Rising Disposable Income to Result in Increased Spending on Space Tourism

Published Date : Jun 27, 2017

Albany, New York, June 27, 2017: MarketResearchReports.biz has announced the addition of a research report, titled “Global Space Tourism Market 2017-2021,” to its large depository. The report serves as a professional study, which has been compiled by referring to various paid and unpaid sources, including press releases, journals, presentations, and white papers. It offers invaluable insights into all the important parameters of the global space tourism market, including its dynamics, type and geographical segmentation, and vendor landscape. 

As per the findings of the report, the global space tourism market will exhibit a significant CAGR of over 14% between 2017 and 2021. The rising disposable income of people around the world has resulted in increased spending on travel and tourism, which has been identified as one of the primary factors stoking the growth of the global space tourism market. The popularity of space tourism is higher among adventure lovers, owing to a high degree of risks associated with them. However, this factor limits its widespread adoption. Moreover, its high cost is hampering the growth of the market. Nevertheless, the declining costs of space tourism, thanks to the advent of next generation of space planes, will help the market in gaining traction in near future.

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On the basis of type, the global space tourism market is bifurcated into suborbital and orbital. The suborbital segment will continue to account for the lion’s share in the global arena until 2021. Passengers are able to experience weightlessness, the sight of Earth from Space, and the acceleration of rocket launch through suborbital tours. Moreover, they are more cost-effective than orbital tours. These factors are contributing to the dominance of suborbital.

The report divides the market based on geography into Asia Pacific, Americas, and Europe, the Middle East and Africa (EMEA). The Americas will continue to be at the forefront of growth until 2021. The U.S. is the only country in the region offering human spaceflight program. The market in the country is thriving owing to the high average disposable income of the populace and the largest pool of billionaires in the world. 

The global space tourism market is a niche market with a limited number of participants. The market offers a wide scope of development as companies are putting in constant efforts to improve their spaceflight technology. The degree of competition is expected to intensify in the near future. Changing government policies and stringent environmental regulations are acting as bottlenecks for players in the global market. The leading players in the global space tourism market are SpaceX, Bigelow Aerospace, XCOR Aerospace, and Virgin Galactic. Other prominent companies operating in the market are Boeing, Armadillo Aerospace, Excalibur Almaz, EADS Astrium, Space Island Group, Space Adventures, and Zero2infinity. 

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