Sub-Orbital Transportation And Space Tourism Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2028
According to Emergen Research, the global sub-orbital transportation and space tourism market is expected to reach USD 423.7 million in 2020, with a revenue CAGR of 16.8% during the forecast period. Increased focus on space explorations and private initiatives to facilitate space transportation are two of the major factors driving global sub-orbital transportation and space tourism market revenue growth. A growing interest among enthusiasts in launching high-altitude balloons for space tourism and astronomy is expected to drive revenue growth in the global sub-orbital transportation and space tourism market between 2021 and 2028.
The space industry is currently focused on developing technologies, platforms, and spaceports that will enable space transportation. Suborbital flights, including space tourism, have piqued the interest of both the space industry and individuals seeking to travel to space. Several companies are focusing on developing platforms that will enable space tourism, including Virgin Galactic, Blue Origin, Space Adventures, PD AeroSpace, LTD, Space Perspective, and Zero Gravity Corporation. The current challenge is to make space travel more affordable and thus more accessible to the general public. The reusability of space systems, such as suborbital or orbital reusable vehicles, is one of the major technologies on which the industry is focusing.
Some Key Highlights from the Report
Due to rising demand for such vehicles for sub-orbital transportation and space tourism, the sub-orbital reusable vehicles segment is expected to grow at a significantly faster revenue CAGR during the forecast period. Suborbital reusable vehicles are rocket-powered vehicles. Vertical takeoff and landing vehicles and horizontal launched wings vehicles have different launch profiles.
As the primary goal of space transportation, the cargo delivery segment is expected to register a significantly steady revenue growth rate over the forecast period.
Near Space Corporation, Blue Origin, LLC, Exos Aerospace Systems & Technologies, Inc., Aerostar International, Inc., Space Exploration Technologies Corp. (SpaceX), UP Aerospace, Inc., PD AeroSpace, LTD., Space Perspective Inc., Zero 2 Infinity SL, and Virgin Galactic Holdings Inc. are some of the major players in the market.
NASA Flight Opportunities Program chose UP Aerospace, Inc. as a launch provider for NASA Tech Rise Student Challenge in May 2021. Students can create an experiment that will be launched into space on a SpaceLoft suborbital rocket.
Emergen Research has segmented global sub-orbital transportation and space tourism on the basis of vehicle, application, end-use, and region:
Vehicle Outlook (Revenue, USD Million; 2018–2028)
- High-Altitude Balloons
- Sub-Orbital Reusable Vehicles
- Parabolic Flights
Application Outlook (Revenue, USD Million; 2018–2028)
- Space Tourism
- Cargo Delivery
- Satellite Deployment
- Remote Sensing & Earth Observation
End-Use Outlook (Revenue, USD Million; 2018–2028)
- Aerospace & Defense
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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