Space tourism, or space travel for recreational or leisure purposes, is set to become a common adventure for humans in the years to come so as to expand into a ‘multi-billion-dollar industry’, says a report by Future Markets Insight.

Despite being in its nascent stages, the global space tourism market size reached USD 747.1 million in 2023. “It has the potential to expand into a multi-billion-dollar industry in the years to come,” says a report by market analysis firm, Future Market Insights (FMI).

The report says that the market valuation is expected to reach USD 851.7 million by 2024. Demand for space tourism recorded a year-on-year growth of 14 pc in 2023. Over the forecast period from 2024-2034, the global space tourism industry is predicted to exhibit a 19.8 pc compound annual growth rate (CAGR), reaching USD 5.2 billion by 2034.

These include the increasing inclination of adventure travellers and high net worth income (HNWI) individuals toward spaceflight, the rising affordability of space travel, along with technological advancements are among several other factors expected to drive the market growth, says FMI.

“The market for space tourism is experiencing significant growth, driven by increasing government initiatives and investments worldwide. Governments are playing a pivotal role in fostering the development of space tourism by providing financial support, regulatory frameworks, and infrastructure. The increasing awareness of environmental sustainability is leading to the exploration of greener and more efficient propulsion systems. This is projected to help space tourism companies address concerns related to the carbon footprint of space tourism,” says analysis firm.

It adds that the development of novel space technologies will offer tourists the opportunity to experience space travel like never before.

The report says market for space tourism exhibited a CAGR of 9.4 pc between 2019 and 2033. It attained a valuation of USD 747.1 million at the end of 2023. Over the assessment period, the global space tourism market is set to progress at a 19.8 pc CAGR.

With technological advancement and cost reductions, space travel is expected to become more accessible to the masses. This could lead to a new era of space exploration and discovery in the assessment period. The space tourism market encourages travelers across the Earth to experience leisure, recreational activities, and business purposes as well. The high net-worth income individuals are significantly contributing toward the rise of spaceflight and the growth in adventure travel, says the report. 

Top space tourism companies are investing in research and development programs for building new suborbital and orbital vehicles for traveling into space. Survey says that the introduction of next-generation space technologies and penetration of more and more private companies in the commercial space travel industry will foster market growth. Companies such as SpaceX, Blue Origin, and Virgin Galactic have pioneered reusable rocket technology, making space travel more cost-effective and accessible, it says,United States, Russia and the United Kingdom are the countries leading in space tourism initiatives.