The global parabolic flight tourism market size is expected to reach USD 214.5 billion by 2030, according to a new study by Polaris Market Research. The report “Parabolic Flight Tourism Market Share, Size, Trends, Industry Analysis Report, By Application (Scientific Research & Exploration, Leisure & Others); By End Use (Government, Commercial); By Region; Segment Forecasts, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing investments and rising technological advancements in space and tourism industry are expected to drive market growth during the forecast period. The technological advancements in the space tourism industry are enhancing the development of special aircraft such as parabolic flights and superior rockets at a faster pace which allows space travelers to travel into space and gain advantageous experiences. Additionally, developing economies across the world are exploring space programs which in turn is further contributing to the overall market growth.
The thriving space and tourism industry and increasing interest among consumers with high disposable income are other factors that are contributing to the overall market growth. In the coming years, space tourism is anticipated to make space more accessible to common people who are not involved in any astronaut or research profession. Key players planning to offer low-cost choices will be entering this market soon, which will further contribute to the market growth in future.
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Countries like US and China are the major countries that can generate largest revenue from space tourism businesses. All the players operating in the market have their presence in these countries, especially in U.S followed by China and Japan, which have high-net-worth and ultra-high-net-worth individuals, respectively. These countries can be considered as the most viable options for space tourism business. Recently, Japanese businessman Yusaku Maezawa went on a 12-day mission to the international space station which landed on earth in Dec 2021.
Although the pandemic has slowed the overall market growth due to the lockdown restrictions and halted aircraft operations, the huge loss faced by the travel and tourism industry is one of the major factors for the declining growth of the market during the outbreak of the pandemic. However, the market is all set to witness significant growth in the coming years due to multiple competitors, which are investing huge amounts of capital in their R&D to integrate modern technology in spacecraft used for travel/tourism.
Parabolic Flight Tourism Market Report Highlights
Polaris Market Research has segmented the parabolic flight tourism market report based on application, end-use, and Region
Parabolic Flight Tourism Market, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Parabolic Flight Tourism Market, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Parabolic Flight Tourism Market, Regional Outlook (Revenue - USD Billion, 2018 - 2030)