The world of space exploration has evolved significantly over the years, and what was once considered the domain of astronauts and scientists is now opening up to a broader audience. Sub-orbital transportation and space tourism have emerged as promising ventures, providing regular individuals with the opportunity to experience the breathtaking wonders of space.
Read Report Overview: Sub-Orbital Transportation and Space Tourism Market
The global sub-orbital transportation and space tourism market is estimated to reach $2.58 billion in 2031, at a compound annual growth rate (CAGR) of 17.15% during the forecast period 2021-2031. The major driving factor for the market's robustness will be focused efforts to enable space transportation, emerging start-ups in sub-orbital transportation, and increasing developments in low-cost launching sites.
The global sub-orbital transportation and space tourism market is witnessing numerous emerging players such as PD AeroSpace, LTD, Equatorial Space Systems, i-Space, OneSpace, Space Perspective, and Suborbitality s.r.o., which are all highly focused on developing sub-orbital transportation and space tourism platforms. These companies’ offerings include high-altitude balloons and reusable sub-orbital spacecraft. Along with these commercial companies, national space agencies such as the National Aeronautics and Space Administration (NASA) and European Space Agency (ESA) are also working along with these emerging commercial space entities.
There are several factors that are contributing to the significant growth of the global sub-orbital transportation and space tourism market. Some of these factors include focused efforts to enable space transportation, emerging start-ups in sub-orbital transportation, and rise in development of low-cost launching sites. The global sub-orbital transportation and space tourism market has the potential to become a disruptive industry trend in the upcoming decades.
With the growing need to make space accessible to the general public, several companies have been developing spacecraft as well as high-altitude balloons that will enable space tourism. Some of these companies include Virgin Galactic, Space Perspective, and Orbspace.
Government Segment to Lead the Sub-Orbital Transportation and Space Tourism Market
The government space agencies, worldwide, are continuously working on developing efficient and cost-effective satellites in order to meet their own demand for varied applications. The government segment is expected to lead the market during the forecast period from 2021 to 2031. The factors contributing to this growth are the increasing number of partnerships and contracts that government agencies are forming with commercial players for several sub-orbital transportation applications.
Sub-Orbital Reusable Vehicles Segment to Lead the Sub-Orbital Transportation and Space Tourism Market
Sub-orbital reusable vehicles (SRVs) have been gaining attention for their benefits and establishing a new spaceflight industry. Comparatively, SRVs would be less expensive to develop and operate than orbital RLVs. A number of SRVs have the capability to carry humans, with current designs for one to six passengers, in addition to one or two crew members in some cases. The sub-orbital reusable vehicles segment is expected to lead the market during the forecast period from 2021 to 2031. One of the factors contributing to this growth is the growing number of emerging companies involved in developing such reusable vehicles that will carry out sub-orbital transportation.
North America to Dominate the Sub-Orbital Transportation and Space Tourism Market
North America is expected to dominate the global sub-orbital transportation and space tourism market during the forecast period. The factor attributing to the growth of this region is the high presence of the key companies highly engaged in developing and demonstrating sub-orbital transportation and space tourism capabilities in the region.
The competitive landscape of the sub-orbital transportation and space tourism market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by sub-orbital transportation providers are contracts, agreements, new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, contracts, agreements, partnerships, and collaborations have been the most prominent strategy adopted by the players in the sub-orbital transportation and space tourism market.
Most of the sub-orbital transportation providers have numerous tie-ups with various national space agencies and commercial space players. Innovation and development have been the key factors for large-scale growth in this market. To increase their overall global footprint, the sub-orbital transportation providers are expanding their businesses and are also entering strategic partnerships to increase their customer base.