Increasing developments in spaceflight and spacecraft and launches and rising number of sub-orbital transportation startups such as Zero 2 Infinity SL and Space Perspective Inc. are expected to drive market revenue growth over the forecast period. In order to increase space capabilities, companies are constantly innovating and developing more advanced technologies. Such companies are working to develop vehicles with a robust feature, specifically reusability. Reusable systems enable businesses to reduce expenses, while also allowing operation of the system for multiple missions.
Advancements by various companies are also contributing to market growth. In addition, businesses are working on high-altitude balloons capable of attaining higher altitudes and furthering space missions, which is expected to boost revenue growth of the market going ahead.
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The cost of space tourism will be high and recent advancements in space tourism and intense competition within leading aerospace firms is expected to continue to keep costs high. This factor is expected to restrain affordability among a number of individuals or companies and hamper global sub-orbital transportation and space tourism market growth to a substantial extent over the forecast period.
The global sub-orbital transportation and space tourism market revenue is expected to expand at a CAGR of 16.8% and market size is projected to increase from USD 423.7 Million in 2020 to USD 1,444.4 Million in 2028.
COVID-19 Impact Analysis:
The outbreak of COVID-19 pandemic has substantially hampered operations of almost all businesses, including the sub-orbital transportation and space tourism market. Research & development activities were paused during the lockdown, which in turn, negatively affected progress in the sub-orbital transportation and space tourism industry. Space launch activities and testing were also halted to restrain spread of infections and to ensure safety and health of workers and personnel.
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Current Trends and Innovations:
Companies are focusing on inventing novel technologies that would facilitate space transportation in recent years. Suborbital transportation, orbiting transportation, parabolic flights, and space exploration are some examples of space transportation. Furthermore, space flight businesses have been focusing on and developing space launch vehicles, thereby resulting in a decrease in cost of space launch operations.
Europe is expected to register a considerably rapid revenue growth rate during the forecast period due to increasing government initiatives for space exploration in developed countries in the region. In addition, rising need for satellite deployment, remote sensing, and earth observation in countries such as Russia, and this trend is expected to boost market revenue growth in Europe.
Some major companies operating in the market include Near Space Corporation, Blue Origin, LLC, Exos Aerospace Systems & Technologies, Inc., Aerostar International, Inc., Space Exploration Technologies Corp. (SpaceX), UP Aerospace, Inc., PD AeroSpace, LTD., Space Perspective Inc., Zero 2 Infinity SL, and Virgin Galactic Holdings Inc.
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Emergen Research has segmented global sub-orbital transportation and space tourism on the basis of vehicle, application, end-use, and region:
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