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Mon, Jun 19, 2017

Report: Space Tourism Market To Grow At 14.34% CAGR By 2021

Over 99 Percent Of Potential Space Tourists Have A Net Worth Over $5 Million

According to a new space tourism industry report, the global space tourism market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.34% during the period 2017-2021. One trend in the market is increase in the number of next-generation engineers. The space tourism market is expected to inspire a new generation of engineers. Unlike IT engineers, who spend most of the time in front of a computer, space engineers get to work on space engines.

A driver in the market is the prospect of pioneering the activity. Space tourism is an expensive leisure activity, which can only be affordable by the affluent population. The addressable market for space tourism is the population, whose net worth is more than $5 million. Over 99% of space tourists have a net worth over $5 million. Considering the wealth at their disposal, these people are motivated to try out activities that have not been experienced by the common man.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Further, the space tourism market report states that one challenge in the market is high risk involved. One of the major factors that will hinder the growth of space tourism is the high risk associated with the tour. The addressable market has enough income to experience tours such as mountain climbing or skydiving. However, the preference for an adventure also depends on the availability of the activity, physical fitness, and risks associated with it, apart from affordability, which is not an issue among the addressable market.

The following companies as the key players in the global space tourism market: Bigelow Aerospace, SpaceX, Virgin Galactic, and XCOR Aerospace. Other prominent vendors in the market are: Armadillo Aerospace, Boeing, EADS Astrium, Excalibur Almaz, Space Adventures, Space Island Group, and Zero2infinity.

Space tourism market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the present scenario and the growth prospects of the global space tourism market. To calculate the market size, the report considers the investment made in commercial space tourism services.

(Source: ReportsnReports news release. Images from file)

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