In recent years, various space industry players have expressed a strong interest in space transportation. Most space transportation in the past has been centered on cargo supply missions to the International Space Station (ISS) and launch services. However, this focus has switched to in-space transportation, planetary explorations, crewed missions, sub-orbital transit, and space tourism in the past few years. One of the focus areas in the space business, particularly for commercial space companies, has been space tourism.
Space transportation technologies are extremely complicated, with some systems requiring decade-long development cycles. Reusability of space systems, such as sub-orbital or orbital reusable vehicles, is one of the primary technologies the industry emphasizes.
The space industry is now focused on developing technologies, systems, and spaceports to enable space travel. Suborbital flights, including space tourism, have piqued the attention of both the space industry and those who wish to travel to space.
Numerous companies have emerged in the global sub-orbital space tourism market, all of whom are focused on building sub-orbital transportation and space tourism platforms. High-altitude balloons and reusable sub-orbital spacecraft are among the products offered by these companies.
Purdue University tourism expert Jonathon Day says – “space and sustainable tourism can work and grow together”. As communities are changing all the time, it will be critical for destinations to support increased tourists with tourism infrastructure. Business owners have to recognize the need for more staff, increased hospitality training, and customer service to provide fantastic experiences as people will be able to stay, eat and even gather to watch launches.
During the forecast period 2021-2031, the global sub-orbital space tourism market is expected to increase at a compound annual growth rate (CAGR) of 24.46%, reaching $396.6 million in 2031. Several organizations have been constructing spacecraft as well as high-altitude balloons that will enable space tourism in response to the growing desire to make space accessible to the public.
In the future, the global sub-orbital space tourism market has the potential to become a disruptive industry trend. Space tourism will be the new era for space travel.
The enormous expansion of the worldwide sub-orbital space tourism sector can be attributed to several causes. Focused efforts to enable space transportation, new start-ups in sub-orbital transportation, and the surge in construction of low-cost launching sites are only a few causes.
Sub-orbital transportation service development and operations must consider the total infrastructure, including vehicles, ground support systems, flight support systems, and an international regulatory environment that outlines the processes and governs their developments and operations to ensure that they meet the demands of the public.