Parabolic Flight Tourism Market Size, Share & Trends Analysis Report, By Application (Scientific Research & Exploration, Leisure & Others); By End Use (Government, Commercial); By Region; Segment Forecasts, 2022 - 2030
- Published Date:Nov-2022
- Pages: 118
- Format: PDF
- Report ID: PM2804
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The parabolic flight tourism market was valued at USD 14.43 billion in 2021 and is expected to grow at a CAGR of 35.21% during the forecast period.
Parabolic flights are special aircraft flights that deliver a micro-gravity environment to the scientists for conducting research without going into universe. These flights are applicable for short-interval technological & scientific investigations in minimal gravity. Their advantages, such as the low cost of design and production and the possibility of carrying out several experiments, are some of the major factors driving their demand in the market.
Know more about this report: Request for sample pages
Parabolic flights are a good option for conducting micro-gravity discoveries with humans instead of going through difficult training & expensive flights to International Space Stations. They are used while training astronauts and validating space equipment before spaceflight. It is one of the most suitable options for users new to microgravity experimentation.
The covid-19 Pandemic has opened an enormous number of opportunities and challenges to space tourism and travel. For instance, Spaceport Cornwall rejected Virgin Galactic’s expansion plans to conduct space tourism flights. According to Northern Sky Research Space Tourism & Travel Markets, 2nd Edition report, the parabolic flight sector revenues will grow by $170 million annually in 2030, and it is expected that around 30,000 people will be flying by then.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
One of the prime reasons supporting the market growth is the growing investments and technological advancements in space tourism industry. According to a report published by Morgan Stanley in 2020, it was estimated that the global space industry is projected to generate more than $1 trillion by the end of 2040. Furthermore, increasing technological transformations drive the overall market growth during the forecast period.
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, allowing space travellers to travel into space and gain advantageous experiences. Additionally, developing economies worldwide are exploring space programs which in turn further contribute to the overall market growth.
Increasing investments in research and development activities by government and non-government institutions of various countries are driving the development and innovation of spacecraft models and traveller experience, which can be a major driver for market growth. For instance, Space Capital, an early-stage venture capital firm, published a report in 2022, that states that investors injected $3.4 billion into 79 individual space companies. On the other hand, Blue Origin and SpaceX have invested billions of dollars in the spaceflight market.
Report Segmentation
The market is primarily segmented based on application, end-use and region.
|
By Application |
By End Use |
By Region |
|
|
|
Know more about this report: Request for sample pages
Scientific Research and Exploration is expected to witness fastest growth
The Scientific research and exploration segment is anticipated to dominate the overall segment growth during the forecast period owing to the growing demand for parabolic flights to conduct space research and to increase test readiness levels to get successful experiment results. Parabolic flights increase the possibility of interaction between the scientists and operators within the experiment. They are a gateway to weightlessness and are perfect for scientific experiments and space equipment technological testing procedures.
The Leisure segment is anticipated to witness the fastest growth throughout the estimated period owing to their growing demand for adventure and recreational purposes.
The government segment is expected to dominate the overall segment growth
The government segment generated the largest revenue share in the last few years. The government of various countries has taken multiple initiatives to spread the use of parabolic flights. Singapore's government has taken the initiative to develop technology infrastructure and encourage private research and development activities; the government is innovating new programs to enhance innovative awareness, launch new systems and expand innovative infra in the aerospace industry.
The government of the U.S was also planning to develop and endorse the whole of government’s “North Star” strategy, which aims to increase development in the space industry. The U.S space force is working with entrepreneurs & innovators to develop government & commercial technology players to support the country’s commerce & national security in space. All the initiatives taken by the government sector of various countries are driving the overall segment’s growth.
On the other hand, the commercial segment is projected to grow at the fastest CAGR during the estimated period. The commercial segment uses parabolic flights for weddings, parties, or games. For example, in Aug 2022, Mastercard conducted a first-of-its-kind football game played in zero gravity conditions. The games were played by Luis Figo and a mixed team of soccer players from the Middle East, Europe, and Latin America at 20,230 feet. The game has been recorded in the GUINNESS WORLD RECORDS for being the 'Highest Altitude Game of Soccer on a Parabolic Flight.
North America is expected to witness significant growth.
North America is expected to dominate the segment’s growth during the forecast period. Countries such as USA and Canada have well-developed infrastructure and highly advanced technological research and development base, which are contributing to the overall market growth across the region. In these countries, modern technology can be implemented very easily in a short duration of time due to the availability of established infrastructure. Also, the presence of many small and medium key players which offers innovative services and components to the industry giants is further augmenting the regional growth.
In addition, rising awareness of parabolic flight tourism among wealthy consumers and the rising investments in scientific research in the U.S. further balance the region's supremacy over the estimated period.
Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period due to various key players in the region, such as China’s National Space Administration, ISRO, and JAXA. The previous year space agencies of India and France collaborated to cooperate with India’s first human space mission known as, Gaganyaan. Under this collaborative partnership, the French space agency CNES provides training to India's physicians in flight and capsule communicator control teams at the CADMOS center for developing space operations and micro-gravity applications.
Competitive Insight
Some of the major players operating in the global market include Zero Gravity Corporation, Novespace, MiGFlug GmbH; Beings Systems; Space Adventures; Airbus Group SE; Vegitel; ASTRAX.
Recent Developments
In Sept 2022, Spaceland has come into partnership with O-G launch to start zero gravity flights from Italy, Switzerland, and Mauritius to offer help to STEM-use tourists & communities in the respective regions.
In April 2022, AstroAccess, a company involved in space exploration, announced their plans to fly a second group of Disabled Ambassadors on the Zero Gravity flights to investigate micro-gravity accessibility and experience of weightless-ness in, Florida.
In Oct 2021, NASA awarded a first contract to ZERO-G for their 1st FAA-approved parabolic flight provider. The total cost of the project is around USD 7.5 million and is likely to be worked upon for the next five years.
Parabolic Flight Tourism Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2022 |
USD 19.20 billion |
|
Revenue forecast in 2030 |
USD 214.5 billion |
|
CAGR |
35.21% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments Covered |
By Application, By End Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Zero Gravity Corporation; Novespace; MiGFlug GmbH; Beings Systems; Space Adventures; Airbus Group SE; Vegitel; ASTRAX. |
© 2024 Polaris Market Research and Consulting. All rights reserved
