Top 5 Fastest Growing Industries in the Next 5 Years: Predictions

2. Space Tourism

 Compound annual growth rate (CAGR): 49.9%

The worldwide space tourism industry was worth $851.4 million in 2023 and is predicted by Grand View Research to tremendously increase at a CAGR of 49.9% between 2024 and 2030, with a revenue estimate of $9,669.5 million by 2030. The market is booming due to various factors, such as the increasing focus on research and development activities by government and private research organizations, the growing inclination of adventure travelers, the growing interest of High Net Worth Individuals (HNWI) in spaceflight, and rising technological advancements. Travelers can travel within and across the Earth’s orbit for business, pleasure, or leisure thanks to space tourism. In the upcoming years, space tourism is expected to open up travel to non-astronauts and laypeople alike. Virgin Galactic and SpaceX are two of the most prominent space travel businesses in the industry.