In 2024, global government expenditure for space programs hit a record of approximately 135 billion U.S. dollars. The United States Government spent around 79.7 billion U.S. dollars on its space programs in than year, making it the country with the highest space expenditure in the world. The U.S. was followed by China, with government expenditure on space programs of over 19 billion U.S. dollars. The Space Agencies Responsible for civilian space programs, as well space research and exploration, the space agencies have gained in importance over the past decades. Today, there are six government space agencies (NASA, CNSA, ROSCOSMOS, ESA, ISRO, and JAXA) with full launch and extraterrestrial landing capabilities. The National Aeronautics and Space Administration (NASA) is undoubtedly the most renowned of them all. Since its establishment in 1958, NASA has worked with international partners to enable human expansion across the solar system and beyond, bringing new knowledge and opportunities back to our home planet. It is therefore not surprising that most of their budget goes to toward science and exploration. NASA’s requested FY 2024 budget for all sectors is 27.2 billion U.S. dollars.

According to Cognitive Market Research, the global Space Tourism market size will be USD 895.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 45.10% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 358.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 43.3% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 268.6 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 205.9 million in 2024 and will grow at a compound annual growth rate (CAGR) of 47.1% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 44.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 44.5% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 17.9 million in 2024 and will grow at a compound annual growth rate (CAGR) of 44.8% from 2024 to 2031.
The Orbital Type held the highest Space Tourism market revenue share in 2024.

Market Dynamics of Space Tourism Market

Key Drivers for Space Tourism Market

Rise in Commercial Space Tourism Companies to Increase the Demand Globally

The expansion of commercial space tourism companies is significantly growing the space tourism market. The emergence of these firms has increased the number of opportunities for trips to outer space. They are focusing on developing advanced spacecraft, infrastructure, and experiences accessible to private individuals. Their innovative space travel methods, combined with intensified industry competition, are driving technological advancements and reducing costs, making commercial space travel more attainable for a larger audience. In 2021, the top 30 Canadian space organizations, including four universities, generated 95% of the total space sector revenue and accounted for 69% of space-related employment. They also contributed to 81% of business expenditures on research and development, 31% of registered patents, and 41% of new inventions. Additionally, small and medium-sized enterprises (SMEs) comprised 93% of all Canadian space companies in 2021. https://www.asc-csa.gc.ca/pdf/eng/publications/2021-2022-state-canadian-space-sector-facts-figures-2020-2021-v2.pdf

Government Support to Propel Market Growth

The space tourism industry heavily relies on government support for its growth. Government funding, infrastructure development, and regulatory frameworks are crucial for the safe and efficient operation of space tourism companies. Financial incentives such as grants and tax breaks for start-ups stimulate innovation and drive economic growth. Additionally, governments often collaborate with private entities to build spaceports, launch facilities, and other essential infrastructure for commercial space travel. For instance, ISRO has signed six agreements with four countries for launching foreign satellites between 2021 and 2023. Meanwhile, NSIL has announced a $1.2 billion investment over the next five years to boost industry participation and commercial activities. The Indian space sector has seen significant growth in start-ups, rising from just one in 2012 to 189 in 2023. Funding for these start-ups reached $1243.8 million in 2023, up from $67.2 million in 2021. https://www.investindia.gov.in/sector/space

Restraint Factor for the Space Tourism Market

Environmental Concerns Associated with the Rocket Launching and space shuttle to Limit the Sales

The space tourism industry faces significant challenges due to rising environmental concerns among consumers. Growing awareness of the environmental impact of space launches—such as greenhouse gas emissions and pollution of air and water—compels the industry to adopt more eco-friendly practices. As regulations on environmental sustainability become stricter, space tourism companies must invest in research and development to reduce their ecological footprint. Addressing these concerns is essential for ensuring the long-term sustainability and growth of the space tourism market, as environmental considerations increasingly influence consumer choices and industry progress. The rising apprehension about the environmental damage from the space shuttles and rocket launches ...

The European small satellite market is experiencing robust growth, driven by increasing demand for cost-effective Earth observation, communication, and navigation solutions. A 5.18% CAGR suggests a significant expansion from its 2025 market value (estimated to be around €5 billion based on global market trends and European technological leadership) to a projected €7 billion-€8 billion by 2033. Key drivers include the burgeoning New Space economy, fostering innovation and private investment in satellite technologies. Governments are also actively promoting space-related initiatives, furthering the market's expansion. The increasing affordability and miniaturization of satellites, combined with advancements in propulsion technologies (electric propulsion showing strong growth), are further fueling market growth. Specific applications like Earth observation for environmental monitoring and precision agriculture, along with the expansion of LEO constellations for enhanced global communication, are significant growth contributors. While regulatory hurdles and the need for skilled workforce remain challenges, the overall market outlook for Europe is positive. Market segmentation reveals a strong presence of commercial end-users driving demand, with the military and government sector also contributing significantly. The LEO orbit class dominates due to its cost-effectiveness and operational advantages, especially for Earth observation and communication. Though data on specific regional market shares within Europe is lacking, strong national space agencies and private companies in countries like the United Kingdom, Germany, France, and Italy suggest a relatively even distribution across these leading nations, with potential for higher growth in nations like Poland and Sweden due to emerging space sectors. Competition amongst established players like Airbus SE and OHB SE, alongside agile startups like GomSpace and Alba Orbital, is driving innovation and pushing technological advancements. The focus on sustainable and reusable launch systems will further shape the market trajectory in the coming years, potentially enhancing the cost-effectiveness and environmental profile of the industry. This comprehensive report provides an in-depth analysis of the burgeoning Europe small satellite market, offering invaluable insights for stakeholders across the value chain. Leveraging data from the historical period (2019-2024), base year (2025), and forecast period (2025-2033), this study illuminates market dynamics, growth drivers, and challenges, ultimately projecting market size in the millions. The report covers key segments including application (Communication, Earth Observation, Navigation, Space Observation, Others), orbit class (GEO, LEO, MEO), end-user (Commercial, Military & Government, Other), and propulsion technology (Electric, Gas-based, Liquid Fuel). Recent developments include: June 2022: Falcon 9 launched Globalstar FM15 to low-Earth orbit from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida.January 2022: SatRevolution launched two satellites STORK 3 and SteamSat 2. STORK 3 is an Earth-imaging nanosatellite.November 2021: FOSSA Systems partners with ienai SPACE for the use of electric thrusters in picosatellites.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

United States US: Space Programmes: % of Civil GBARD data was reported at 15.137 % in 2024. This records an increase from the previous number of 14.801 % for 2023. United States US: Space Programmes: % of Civil GBARD data is updated yearly, averaging 17.726 % from Dec 1981 (Median) to 2024, with 44 observations. The data reached an all-time high of 25.102 % in 1996 and a record low of 11.389 % in 2009. United States US: Space Programmes: % of Civil GBARD data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.MSTI: Government Budgets for Research and Development: OECD Member: Annual.

For the United States, from 2021 onwards, changes to the US BERD survey questionnaire allowed for more exhaustive identification of acquisition costs for ‘identifiable intangible assets’ used for R&D. This has resulted in a substantial increase in reported R&D capital expenditure within BERD. In the business sector, the funds from the rest of the world previously included in the business-financed BERD, are available separately from 2008. From 2006 onwards, GOVERD includes state government intramural performance (most of which being financed by the federal government and state government own funds). From 2016 onwards, PNPERD data are based on a new R&D performer survey. In the higher education sector all fields of SSH are included from 2003 onwards.

Following a survey of federally-funded research and development centers (FFRDCs) in 2005, it was concluded that FFRDC R&D belongs in the government sector - rather than the sector of the FFRDC administrator, as had been reported in the past. R&D expenditures by FFRDCs were reclassified from the other three R&D performing sectors to the Government sector; previously published data were revised accordingly. Between 2003 and 2004, the method used to classify data by industry has been revised. This particularly affects the ISIC category “wholesale trade” and consequently the BERD for total services.

U.S. R&D data are generally comparable, but there are some areas of underestimation:

1. i) Up to 2008, Government sector R&D performance covers only federal government activities. That by State and local government establishments is excluded;
2. ii) Except for the Government and the Business Enterprise sectors, the R&D data exclude most capital expenditures. For the Business Enterprise sector, depreciation is reported in place of gross capital expenditures up to 2014. Higher education (and national total) data were revised back to 1998 due to an improved methodology that corrects for double-counting of R&D funds passed between institutions.

Breakdown by type of R&D (basic research, applied research, etc.) was also revised back to 1998 in the business enterprise and higher education sectors due to improved estimation procedures.

The methodology for estimating researchers was changed as of 1985. In the Government, Higher Education and PNP sectors the data since then refer to employed doctoral scientists and engineers who report their primary work activity as research, development or the management of R&D, plus, for the Higher Education sector, the number of full-time equivalent graduate students with research assistantships averaging an estimated 50 % of their time engaged in R&D activities. As of 1985 researchers in the Government sector exclude military personnel. As of 1987, Higher education R&D personnel also include those who report their primary work activity as design.

Due to lack of official data for the different employment sectors, the total researchers figure is an OECD estimate up to 2019. Comprehensive reporting of R&D personnel statistics by the United States has resumed with records available since 2020, reflecting the addition of official figures for the number of researchers and total R&D personnel for the higher education sector and the Private non-profit sector; as well as the number of researchers for the government sector. The new data revise downwards previous OECD estimates as the OECD extrapolation methods drawing on historical US data, required to produce a consistent OECD aggregate, appear to have previously overestimated the growth in the number of researchers in the higher education sector.

Pre-production development is excluded from Defence GBARD (in accordance with the Frascati Manual) as of 2000. 2009 GBARD data also includes the one time incremental R&D funding legislated in the American Recovery and Reinvestment Act of 2009. Beginning with the 2000 GBARD data, budgets for capital expenditure – “R&D plant” in national terminology - are included. GBARD data for earlier years relate to budgets for current costs only.

Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Jinhua data was reported at 105.800 Prev Year=100 in Oct 2021. This records an increase from the previous number of 105.300 Prev Year=100 for Sep 2021. Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Jinhua data is updated monthly, averaging 106.050 Prev Year=100 from Jan 2011 to Oct 2021, with 130 observations. The data reached an all-time high of 115.100 Prev Year=100 in Jul 2017 and a record low of 92.600 Prev Year=100 in Mar 2015. Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Jinhua data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (PY=100): New Constructed Commodity Residential: By Area of Floor Space.

Sharing economy services have exploded in popularity over recent years, with many expecting this trend to continue. The total value of the global sharing economy has been predicted to increase to over ************ U.S. dollars by 2030, up from *** billion U.S. dollars in 2024. This has translated to a compound annual growth rate (CAGR) of approximately ** percent. The sharing economyThe sharing economy is where assets owned by members of a network can be temporarily accessed by other members of the network, generally through an online platform. This differs from traditional businesses, whereby goods and services are owned by a single owner and then rented to the public. Because of this difference, sharing economy companies often escape industry regulations. The two most common examples of the sharing economy are the sharing of private vehicles via ride-hailing apps such as Uber, and the various other sharing economy businesses – predominantly Airbnb, that has left its mark globally. Coworking, where workers from different organizations can access shared office space, is also considered part of the sharing economy. RegulationThe growth predicted above assumes that the sharing economy retains its position outside of industry regulations – something that is not certain. For example, opinions of Canadians on how the government should regulate Uber have been that they should be regulated in the same way as taxis, which would raise licensing and staffing costs. This would of course increase the cost to the consumer. What has kept customers however, are the top benefits consumers recognize from using sharing economy services, such as it generally being cheaper for users.

Germany RS: New Vehicles: Lack of Space & Real Estate data was reported at 0.000 % in Jun 2021. This stayed constant from the previous number of 0.000 % for Mar 2021. Germany RS: New Vehicles: Lack of Space & Real Estate data is updated quarterly, averaging 2.300 % from Jun 2006 (Median) to Jun 2021, with 61 observations. The data reached an all-time high of 8.000 % in Sep 2019 and a record low of 0.000 % in Jun 2021. Germany RS: New Vehicles: Lack of Space & Real Estate data remains active status in CEIC and is reported by Ifo Institute - Leibniz Institute for Economic Research at the University of Munich. The data is categorized under Global Database’s Germany – Table DE.S044: Quarterly Business Survey: Retailing: IFO Institute: WZ 2008.

Property Price Index: New Constructed: Commodity Residential: 90-144 sq m: Qinhuangdao data was reported at 96.100 Prev Year=100 in Dec 2021. This records a decrease from the previous number of 97.100 Prev Year=100 for Nov 2021. Property Price Index: New Constructed: Commodity Residential: 90-144 sq m: Qinhuangdao data is updated monthly, averaging 105.750 Prev Year=100 from Jan 2011 to Dec 2021, with 132 observations. The data reached an all-time high of 121.600 Prev Year=100 in Jun 2019 and a record low of 91.500 Prev Year=100 in May 2015. Property Price Index: New Constructed: Commodity Residential: 90-144 sq m: Qinhuangdao data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (PY=100): New Constructed Commodity Residential: By Area of Floor Space.

Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Nanchong data was reported at 95.400 Prev Year=100 in Dec 2021. This records a decrease from the previous number of 95.900 Prev Year=100 for Nov 2021. Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Nanchong data is updated monthly, averaging 101.300 Prev Year=100 from Jan 2011 to Dec 2021, with 132 observations. The data reached an all-time high of 114.800 Prev Year=100 in Oct 2018 and a record low of 90.600 Prev Year=100 in Jun 2015. Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Nanchong data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (PY=100): New Constructed Commodity Residential: By Area of Floor Space.

Floor Space Sold: Commodity Bldg: Shanghai: Pudong New data was reported at 5,715.000 sq m th in 2021. This records an increase from the previous number of 4,772.100 sq m th for 2020. Floor Space Sold: Commodity Bldg: Shanghai: Pudong New data is updated yearly, averaging 5,125.300 sq m th from Dec 2006 (Median) to 2021, with 13 observations. The data reached an all-time high of 10,503.100 sq m th in 2009 and a record low of 3,540.800 sq m th in 2008. Floor Space Sold: Commodity Bldg: Shanghai: Pudong New data remains active status in CEIC and is reported by Shanghai Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKJ: Floor Space Sold: Commodity Bldg: Municipality District.

Slovakia SK: Civil GBARD: Current PPP: Space Programmes data was reported at 14.771 USD mn in 2022. This records a decrease from the previous number of 15.664 USD mn for 2021. Slovakia SK: Civil GBARD: Current PPP: Space Programmes data is updated yearly, averaging 3.387 USD mn from Dec 1998 (Median) to 2022, with 18 observations. The data reached an all-time high of 15.664 USD mn in 2021 and a record low of 0.712 USD mn in 1998. Slovakia SK: Civil GBARD: Current PPP: Space Programmes data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Slovakia – Table SK.OECD.MSTI: Government Budgets for Research and Development: OECD Member: Annual.

For the Slovak Republic, data before 1994 refer to the Research and Development Base (RDB) and cover the whole activity of institutions and not only R&D. Defence R&D was totally excluded until 1997 and only partially included thereafter.

Since 2002, a new budget classification compatible with COFOG enables the identification of government budget allocations for defence R&D. The defence category includes R&D allocations for defence, safety, and security of the country. For earlier years, defence R&D was included in the GBARD total.

Wuxi: Floor Space under Construction: Year to Date: Commodity Building: Residential data was reported at 45,038.800 sq m th in Dec 2021. This records an increase from the previous number of 44,897.300 sq m th for Nov 2021. Wuxi: Floor Space under Construction: Year to Date: Commodity Building: Residential data is updated monthly, averaging 33,888.800 sq m th from Feb 2006 (Median) to Dec 2021, with 140 observations. The data reached an all-time high of 49,025.600 sq m th in Dec 2020 and a record low of 8,050.400 sq m th in Feb 2006. Wuxi: Floor Space under Construction: Year to Date: Commodity Building: Residential data remains active status in CEIC and is reported by Wuxi Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RK: Jiangsu: Wuxi Property.

Floor Space Started: Jinan data was reported at 17,456.201 sq m th in 2021. This records a decrease from the previous number of 21,310.856 sq m th for 2020. Floor Space Started: Jinan data is updated yearly, averaging 9,723.581 sq m th from Dec 1999 (Median) to 2021, with 23 observations. The data reached an all-time high of 26,669.141 sq m th in 2018 and a record low of 1,666.040 sq m th in 1999. Floor Space Started: Jinan data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKE: Floor Space Started: City.

Floor Space Sold: CB: Residential: Hunan: Changsha data was reported at 14,729.700 sq m th in 2022. This records a decrease from the previous number of 23,048.639 sq m th for 2021. Floor Space Sold: CB: Residential: Hunan: Changsha data is updated yearly, averaging 13,716.417 sq m th from Dec 1999 (Median) to 2022, with 24 observations. The data reached an all-time high of 23,048.639 sq m th in 2021 and a record low of 746.872 sq m th in 1999. Floor Space Sold: CB: Residential: Hunan: Changsha data remains active status in CEIC and is reported by Changsha Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKG: Floor Space Sold: Commodity Bldg: Prefecture Level City: Residential.

Floor Space Waiting for Sale: Yunnan: Yuxi data was reported at 2,920.000 sq m th in 2022. This records a decrease from the previous number of 3,080.000 sq m th for 2021. Floor Space Waiting for Sale: Yunnan: Yuxi data is updated yearly, averaging 1,600.000 sq m th from Dec 2017 (Median) to 2022, with 6 observations. The data reached an all-time high of 3,080.000 sq m th in 2021 and a record low of 920.000 sq m th in 2018. Floor Space Waiting for Sale: Yunnan: Yuxi data remains active status in CEIC and is reported by Yuxi Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKG: Floor Space Waiting for Sale: Commodity Bldg: Prefecture Level City.

Floor Space Sold: Commodity Bldg: Fujian: Ningde data was reported at 2,049.700 sq m th in 2022. This records a decrease from the previous number of 3,578.000 sq m th for 2021. Floor Space Sold: Commodity Bldg: Fujian: Ningde data is updated yearly, averaging 1,593.100 sq m th from Dec 2002 (Median) to 2022, with 21 observations. The data reached an all-time high of 3,578.000 sq m th in 2021 and a record low of 418.000 sq m th in 2002. Floor Space Sold: Commodity Bldg: Fujian: Ningde data remains active status in CEIC and is reported by Ningde Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKG: Floor Space Sold: Commodity Bldg: Prefecture Level City.

Floor Space Waiting for Sale (Vacant): Urumqi data was reported at 3,149.415 sq m th in 2022. This records a decrease from the previous number of 3,698.802 sq m th for 2021. Floor Space Waiting for Sale (Vacant): Urumqi data is updated yearly, averaging 2,123.295 sq m th from Dec 2004 (Median) to 2022, with 19 observations. The data reached an all-time high of 3,698.802 sq m th in 2021 and a record low of 973.554 sq m th in 2007. Floor Space Waiting for Sale (Vacant): Urumqi data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKE: Floor Space Waiting for Sale (Vacant): City.

Floor Space Started: Harbin data was reported at 6,346.770 sq m th in 2021. This records a decrease from the previous number of 12,651.054 sq m th for 2020. Floor Space Started: Harbin data is updated yearly, averaging 8,968.585 sq m th from Dec 1999 (Median) to 2021, with 23 observations. The data reached an all-time high of 25,282.982 sq m th in 2011 and a record low of 2,936.542 sq m th in 1999. Floor Space Started: Harbin data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKE: Floor Space Started: City.

Floor Space under Construction: Office Bldg: Wuhan data was reported at 14,932.002 sq m th in 2022. This records an increase from the previous number of 13,912.319 sq m th for 2021. Floor Space under Construction: Office Bldg: Wuhan data is updated yearly, averaging 2,180.443 sq m th from Dec 1999 (Median) to 2022, with 24 observations. The data reached an all-time high of 14,932.002 sq m th in 2022 and a record low of 774.925 sq m th in 2002. Floor Space under Construction: Office Bldg: Wuhan data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKE: Floor Space Under Construction: City: Office Building.

Floor Space Waiting for Sale: Fujian: Nanping data was reported at 873.900 sq m th in 2022. This records an increase from the previous number of 856.900 sq m th for 2021. Floor Space Waiting for Sale: Fujian: Nanping data is updated yearly, averaging 981.500 sq m th from Dec 2017 (Median) to 2022, with 6 observations. The data reached an all-time high of 1,570.000 sq m th in 2017 and a record low of 856.900 sq m th in 2021. Floor Space Waiting for Sale: Fujian: Nanping data remains active status in CEIC and is reported by Nanping Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKG: Floor Space Waiting for Sale: Commodity Bldg: Prefecture Level City.