Will the market for space travel evolve as civilian air travel did?

In 2022, the global space tourism market size was estimated at USD 695.1 million and was expected to reach USD 815.7 million in 2023.

The term “NewSpace” pertains to the rise of the private spaceflight sector, encompassing domains like private launch companies, constellations of small satellites, sub-orbital tourism, and innovative initiatives aimed at redefining the conventional space industry supply chain.

Many companies allow anyone who can pay the price to travel to space. 

In 2020, SpaceX, founded by Elon Musk, made history by carrying two NASA astronauts to the International Space Station (ISS) in its Dragon spacecraft. It was the first crewed mission to launch in the United States in almost a decade. Currently, SpaceX offers private orbital flights to the ISS for tens of millions of dollars per seat.

Virgin Galactic, founded by Richard Branson, is in the final phases of returning its suborbital spaceplane to commercial service as it ramps up the development of a next-generation vehicle. The reservation price for a flight with Virgin Galactic starts at $450,000.

Blue Origin, founded by Amazon’s Jeff Bezos, is the only space tourism company offering commercial suborbital flights. While Blue Origin charged $28 million for a ticket on its first flight with Jeff Bezos, it does not advertise its current ticket prices.

For those who want a relatively lower-priced option, other companies offer balloon rides that take tourists up to an altitude of 20 miles. These rides provide a view of the Earth’s curvature, dining services, cocktails, and music in a sleek lounge. Spaceship Neptune from Space Perspective charges $125,000 per seat, while World View charges $50,000.

Although both companies have flights scheduled to launch in 2024, neither has yet received approval from the FAA.

For those who want to experience space travel without the risks, companies like Zero-G offer modified Boeing 727 flights that simulate zero gravity. These experiences are more affordable, with prices around $8,200. However, dining options during the flights may be limited due to restrictions on certain foods in space.

However, since none of these companies have demonstrated the feasibility of making space travel accessible to the majority, let alone ensuring its environmental sustainability, we are not yet at a point of critical mass. 

While space travel may still be out of reach for many, we are not too far from a future where it will become commonplace to travel to outer space. 

Just like civil aviation was not as accessible to everyone as it has become now, traveling to outer space could soon be as easy as booking a flight to another country.  

For an in-depth look at the five emerging trends shaping the future of global travel and tourism, download our free report, Navigating Emerging Trends in Global Travel and Tourism.

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