National space agencies used to have complete control over the space industry all over the globe. As a consequence of the advent of new space actors, the dynamics of the space sector have altered lately.
Furthermore, it has been seen that space agencies and commercial space companies are working together to achieve their objectives.
The advantages of space systems for mobile satellite communications, broadcasting, high-speed data transfer, and commercial navigation are starting to be realized by commercial organizations. In addition, expanding space operations such as in-space manufacturing, asteroid mining, and space-based solar power provide a variety of prospective opportunities. These space activities have piqued the curiosity of the business sector.
Space transportation encompasses suborbital flights or transportation, orbital transportation, and beyond orbital transportation, which includes planetary missions. Commercial space transportation is currently available for launch services and cargo delivery to the International Space Station (ISS).
After experiencing Virgin Galactic and Blue Origin’s recent space exploration initiatives, both Sir Richard Branson and Jeff Bezos want more of this experience. Virgin Galactic’s voyage took launched on July 11th, 2021, and Blue Origin’s flight took off on July 20th, 2021. Following the flight, Bezos said that going to space helps one realize how valuable life is and how critical it is to maintain our planet.
Is the Space Industry Getting Bigger? What Is the Space Industry’s Size?
BIS Research has released market statistics on sub-orbital transportation and space tourism, estimating that the industry would be valued $428.8 million in 2020 and $2.6 billion by 2031. The market is estimated to develop at a compound annual growth rate (CAGR) of 17.15 percent during the forecast period of 2021-2031.
Factors Influencing the Sub-Orbital Transportation and Space Tourism Market
A variety of variables promote market development as well as impediments that may impede industry growth in the sub-orbital transportation and space tourism markets.
Growth Drivers
Intensive efforts to enable space transportation: In recent years, the space industry has focused its efforts on developing technologies that would enable space transportation. Space transportation includes suborbital transportation, orbital transportation, parabolic flights, and space tourism. The industry is expected to grow greatly in this area as national space agencies help private space players. Blue Origin, Orbspace, and SpaceX are among the companies that have developed their own launch vehicle technology that can be reused for several missions. This not only saves money but also secures the project’s long-term survival.
Suborbital transportation and space tourism start-ups on the rise: Suborbital transportation vehicles are gaining popularity. One of the primary factors driving this development is the potential applications for sub-orbital vehicles. These applications include cargo transportation, satellite deployment, commercial human spaceflights, and conducting experiments. In recent years, a number of enterprises have entered the sub-orbital transportation and space tourism sectors. Among these companies are Orbspace, PD AeroSpace, LTD, and Equatorial Space Systems.
Market Challenges
Space tourism flight delays: The chance to see into space and view the Earth’s curvature has aroused the curiosity of a number of space enthusiasts. The commencement of space tourism flights, however, has been postponed. Virgin Galactic, for example, announced in February 2021 that the launch of their space tourism program will be delayed until July 2022. Other companies are still developing their space tourism systems. For example, Orbspace, a Japanese space tourism company, estimated that constructing and testing their ship would take six years.
Space Market Segmentation
Segmentation by End User
According to the end user, the market for suborbital transportation and space tourism has been classified into three categories: commercial, military, and government. Government space organizations throughout the world are always working to develop efficient and cost-effective satellites to meet their own requirements for a variety of uses. The government sector is expected to dominate the market during the projected period of 2021-2031. The growing number of cooperation and contracts between government organizations and private enterprises for several sub-orbital transportation applications is aiding the industry’s growth.
Segmentation by Application
The sub-orbital transportation and space tourism sector is classified into freight delivery, earth observation/remote sensing, space tourism, satellite deployment, and others, depending on the use. In response to the growing desire to make space accessible to the general public, many companies have begun building spacecraft and high-altitude balloons that will enable space tourism. These companies include Virgin Galactic, Space Perspective, Blue Origin, and Orbspace, to name a few. The space tourism application category is expected to grow at the quickest CAGR over the projected period. This is mostly owing to businesses’ increased efforts to develop space tourism vehicles.
Segmentation by Flight Vehicle Type
The flying vehicle type component of the suborbital transportation and space tourism sector includes suborbital reusable vehicles, high-altitude balloons, and parabolic aircraft. SRVs (suborbital reusable vehicles) have lately received a lot of attention due to their potential to launch a new spaceflight business. SRVs would be less expensive to build and operate than orbital reusable launch vehicles (RLVs). One factor contributing to this surge is the growing number of new companies working on reusable vehicles that will allow sub-orbital transportation.
Furthermore, the market has been segmented based on system and location. On the basis of system, it has been separated into suborbital reusable vehicles and high-altitude balloons, while on the basis of geography, it has been divided into North America, Europe, Asia-Pacific, and Rest-of-the-World.
Key Players Operating in the Space Market
Blue Origin
Equatorial Space Systems Pte Ltd.
Exos Aerospace Systems & Technologies, inc.
Near Space Corp.
Orbspace
PD AeroSpace, Ltd
Raven Aerostar
Swedish Space Corporation
SpaceX
Space Perspective
UP Aerospace Inc.
Virgin Galactic
World View Enterprises
Zero Gravity Corporation
Zero 2 Infinity S.L.
Other Key Players
Stratodynamics Aviation Inc.
i-Space (Beijing Interstellar Glory Space Technology Ltd.)
SHIPinSPACE LTD
bluShift Aerospace, Inc.
Suborbitality s.r.o.
Black Sky Aerospace
Dassault Aviation
Starchaser Industries Ltd
Understanding the Future of the Space Industry
For more information, go to MarketResearch.com and get a free copy of BIS Research’s industry research, which contains key market insights. This comprehensive analysis was built using data from a number of primary and secondary sources, as well as analytical tools to develop forecast and prediction models.
Information from the publisher: BIS Research is a market intelligence, research, and consulting organization specialized in disruptive technology developments. The company’s personnel consist of industry veterans, experts, and analysts from consulting, investment banking, government, and academia.