Product Code: GDTT0387MI
This case study looks at the fledgling space tourism sector. It discusses space tourism's place in the space economy, patents being published by space tourism companies, the key players, planned space hotels, and the main source markets that companies should be targeting. Finally, the case study considers the challenges and opportunities in this highly innovative sector.
- Until leading companies such as SpaceX, Virgin Galactic and Blue Origin can scale their technology to make it accessible to non-millionaires, these companies will have a minute target market of roughly one percent of the global population. When considering that many high-net-worth individuals will find the idea of space travel too alienating, this small percentage decreases even further. This means that there could be a lack of demand beyond the short-term.
- The Ax-1 mission marks the start of truly authentic experiences for space tourists. As noted in GlobalData's Premiumization in Travel and Tourism Report (2022), companies that only target high-net-worth individuals need to integrate authenticity into all elements of a trip, and encourage participation in their offerings. If these aspects are met, guests will be more likely to leave with their needs fulfilled. This experience with Axiom certainly meets this criteria. Everything from spending time with professional astronauts onboard the ISS, to undertaking research makes for a truly realistic experience of what it must be like to be a professional astronaut.
- Due to how new the space tourism sector is, and the fact it is constantly evolving, regulation is lacking, from passenger safety to environmental pollution. It could take many years for regulators to develop policies to make trips to the edge of space as safe as possible for paying customers. The Federal Aviation Administration does have the authority to regulate commercial space travel through its Office of Commercial Space Transportation, but Congress has imposed a moratorium through 2023 on regulating the fledgling sector.
Reasons to Buy
- Gain an understanding of the space tourism sector.
- Recognise the range of different companies that will be battling for market share.
- Gain an understanding of the opportunities and challenges in space tourism.
Table of Contents
Table of Contents
- Main findings
- Space tourism's place in the space economy
- Key players with pricing below $500,000
- Key players with pricing above $50 million
- Space hotels
- Main source markets
- Challenges for space tourism
- Opportunities for space tourism