space tourism case study

Space Tourism – An Analysis of Space Tourism’s Place in the Space Economy, Patents, Key Players, Space Hotels, Main Source Markets, Challenges and Opportunities

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Published: February 09, 2022 Report Code: GDTT0387MI-TH

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2021 marked a significant year for space tourism as new entrants announced their arrival. Within the same month, Richard Branson’s Virgin Galactic and Jeff Bezos’s Blue Origin successfully completed suborbital flights, with both billionaires being participants on these voyages to boost trust among potential customers. A few months later, Elon Musk’s SpaceX launched its all-civilian Inspiration4 mission. Its Dragon craft would orbit Earth for three days before splashing down in the ocean.

2021 was a memorable milestone for the sector as the space race heated up. 2022 looks set to be another busy year for space tourism as Axiom Space joins the competition with its first scheduled flight planned for early this year. The space tourism 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.

What are the market dynamics in the space tourism market?

The space economy has previously been restricted to satellites and their sub-systems but the willingness of high-net-worth individuals and progressive companies to explore beyond Earth has allowed tourism to enter this fledgling economy. The future space economy will consist of satellites, space debris, space mining, space exploration, space tourism, and space infrastructure manufacturing. Also, high-profile commercial flights have led some to dub the current phase of the space economy the “billionaire space race.” The launch of Richard Branson and Jeff Bezos on their respective Virgin Galactic and Blue Origin missions highlighted the potential for space tourism. However, the scrapping of Space Adventures’ Crew Dragon mission demonstrated that price, timing, and the experience currently offered needs to be constantly evaluated.

Although space tourism will be restricted to the few, new actors can be expected to enter the market offering lower-cost alternatives. Space Perspective’s stratospheric ballooning offering is one such example. 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.

Which are the main source markets for space tourism?

The US, China, Japan, the UK, India, Germany, Canada, France, Hong Kong, and Australia are the main source markets for space tourism.

The US will be the most important source market for space tourism companies. All players in the space tourism sector needs to be targeting the US source market when promoting their expeditions and hotels, as campaigns are likely to have the biggest impact when aimed at this market.

China and Japan have the second and third highest number of high-net and ultra-high-net-worth individuals, making these source markets viable options for space tourism companies. The wealthiest citizens of Japan may have an appetite for space travel, as already seen in 2021. Japanese billionaire Yusaku Maezawa returned to Earth after a 12-day journey to the ISS in December 2021, which marked the end of a practice run for his planned trip around the moon with SpaceX in 2023.

Space tourism market, by source markets

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What are the latest patents in the space tourism market?

The two of the latest patents in the space tourism market are near-space operation systems and pod for space or near-space flights

Near-space operation systems

This invention provides a system for high altitude and near-space operations. More particularly, this invention relates to providing a system enabling safe manned and unmanned operations at extremely high altitudes (above about 70,000 feet), which in theory would enable stratospheric visits using lighter-than-air vehicles. There is increasing interest in technologies enabling high altitude and near space access for tourism, research, education and other scientific and commercial pursuits. As the introduction of the airplane, the computer, and the internet proved, making new regions of our planet accessible can bring about revolutionary scientific, social, and economic advances.

Pod for space or near-space flights

A pod for flights to and/or from space or near-space, including a pressurized body for hosting passengers, the pressurized body having a substantially ring-like shape provided around a central axis and having a central opening, wherein the pressurized body includes one or more windows. There is a need to develop spacecraft or space vessels that have the potential to make space tourism more affordable. There is also a need to make space tourism more comfortable and a more enjoyable experience. And there is also a need to make space tourism less contaminating.

Which are the key players in the space tourism market?

World View, Space Perspective, Virgin Galactic, Blue Origin, Axiom Space, Zero 2 Infinity, Boeing, and Orbital Assembly Corporation are the key players in the space tourism market.

Space tourism market, by key players

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Market report scope

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.

Frequently asked questions

The US, China, Japan, the UK, India, Germany, Canada, France, Hong Kong, and Australia are the main source markets in the space tourism market.

The two of the latest patents in the space tourism market are near-space operation systems and pod for space or near-space flights.

The space hotels to be launched in the space tourism market are Orbital Assembly Corporation’s luxury hotel Voyager Station and Axiom Space’s commercial space station project AxStation.

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Please note you do not have access to teaching notes, space tourism: an industry with a future.

Publication date: 14 March 2024

Issue publication date: 8 November 2024

Teaching notes

Research methodology.

The case is derived from secondary sources, including publicly available reports and information about all companies directly or indirectly engaged in the industry. No primary sources were available.

Case overview/synopsis

This teaching case is designed for students to demonstrate their mastery of industry-level analysis in the emerging space tourism industry. It allows students to understand what constitutes the industry within the broader space sector and to apply analytical tools such as PESTEL and Porter’s Five Forces, with the option to discuss strategic groups. Students gain insights into how the industry is evolving within its broader environment and how companies could respond or differentiate themselves. Information is also provided for students to consider the broader social impact of a relatively new industry from the perspective of sustainable development.

Complexity academic level

The case is written for undergraduate and graduate students enrolled in strategic management courses. The case placement is ideally in conjunction with industry-level analytical frameworks such as Porter’s Five Forces, PESTEL analysis, strategic groups (optional) and industry life cycle. Most strategic management textbooks cover these concepts in the first few chapters. For example, “Strategic Management, 14th edition” by Hill, Schilling and Jones (2023) covers these topics in chapter 2. Given that space tourism is an embryonic industry dependent on technological innovation, instructors might also use this case in innovation or entrepreneurship-related courses. This case could also be used to address critical issues, such as sustainability, in tourism management courses.

• Space tourism
• PESTEL analysis
• Five forces
• Emerging industry

Acknowledgements

Disclaimer. This case is intended to be used as the basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. The case was compiled from published sources.

Congden, S.W. , Bertels, H.M.J. , Desplaces, D. and Drew, T. (2024), "Space tourism: an industry with a future?", , Vol. 20 No. 6, pp. 1476-1503. https://doi.org/10.1108/TCJ-05-2023-0114

Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

You do not currently have access to these teaching notes. Teaching notes are available for teaching faculty at subscribing institutions. Teaching notes accompany case studies with suggested learning objectives, classroom methods and potential assignment questions. They support dynamic classroom discussion to help develop student's analytical skills.

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Space Tourism - Case Study

• February 2022
• Region: Global
• ID: 5560057
• Description

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• Companies Mentioned

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Key Highlights

• 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 the publisher’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.
• 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

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

• Space Perspective
• Virgin Galactic
• Blue Origin
• Axiom Space
• Zero 2 Infinity
• Orbital Assembly Corporation
• Adventure Tourism
• Commercial Aerospace
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