Space Tourism Market to Reach $12.6 Billion, Globally, by 2031 at 36.4% CAGR: Allied Market Research

Prime determinants of growth

The rise in technological advancements, consistent transformations in technology, and the rising trend of space tourism drive the growth of the global space tourism market. However, the technical risks with these types of activities restrict the market growth. Moreover, the focus on research and development (R&D) initiatives by market players is creating many opportunities for the market growth in the coming years.

Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/11039

Covid-19 Scenario

The sub orbital segment to maintain its leadership status throughout the forecast period

Based on type, the sub orbital segment held the highest market share in 2021, accounting for nearly three-fifths of the global space tourism market, and is estimated to maintain its leadership status throughout the forecast period, as it allows individuals to experience weightlessness and observe space without actually exiting the Earth's orbit. However, the orbital segment is projected to manifest the highest CAGR of 37.2% from 2022 to 2031. As more people become interested in space activity, there is a growing demand for orbital space tourism.

The commercial segment to maintain its leadership status throughout the forecast period

Based on end use, the commercial segment held the highest market share in 2021, accounting for nearly three-fifths of the global space tourism market, and is estimated to maintain its leadership status throughout the forecast period. Seven out of the thirteen commercial spaceflight flights, which were carried out by various private and governmental entities, were completed successfully, thereby boosting the segment. However, the government segment is projected to manifest the highest CAGR of 37.2% from 2022 to 2031. The International Space Station (ISS) is now open to non-astronauts thanks to NASA and other space agencies and international governmental entities. To promote space tourism in Low Earth Orbit, NASA has joined forces with Axiom and SpaceX in a triangular alliance. Such efforts boost the government segment.  

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global space tourism market, and is likely to dominate the market during the forecast period. The area has a highly developed infrastructure and a sizable research and development base, which will enable it to dominate the global market in terms of revenue throughout the anticipated time. The market expansion has also been fueled by the sizeable presence of small and medium-sized businesses in North America that supply goods and services to industry titans like SpaceX, Blue Origin, and Virgin Galactic. Due to high-net-worth individuals' preference for space tourism and the expansion of technology investments in the area, the U.S. is anticipated to maintain its supremacy over the projection period. However, the LAMEA region is expected to witness the fastest CAGR of 68.1% from 2022 to 2031. Factors such as growth in space activities and government initiatives & investments drive growth in LAMEA space industries.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/11039

Leading Market Players: -

Trending Reports in Consumer Goods Industry (Book Now with 10% Discount):

• Ecotourism Market is expected to reach $333.8 billion by 2027
• Wellness Tourism Market is projected to reach $1,592.6 billion by 2030
• Culinary Tourism Market is projected to reach $1,796.5 billion by 2027
• Sports Tourism Market is projected to reach $1,803,704.0 million by 2030
• Music Tourism Market Opportunity Analysis and Industry Forecast 2021-2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/consumer-goods
Follow Us on Blog: https://www.dailyreportsworld.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/space-tourism-market-to-reach-12-6-billion-globally-by-2031-at-36-4-cagr-allied-market-research-301717542.html