PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1255262
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1255262
According to SPER Market Research, the Global Space Tourism Market is estimated to reach USD 20.7 billion by 2032 with a CAGR of 40.45%.
Space tourism is the act of travelling into space for recreational or leisure purposes rather than scientific research or other professional reasons. It entails paying a fee to travel to space, either by orbiting the Earth, visiting the International Space Station (ISS), or travelling to the Moon or beyond. Space tourism is an emerging industry that several private companies are pursuing with the goal of eventually making it accessible to a wider range of people. Also, the construction of better rockets and spacecraft is advancing at a rapid rate thanks to technological developments in the field of space travel. This allows space visitors to visit space and have the experience they expect. The development of the space tourism business is projected to be fuelled by the fact that major growing economies throughout the world are investigating space projects.
In addition, the growing popularity of space travel is a key factor in the market's growth. As the practise gains more acceptances in worldwide markets, the market for space tourism is anticipated to expand more quickly than anticipated during the course of the projected decade. Also, it is predicted that rising competition in the space tourism industry would result in lower costs.
The COVID-19 outbreak has resulted in regional lockdowns, border restrictions, and the breakdown of transportation networks. The economic uncertainty caused by the COVID-19 outbreak is much greater than that caused by previous outbreaks such as SARS, avian flu, swine flu, bird flu, and Ebola, owing to the increasing number of infected people and uncertainty about when the crisis will end. The space tourism market had a difficult time expanding as a result of setbacks in the travel and tourism sector.