Regional Insights

In terms of geography, the sub-orbital transportation and space tourism market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Due to the high concentration of aerospace companies in North America, such as Blue Origin, SpaceX, Space Adventures, Virgin Galactic, etc., the region dominates the market. The companies invest large amounts into developing advanced technologies for sub-orbital transportation and space tourism. Additionally, this region undergoes frequent space flight tests and demonstrations, which significantly contribute to the growth of the suborbital transportation and space tourism market.

Impact of COVID-19 on Global Sub-Orbital Transportation and Space Tourism Market

The unexpected emergence of the COVID-19-induced pandemic initially had a negative impact on the global sub-orbital transportation and space tourism market. Nationwide lockdowns imposed by the government of different countries completely halted space research. Consequently, the global sub-orbital transportation and space tourism market had to suffer significant losses. However, the market is projected to grow significantly during the post-COVID-19 period as satellite launches and space research activities resume. Several industry players have also successfully launched their first space travel projects, which is expected to impact the market in the long term positively.

Global Sub-Orbital Transportation and Space Tourism Market: Competitive Landscape

The leading players in the global sub-orbital transportation and space tourism market are Blue Origin, Zero 2 Infinity S.L, Equatorial Space Systems Pte Ltd., Exos Aerospace Systems & Technologies, inc., Zero Gravity Corporation, Near Space Corp., World View Enterprises, Orbspace, Virgin Galactic, PD AeroSpace, LTD, UP Aerospace Inc., Raven Aerostar, Space Perspective, SpaceX, Swedish Space Corporation, and other prominent players.

The market is highly concentrated and dominated by few global giants. To stay competitive, the market players invest significantly in the development of innovative technologies. Furthermore, mergers, partnerships, collaborations, and acquisitions also play a very important role in this market.

Don’t miss the business opportunity of the global sub-orbital transportation and space tourism market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global sub-orbital transportation and space tourism market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global sub-orbital transportation and space tourism market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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