Global Sub Orbital Transportation And Space Tourism Market

Global Sub-Orbital Transportation and Space Tourism Market, By System (Sub-orbital Reusable Vehicles, High-altitude Balloon), By Flight Vehicle Type (Sub-Orbital Reusable Vehicles, High-Altitude Balloons, Parabolic Aircraft), By Application (Cargo Delivery, Earth Observation/Remote Sensing, Space Tourism, Satellite Deployment, Others), By End User (Commercial, Military, Government), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: October 2021
  • Report ID: BWC21113
  • Available Format: PDF
  • Page: 186

Report Overview

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.

Global Sub-Orbital Transportation and Space Tourism Market- Industry Trends & Forecast Report 2027

Global sub-orbital transportation and space tourism market was worth USD 429.1 million in 2020 and is further projected to reach USD 1,302.2 million by the year 2027, growing at the CAGR of 17.3% in the forecast period. The emerging technologies in the space sector and the increasing focus on developing cost-effective space transportation modalities by companies like Virgin Galactic, Space Perspective, etc., to make it more accessible to the public is significantly influencing the growth of the global sub-orbital transportation and space tourism market.

Sub-Orbital Transportation and Space Tourism Market

Source: BlueWeave Consulting

Global Sub-Orbital Transportation and Space Tourism Market- Overview

Sub-orbital spaceflight refers to a space mission that enters space but intersects the atmosphere or surface of the gravitational body from which it was launched, resulting in the mission not completing one orbital revolution. Space tourism refers to space travel for recreational purposes. These markets are a part of the aviation industry and are generally handled by aerospace companies. People who are willing to spend money can experience space through sub-orbital transportation. According to experts, the growth in this market is expected to be profitable for space settlements in the future.

Global Sub-Orbital Transportation and Space Tourism Market Forecast and Trends

Growth Drivers

Growing Emphasis Towards Development in Space Tourism

According to predictions, space tourism is projected to grow in importance and popularity in the coming years. Civilians will be able to book a flight to space for only recreational purposes through space tourism. Virgin Galactic and Blue Origin are leading the way in this sector and opening up the frontier of space tourism. As a result, the global sub-orbital transportation and space tourism market are likely to flourish in the forecast period. Projects involving other market players, such as the ‘DSE Alpha’ project by Space Adventures for the circumlunar mission to the Moon, are also expected to boost the market growth.

Development and Launches in Spaceships and Spacecrafts

The billionaires are also investing significantly in building and testing spacecraft that can be used to meet the needs of space tourism. This will further boost the global sub-orbital transportation and space tourism markets. For instance, Blue Origin recently launched ‘New Shepard, NS-17, with the second flight of NASA’s lunar landing technology. Rocket-and-capsule combination New Shepard is fully autonomous and does not require manual control from the inside. Such developments will likely create new opportunities for space tourism in the near future, driving market growth.

Restraints

High Cost of Sub-Orbital Transportation and Space Tourism

The cost of space tourism will be high as a result of recent developments in space tourism and stiff competition among leading aerospace companies. This factor is expected to emerge as a leading restrictive factor for the global sub-orbital transportation and space tourism market. For instance, initial ticket costs for space tourism sold by Virgin Galactic are in the range of USD 200,000 to USD 250,000 and are only expected to increase in the future.

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

The sudden outbreak of the COVID-19 pandemic significantly halted the functioning of almost all industries, and the sub-orbital transportation and space tourism market is no exception. Research and development activities other than pharmaceuticals and vaccines were halted during the lockdown, negatively affecting the global sub-orbital transportation and space tourism markets. The satellite launch activities and tests were also suspended to ensure the safety of personnel, which hampered the growth of the market. Despite this, the market flourished considerably during the COVID-19 period, with businesses like Virgin Galactic and Blue Origin doing extremely well in the space industry.

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

Based on systems, the global sub-orbital transportation and space tourism market is segmented into sub-orbital reusable vehicles and high-altitude balloons. Due to their broad professional appeal, sub-orbital reusable vehicles account for the largest market share. A sub-orbital reusable vehicle is primarily used in suborbital astronomy, longitudinal human research, microgravity, and atmospheric research. On the other hand, high-altitude balloons are often used by students for both scientific and educational purposes because of which its market is quite limited as compared to the sub-orbital reusable vehicles.

Global Sub-Orbital Transportation and Space Tourism Market - By Flight Vehicle Type

Based on flight vehicles types, the global sub-orbital transportation and space tourism market is segmented into parabolic aircraft, sub-orbital reusable vehicles, and high-altitude balloons. Among these, the sub-orbital reusable vehicles account for the largest market share. This segment is experiencing exponential growth as a result of the increasing number of emerging companies developing suborbital transport vehicles that are reusable. According to the founder of SpaceX, sub-orbital reusable vehicles play a very crucial role in reducing the overall cost of space access by eliminating the need to manufacture rockets for every space visit. Therefore, aerospace companies are increasingly focusing on manufacturing these vehicle types, boosting their market growth.

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

Geographically, the global sub-orbital transportation and space tourism market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the market because of the high concentration of aerospace companies like Blue Origin, SpaceX, Space Adventures, Virgin Galactic, etc. The companies invest heavily in the development of advanced technologies in space transportation and tourism. Furthermore, this region often undergoes space flight tests and demonstrations, which significantly fuels the growth of the sub-orbital transportation and space tourism market.

Regional Insights

Source: BlueWeave Consulting

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 in this intense market, these companies invest millions in developing cutting-edge technology.

Recent Developments

  • In August 2021, Chinese firm Space Transportation announced to have raised more than USD 46.3 million for its hypersonic space plane plans in a new fundraising round. The funding will be used to develop commercial suborbital and hypersonic vehicles.
  • In August 2021, Virgin Orbit confirmed plans to become a public company by merging with a special purpose acquisition company (SPAC). The combined company is valued at $3.2 billion, and Virgin Orbit will receive $483 million in cash at close, including a $100 million PIPE.

 

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By System, By Flight Vehicle Type, By Application, By End User, By Region

Key Players

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.

 

By System

  • Sub-orbital Reusable Vehicles
  • High-altitude Balloon

By Flight Vehicle Type

  • Sub-Orbital Reusable Vehicles
  • High-Altitude Balloons
  • Parabolic Aircraft

By Application

  • Cargo Delivery
  • Earth Observation/Remote Sensing
  • Space Tourism
  • Satellite Deployment
  • Others

By End-User

  • Commercial
  • Military
  • Government

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions:

Ans: The global sub-orbital transportation and space tourism market reached USD 429.1 million in 2020.
Ans: The major factors driving the growth of the global sub-orbital transportation and space tourism market are; growing emphasis towards development in space tourism and development and launches in spaceships and spacecrafts.
Ans: The key 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.
Ans: The government segment accounted for the largest share in the global sub-orbital transportation and space tourism market.
Ans: North America holds the largest share in the global sub-orbital transportation and space tourism market.