Space Tourism Market to 2023 (17.3% CAGR Expected) Top Player Profiles – Space Adventures, EADS Astrium, Virgin Galactic, Armadillo Aerospace, Excalibur Almaz, Space Island Group, SpaceX and More

Over the next five years, the research study projects that The Space Tourism Market will register a 17.3% CAGR in terms of revenue, reach US$ 1270 million by 2023, from US$ 490 million in 2017.

Space tourism is space travel for recreational, leisure or business purposes. To date only orbital space tourism has taken place provided by the Russian Space Agency, although work continues developing sub-orbital space tourism vehicles by Blue Origin and Virgin Galactic. In addition, SpaceX announced in 2017 that they are planning on sending two space tourists on a lunar free return trajectory in 2018 aboard their Dragon V2 spacecraft launched by the Falcon Heavy rocket.

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One of the latest trends that will gain traction in the space tourism market in the coming years 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. Additionally, the reduced cost can also enable vendors to launch multiple nanosatellites in the solar system.

The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Market stays in mature period with a clear concentration. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins. Manufacturers can take advantage of this situation by reinforcing their production units and supply-chains to avoid any delay in production turn-around-times (TAT) and supply-lead-times.

This report presents a comprehensive overview, market shares and growth opportunities of Space Tourism market by product type, application, key companies and key regions.

To calculate the market size, the research study considers value generated from the sales of the following segments. The segmentation by product type are Suborbital and Orbital. Also, the segmentation by application are Civilians and The Rich.

The report also presents the market competition landscape and a corresponding detailed analysis of the major players in the market. The key players covered in this report such as Space Adventures, EADS Astrium, Virgin Galactic, Armadillo Aerospace, Excalibur Almaz, Space Island Group, SpaceX, Boeing and Zero 2 Infinity.

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In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Related Report:

Adventure Tourism Market by Type, Type of Traveler, Age Group and Sales Channel (Travel Agents and Direct) - Global Opportunity Analysis and Industry Forecast, 2017-2023

The global adventure tourism market was valued at $444,850 million in 2016, and is projected to reach $1,335,738 million in 2023, registering a CAGR of 17.4 % from 2017 to 2023. The substantial boom in the travel and tourism sector fosters the growth for adventure tourism market.

The growth of adventure tourism is driven by increase in government initiatives to promote tourism However, risk involved in adventure travelling and unpredictable weather conditions are few major challenges to the adventure tourism industry. Conversely, increase in social media trend has created lucrative opportunity for adventure service providers, as Facebook has become the most preferred social network among travelers.

Read More: https://www.researchbeam.com/adventure-tourism-market?utm_source=RR-OPR&utm_medium=CC

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