Blue Origin’s New Shepard booster takes flight.
Credit: Blue Origin

 

 

A new space tourism market report is forecasting growth at the Compound Annual Growth Rate (CAGR) of 14.34 percent from 2017-2021.

For years, space tourism was an option only for the richest of the population ever since Dennis Tito went on a commercial orbital space tour in 2001.

Since that time, nine more people have taken up 10 such tours, spending a minimum of $20 million on each trip. These people have been categorized under the first generation of space tourists.

Growth prospects

The new report covers the present scenario and the growth prospects of the global space tourism market for 2017-2021. To calculate the market size, the report considers the investment made in commercial space tourism services.

Technavio’s analysts forecast the global space tourism market to grow at a CAGR of 14.34% during the period 2017-2021. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Technavio is a market research company with global coverage.

Credit: Space Adventures/NASA

Latest trend

One of the latest trends that will gain traction in the space tourism market in the coming years, the study group has noted, is the decrease in the cost of space tourism.

“The cost of getting into space will decline rapidly if the next generation of space planes can reach the orbit. This will considerably reduce the cost of launching satellites or space exploration missions, making it an economically feasible option for a larger customer segment.”

Virgin Galactic’s VSS Unity in trial run for creating suborbital space travel.
Credit: Virgin Galactic

Limited number of vendors

The space tourism market, however, is a niche market with a limited number of vendors.

The market is still in its development stage where companies are trying to enhance their spaceflight technology. Growing competition, rapid advances in technology, frequent changes in government policies, public consequence, and environmental regulations are currently the major factors that challenge the growth of the players in this global market, explains the group.

For more information on this report, go to:

http://www.satprnews.com/2018/01/22/space-tourism-market-research-analysis-and-growth-forecast-by-manufacturers-geographical-regions-2/

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