Space tourism is expected to increase in 2024 owing to the advancement in the technology and the increased public interest. According to recent market analysis, space tourism is expected to be worth $888 million in 2023 and could grow to over $1.2 billion this year.
The increase in this growth can be attributed to the development of suborbital space tourism. Others like Blue Origin and Virgin Galactic are at the moment leading the pack offering brief, joy rides which give the passengers a taste of floating freely and a glimpse of the earth from space. These trips usually are quite short, from a few minutes only, but give the idea of the space tourism that would be required if orbital space flights were used.
Technological advancement has also played a part in the advancement of space travel through making it affordable and simple. The reusable rockets have been instrumental in breaking the cost barriers and thus making space tourism affordable for more people. Better life support systems and better spacecrafts provide passengers with more safety and luxury hence more people want to take risks.
Also, government support has a key role in the development of the space tourism business. The legal and institutional arrangements and investment measures are being put in place to support the development of private businesses. Cooperations between the public sector and the private sector are opening up new possibilities in this rapidly expanding field.
As the year 2024 begins space tourism is still one of the most promising sectors that has attracted many people who have passion for space travel. More and more high net worth individuals are coming into the picture as technology advances and space travel is no longer a pipe dream.
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