India has created history. Its third lunar mission Chandrayaan – 3 has successfully landed on the lunar surface, making India the world’s first country to land on the lunar South Pole. India has also become the fourth country to achieve a soft landing on moon after the US, former Soviet Union and China.
Does this mark the beginning of space tourism for the country? Let’s find out…
Types of Space Tourism
Orbital space tourism, lunar space tourism, and suborbital space tourism are few types of space tourism. Experts believe that the increasing inclination towards opting for space tours to get new experiences of space will boost the market.
Space Tourism Market Outlook
As per FMI, the space tourism market expanded at 18.6% CAGR from 2018 to 2022. For the projection period (2023 to 2033), the market is set to progress at 38.6% CAGR.
The growing popularity of space tourism among the middle-class population is expected to boost sales through 2033.
Strategic collaborations between direct suppliers and indirect suppliers in the industry have paved the way for innovation. Large investments are being made to develop the space tourism industry worldwide.
Space tourism encourages travelers across the Earth to take experienced leisure, recreational activities, and business purposes as well. There have been technological innovations, which are contributing to the growth of the market.
There has been a significant contribution by high net-worth income individuals towards growth in adventure travel and rise in spaceflight which is enhancing the growth of the space tourism market.
Key players in the market are revitalizing the sector with research and development programs for building orbital and suborbital vehicles for traveling into space.
A sharp decline in the cost of space exploration operations will create lucrative opportunities for companies. This is due to the development of the next-generation space plane.
How is ISRO Promoting Space Tourism across India?
ISRO Developing Human Flight Capability Towards Space Tourism to Boost Market
- The Indian Space Research Organization (ISRO) is striving to develop its capabilities towards space tourism by executing the demonstration of Human Flight toward Low Earth Orbit. The Indian Space Promotion and Authorization Centre (IN-SPACe) is promptly looking for active participation from the private sector to carry on with space activities which include space tourism as well.
- There also has been implementation to promote, authorize, and handhold these activities from the private sector to incorporate into the space domain. Not only is that but the Department of Space undertaking the process of a space policy that is comprehensive and integrated. This will offer direction to the activities of the Private Indian Space Industry.
- IN-SPACe plans on sharing the technical facilities across ISRO centers along with private entities. This will not only create dimensions of space advancement but will also bring economic benefits as space tourism evolves.
Which Age Group Prefers to Travel More to Space Tourism Locations ?
The popularity of Space Tourism Remains High Among the Age Group of 16 to 25
While space tourism is still in its developing stage, students are held more responsible for the expansion and initiation of space tourism travel. The age group 16 to 25 is more likely to prefer space tourism than any other group in general.
Space tourism holds significant advantages and future scope where it can provide educational benefits to students of this age group. Young people have curious minds and their ability and willingness to explore more tempt them to opt for space tours.
Competitive Landscape
Keyspace tour companies are employing a wide variety of strategies to dominate this market and gain profits. New space tour offers, investments in advanced technology, partnerships, acquisitions, and collaborations are a few of the key strategies adopted by space tourism providers.
For instance:
- Virgin Galactic is now providing modified offers on space plane flights where a visitor is separated from the plane. This gives the experience of weightlessness although it is highly expensive.
- In 2022, by sending 6 tourists on a joyride trip outside Earth, Blue Origin conducted its first space tourism launch.
Credits – These insights are based on a report on the Space Tourism Market by Future Market Insights.
