Space economy could become $1 trillion industry by 2030
According to GlobalData, space tourism — and the wider space economy — will become increasingly important in the coming years, with the space economy market estimated to rise from $450 billion in 2022 to $1 trillion in 2030.
The data and analytics company’s upcoming virtual conference, “The Future of Travel & Tourism,” will reveal how the desire for commercial access to new destinations will launch the travel and tourism industry to new heights and drive technological development.
Patrick Mridha, Thematic Analyst at GlobalData, said that: “Going to the edge of space will soon become an achievable aspiration and likely to be popular with tourists who are ever seeking new experiences. While we aren’t yet at the point where we can build hotels in space, investment in things like carbon nanotubes (CNTs) and launch vehicles will be important stepping stones.”
CNTs have a diverse range of use cases, including nanotechnology, supercapacitors, solar panels, and batteries. One particularly bold potential use case is a space elevator, a towering superstructure designed to transport goods and passengers into space instead of rockets.
Mridha continued: “One drawback is that CNTs cannot reliably be connected to metal surfaces, limiting their current use cases. However, scientific research in this area is developing quickly, and these issues may be resolved as early as 2035.”
However, one major challenge to space travel is sustainability, which encompasses regulation, the development and implementation of standards for safety and resource extraction, and the reduction of orbital debris.
Monia Borawi, Travel & Tourism Analyst at GlobalData, added: “Addressing sustainability issues should be at the forefront for aspiring space tourism providers, which aligns with the findings of GlobalData’s Q2 2023 survey*, wherein 62% of respondents revealed that they are more loyal to brands that support environmental matters.”
Go to www.globaldata.com for more.
