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The global space tourism market is forecast to grow briskly from $851.7 million in 2024 to $5.19 billion by 2034, according to a new report by research firm Fortune Market Insights (FMI). Driving the growth of space tourism over the next decade will be technological advancements, innovation in spacecraft design and the rise of commercial space travel companies such as SpaceX, Blue Origin, and Virgin Galactic, the report said. North America is expected to be the largest market for space tourism, with the U.S. growing at a compound annual rate of 17.3% through 2034, while the Russian market will expand at a 15.5% rate and China at 14.8%. “Growing public interest in space exploration and the desire to experience space travel personally are expected to elevate demand for space tourism,” Sneha Varghese, a senior consultant at FMI, said in a press release. Varghese added that governments globally are providing regulatory support to encourage the development of the space tourism industry. A Pew Research Center survey published in July found that 55% of Americans expect space tourism to be routine by 2073, but that many are hesitant to take such a trip themselves. Of the 10,000 respondents to the survey, 35% said they would be interested in orbiting Earth in a spacecraft, while 65% rejected the idea. Despite the excitement about space tourism, the cost makes it out of reach for all but the ultra-wealthy. The cost of a ticket on Blue Origin’s New Shepherd rocket is undisclosed but widely believed to be in the six figures, while the price of a flight aboard a Virgin Galactic ship is $450,000. Since the flight is technically just 3 min. long, that is $150,000 per minute. While profitability currently remains elusive for most space tourism companies–SpaceX is an exception–there are signs auguring well for the industry’s future trajectory. For instance, Virgin Galactic posted better-than-expected third-quarter earnings. The company recorded a net loss of $104.6 million, or 28 cents a share, compared with a loss of 43 cents a share expected by analysts surveyed by Refinitiv. Virgin Galactic generated $1.7 million in revenue during the quarter, compared to $767,000 a year earlier. #space #spacex #spaceeconomy #venturecapital #virgingalactic #blueorigin #aerospace #travel #tourism https://lnkd.in/ewpZGeyb

Space Tourism Market To Reach $5.19b By 2034, Report Says

Space Tourism Market To Reach $5.19b By 2034, Report Says

aviationweek.com

Burton Lee

Lecturer (Adj.)(Frmr) - Stanford Engineering (on extended unofficial medical leave); European|Asian Innovation Ecosystems; AI/Software/Semiconductors; Interaction Design, DesignThinking; Innovation sociology; ST&I Policy

9mo

“$851.7 million in 2024” ?? That’s Bogus. A massive exaggeration and mis-forecast

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