Sub-Orbital Flight 10-Year Market Forecast Released
The global sub-orbital transportation and space tourism market is projected to reach $2.58 billion by 2031, according to a new study by BIS Research. The report also highlights that the market is forecast to experience a CAGR of 17.15 percent during the period 2021-2031.
"With the growing technological innovations and developments for space transportation and the growing interest of the public to have a view of space and experience weightlessness, it is expected that sub-orbital transportation and space tourism market will grow significantly during the forecast period."
Nilopal Ojha, Lead Analyst, BIS Research.
Sub-orbital spaceflight defined as when a spacecraft's trajectory touches the surface of the gravitating body from where it is launched, which is an altitude higher than 100 km (62 miles) above sea level. Sub-orbital transportation not only includes using spacecraft for microgravity experiments, satellite deployments, or cargo delivery but also encompasses space tourism. Space tourism has been one of the focused areas in the space industry, particularly for commercial space entities.
"With the growing technological innovations and developments for space transportation and the growing interest of the public to have a view of space and experience weightlessness, it is expected that sub-orbital transportation and space tourism market will grow significantly during the forecast period," said Nilopal Ojha, Lead Analyst, BIS Research.
The key companies operating in the market include Blue Origin, Dassault Aviation, exos Aerospace, i-Space, Near Space Corporation, Orbspace, PD AeroSpace, LTD, Raven Aerostar, SHIPinSPACE LTD, SpaceX, Stratodynamics, Swedish Space Corporation, UP Aerospace, Virgin Galactic, World View, Zero Gravity Corporation, and Zero 2 Infinity. Other emerging players in the market include Suborbitality s.r.o., OneSpace, Equatorial Space Systems, Black Sky Aerospace, and Space Perspective.
The companies profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the space industry.
The sub-orbital transportation and space tourism market has been segmented based on various flight vehicle types, including sub-orbital reusable vehicles, high-altitude balloons, and parabolic aircraft. The sub-orbital reusable vehicles segment is expected to lead the sub-orbital transportation and space tourism market. The growth of this segment is attributed to the growing number of emerging companies involved in developing such reusable vehicles that will carry out sub-orbital transportation.
The sub-orbital transportation and space tourism market has been segmented based on end users: commercial, military, and government. The government end-user segment is anticipated to dominate the sub-orbital transportation and space tourism market. The factors contributing to this growth are the increasing number of partnerships and contracts that government agencies are forming with commercial players for several sub-orbital transportation applications.
North America is expected to dominate the global sub-orbital transportation and space tourism market during the forecast period. The number of growing successful demonstrations and test flights carried out by key players in this market has created an opportunity not only for them but also for other players who want to enter the market. Apart from this, these successful demonstrations have proven the viability of these systems and may push these companies to commercialize their product offerings. Additionally, several spaceports, such as the West Texas Launch Site and Spaceport America launch site, which support sub-orbital space flights, are also expected to boost the sub-orbital transportation and space tourism operations, which in turn will drive the market growth.
(Source: BIS Research news release. Images from file)