The Europe Space Tourism Market size was valued at USD 35.8795 million in 2022 and the total Europe Space Tourism Market revenue is expected to grow at a CAGR of 36.50%from 2023 to 2029, reaching nearly USD 432.42 Million. The European Space Agency (ESA) is the leading space agency in Europe, organising all European space activities, including satellite development, scientific research and human spaceflight. In November 2022, it received a record 17% increase in funding from its 22 member states to back ambitious space tourism projects and maintain Europe's competitiveness in the global space sector to drive the Europe Space Tourism Market. Annual spending on civil space operations is around €10 billion in recent years, the ESA has invested heavily in innovation for space tourism in new technologies, such as reusable rockets and small satellites. As a result, the ESA is now leading the way in several industries, including small satellite development and space tourism. In addition, to the growing popularity of space adventure in the Europe Space Tourism Market by the ESA, several other European market players are active in the space industry, including Airbus, Thales and Arianespace. These market players are developing new technologies and providing public and private customer services. Although Europe's investment in space technology fell in 2023, it was still significantly less of a fall than in the US, which hamper the Europe space tourism market growth. This was due to Europe's focus on developing its independent launch capabilities, which required additional investment. However, the "single biggest" factor in Europe’s space investment overtaking the US in the first quarter of 2023 was the €155 million funding round of the German launch provider Isar Aerospace. The European Space Programme implements space activities in the fields of Satellite Navigation, Earth Observation, Connectivity, Space Research and Innovation. It encourages and supports innovation and competitiveness through investments in critical infrastructures and disruptive technologies to drive the Europe space tourism market growth. While striving to strengthen European space assets and services, it also drives space entrepreneurship and innovative solutions based on space technologies, data and services with targeted investments towards European start-ups and SMEs via the development of initiatives such as CASSINI. The EU Space Programme is backing the European space industry and research by bringing together existing stakeholders and contributing to the emergence of a European ‘New Space’ eco-system. Ongoing geopolitical tensions between the US and China have made Europe's leaders aware of the need for tech sovereignty, says Zafar. This may lead to increased investments in the European tech industry, including space tech, as European countries try to reduce their dependence on foreign technology. According to an MMR analysis, Europe's space ecosystem could be further strengthened by emulating the success of other innovative industries such as crypto and biotech, Zafar adds. Also, European companies are highly focused on creating specific space innovation hubs and fostering industry entrepreneurship through various financial incentives through government agency grants and lower taxes for space industry companies. Additionally, institutional investors in particular have access to high-growth cutting-edge technology investment opportunities. The new start-ups with dual-use technologies, such as military and private civilian applications, making significant strides in space exploration and innovation. The continued growth in European space tech investments reaffirms the sector's importance to the greater innovation economy, adds and could position the region as a critical player in the "new-age global space economy”.
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Europe Space Tourism Market Dynamics:The growing focus on space as a strategic domain will help open doors for more private players in the market The increasing popularity of the Space Tourism Industry in Europe like innovation and rapidly increasing suborbital flight vehicles, newly designed for use over and over again, could gradually bring down the cost, as technology and the operational approach become more mature. The European Space Agency knows the private sector's efforts both in the achievement of suborbital flights and in the associated technological expansion. The Agency plans to show this appreciation by helping provide the necessary environment for this industry to flourish. Private Europe Space Tourism Market Players of space tourism could also gain by collaborating with ESA on areas of recognised ESA expertise, such as astronaut training and space medicine, as part of their efforts to ensure thorough preparation programmes for space tourists and safe flight experiences, which drive the demand for Space Tourism Market during the forecast period.
Budget of the European Space Agency between 2018 and 2022 (in Billion Euros)In November 2022, funding is increased by 17% from its 22 member states to back ambitious space exploration projects and maintain Europe's competitiveness in the global space sector. Aggregated EU Member States' annual spending on civil space operations is around €10 billion. In recent years, the European Space Agency has invested heavily in new technological advancements such as reusable rockets and small satellites. As a result, the ESA is now prominent players the way in several space agencies, including small satellite development and space tourism. In addition to the ESA, several other Europe Space Tourism Market are active in the space industry, including Airbus, Thales and Arianespace. These companies are developing new technologies and providing public and private customer services, to drive the space tourism market growth. Empowering European Space Innovation The European Space Programme implements space activities in the fields of Connectivity, Space Research and Innovation, Earth Observation and Satellite Navigation. It boosts and supports innovation and competitiveness through investments in critical infrastructures and disruptive technologies to drive the Europe Space Tourism Market growth. It promotes space entrepreneurship and creative solutions based on space technology, data, and services while working to expand European space services and assets. This is done via targeted investments toward European start-ups and SMEs through the creation of programs like CASSINI. The European Space Programme is backing the European space industry and research by bringing together current stakeholders and contributing to the emergence of a European ‘New Space’ eco-system. In February 2022, the European Commission proposed two new flagship initiatives to boost satellite-based secure connectivity and Space Traffic Management to drive Europe Space Tourism Market. Europe's space-based secure connectivity system will ensure worldwide access to secure and cost-effective satellite communications services, for governmental communications and commercial use. In order to better adapt for upcoming economic problems, it aims to protect crucial infrastructures, support surveillance and crisis management, and enable high-speed broadband across all of Europe. Space Traffic Management, More satellites are used in the exponentially expanding applications of space services, increasing spacecraft traffic. The European Commission and the High Representative of the Union for Foreign Affairs and Security Policy have submitted an EU strategy for space traffic management (STM) since the increasing number of satellites and debris puts at risk the sustainability of space infrastructure. This will expand the Union's capacities for space surveillance and monitoring (which now provide collision avoidance services to more than 260 European spacecraft) and establish clear criteria and guidelines for secure, sustainable, and safe use of space. Europe's Space Sector Faces New Rivals Europe is already faced with strong international competition, which is major challenge for regional market players, but new competitors are in fact arising due to the greater involvement of the private sector in space activities and the emergence of New Space, the increase of new "spacefaring" nations transporting new ambitions in space, and the return on the commercial Europe Space Tourism Market of actors that had been previously inactive.
International Challenges to Europe´s competitiveness in 2022Pressure on the European space industry from foreign competitors, primarily the United States and China, has led to a rethinking of Europe’s space policy. As part of this, the European Space Agency (ESA), with a association made up largely of European Union countries, announced in May 2023 the Commercial Cargo Transportation Initiative (CCTI), a call for Europe Space Tourism Market companies to develop commercially-sound cargo transportation systems. European satellite infrastructure, Europe’s presence in the International Space Station (ISS) and all exploration and scientific missions depend on transportation into orbit, on which ESA will spend 12.6 per cent of its €7 billion budget in 2023. The development of new private actors with ambitious strategies that give prevalence to Europe Space Tourism Market disruption (including large ICT firms) is a non-negligible competitive threat for well-established traditional space industries in Europe. In the absence of adaptation to these new technological developments and, more broadly, sectorial trends, the principal risks are that: 1. European institutions will not be able to effectively support their industry and research communities to hold and grow their positions in the global space industry, with this possibly resulting in the failure to create a new Europe Space Tourism Market and lead them by the European industry. 2. “Traditional space” companies may see a progressively reduced importance, with some disappearing completely. 3. Much of the supply chain may be captured by a few, large non-European players and some might disappear completely
Europe Space Tourism Market SegmentBy Type Outlook: the Europe Space Tourism Market is segmented into Orbital, Sub-Orbital and Other. Sub-orbital type outlook held the largest market share in 2022. There are several interesting European suborbital launch vehicles currently in development and operational use. Developmental European suborbital launch vehicles, there are also several companies developing purpose-built suborbital vehicles. Examples of this type of vehicle include the T-Minus Dart and Barracuda from the Netherlands, the Perun from Space Forest in Poland, and the exciting-looking ILR-33 Amber 2K from Łukasiewicz in Poland. These vehicles are used for microgravity research offering a significantly more affordable entry point to those environments. The final type of suborbital vehicle being developed in Europe is a crewed launch vehicle. This unique category is only being pursued by Copenhagen Suborbitals from Denmark with their Spica vehicle.
Europe Space Tourism Market Regional Insights:France and UK are expected to dominate the Europe Space Tourism Market during the forecast period. A French startup market participant is currently taking up the fight in the race to space, which is already intense between ISRO, NASA, and Elon Musk's SpaceX. From 2025, a customer can take a balloon ride to the stratosphere and have a fine lunch there for a price beginning at $132,000 (about Rs 1 crore). The owner of the French business intends to fuel the Europe Space Tourism Market with 60 flights a year carrying just six passengers. For those who can afford the six-figure ticket, the top market players want to offer an experience that puts the finest of French food, excellent wine, and design to the very edge of the room. Zephalto, a French company, as is a new player in Europe's commercial space race, but it's not the only one participating in the space balloon race. Space Perspectives, a Florida-based company, is selling trips on its Neptune One ship for $125,000, travelling 19 miles higher. In 2024, flights will start. The European space program will receive £374 million annually from the UK Space Agency. The money will go toward global space programs to combat climate change, bring about high-speed mobile technologies, and bring back the first samples from Mars. The UK Space Agency claims that the £374 million per year for five years would support international space programs and is the UK's largest-ever commitment to the European Space Agency (ESA).
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Europe Space Tourism Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 35.8795 Mn. Forecast Period 2023 to 2029 CAGR: 36.50% Market Size in 2029: US $ 432.42 Mn. Segments Covered: by Type Outlook Orbital Sub-Orbital Others by End User Government Commercial Other
Europe Space Tourism Market by Country:1. UK 2. France 3. Germany 4. Italys 5. Spain 6. Sweden 7. Austria 8. Rest of Europe
Europe Space Tourism Market Key Players:1. Virgin Galactic United Kingdom 2. Orion Span Spain 3. ZERO-2Infinity Spain 4. EADS Astrium France 5. Airbus Germany
FAQs:1. What are the growth drivers for the Europe Space Tourism Market? Ans. The growing popularity of sub-orbital travel is to be the major driver for the Europe Space Tourism Market. 2. What is the major restraint for the Europe Space Tourism Market growth? Ans. Growing environmental negative impacts are expected to be the major restraining factor for the Europe Space Tourism Market growth. 3. Which country is expected to lead the global Europe Space Tourism Market during the forecast period? Ans. France is expected to lead the Europe Space Tourism Market during the forecast period. 4. What is the projected Europe Europe Space Tourism Market size & growth rate of the Europe Space Tourism Market? Ans. The Europe Space Tourism Market size was valued at USD 35.8795 Million in 2022 and the total Anime revenue is expected to grow at a CAGR of 36.50% from 2023 to 2029, reaching nearly USD 432.42 Million. 5. What segments are covered in the Europe Space Tourism Market report? Ans. The segments covered in the Europe Space Tourism Market report are Type Outlook, End-User type, and Region
1. Europe Space Tourism Market: Research Methodology 2. Europe Space Tourism Market: Executive Summary 3. Europe Space Tourism Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Key Players Benchmarking 3.4. Market Structure 3.4.1. Market Leaders 3.4.2. Market Followers 3.4.3. Emerging Players 3.5. Consolidation of the Market 4. Europe Space Tourism Market: Dynamics 4.1. Market Trends by Country 4.2. Market Drivers by Country 4.3. Market Restraints 4.4. Market Opportunities 4.5. Market Challenges 4.6. PORTER’s Five Forces Analysis 4.7. PESTLE Analysis 4.8. Value Chain Analysis 4.9. Regulatory Landscape 5. Europe Space Tourism Market Size and Forecast by Segments (by Value USD and Volume Units) 5.1. Europe Space Tourism Market Size and Forecast, by Type Outlook (2022-2029) 5.1.1. Orbital 5.1.2. Sub-Orbital 5.1.3. Others 5.2. Europe Space Tourism Market Size and Forecast, by End-User(2022-2029) 5.2.1. Government 5.2.2. Commercial 5.2.3. Other 5.3. Europe Space Tourism Market Size and Forecast, by Country (2022-2029) 5.3.1. UK 5.3.2. France 5.3.3. Germany 5.3.4. Italys 5.3.5. Spain 5.3.6. Sweden 5.3.7. Austria 5.3.8. Rest of Europe 6. Company Profile: Key players 6.1. Virgin Galactic 6.1.1. Company Overview 6.1.2. Financial Overview 6.1.3. Business Portfolio 6.1.4. SWOT Analysis 6.1.5. Business Strategy 6.1.6. Recent Developments 6.2. Orion Span 6.3. ZERO-2Infinity 6.4. EADS Astrium 6.5. Airbus 7. Key Findings 8. Industry Recommendation