Space tourism and the wider space economy market has been growing steadily and could rise become a USD 1 trillion industry in 2030, rising from USD 450 billion in 2022, says a report by GlobalData, a data and analytics company.

In a press statement, Global Data says that its upcoming virtual conference, The Future of Travel & Tourism, is set to reveal how the desire for commercial access to new destinations will launch the tourism industry to new heights and drive technological development.

Patrick Mridha

“Going to the edge of space will soon become an achievable aspiration and likely to be popular with tourists who are ever seeking new experiences. While we aren’t yet at the point where we can build hotels in space, investment in things like carbon nanotubes (CNTs) and launch vehicles will be important stepping stones,” says Patrick Mridha, Thematic Analyst, GlobalData.

GlobalData emphasises the versatile applications of carbon nanotubes, which extend across nanotechnology, supercapacitors, solar panels, and batteries. One of the most significant potential uses is in the construction of a space elevator, a monumental structure designed to transport goods and passengers into space without the need for rockets.

“One drawback is that CNTs cannot reliably be connected to metal surfaces, limiting their current use cases. However, scientific research in this area is developing quickly, and these issues may be resolved as early as 2035,” adds Mridha.

The statement also mentions major challenges to space travel such as the development and implementation of regulations to ensure sustainable travel to ensure safety, resource extraction, and the reduction of orbital debris.

“Addressing sustainability issues should be at the forefront for aspiring space tourism providers, which aligns with the findings of GlobalData’s Q2 2023 survey, wherein 62 pc of respondents revealed that they are more loyal to brands that support environmental matters,” says Monia Borawi, Travel and Tourism Analyst at GlobalData.