Global Aerostat Systems Market Is Anticipated To Grow At CAGR Of 16.10%
Global Aerostat Systems Market Overview
An aerostat is a system that uses light gases such as hydrogen, helium and hot air gases as to lift the aerostat from the ground surface. Aerostat can rise up to 4600m from the ground surface. They are used for surveillance, intelligence and reconnaissance by military forces. Altitude, payload carrying capacity, operating temperature and wind speed are some of the parameters which are considered during the design and manufacturing of aerostat systems.Aerostats systems are lighter than air (LTA) aircraft and are cost effective and mobile. They are easier to deploy and assemble. The fuel consumption in aerostat systems is very less and they require less maintenance.
Market Size and Forecast
The aerostat systems market, in terms of value, is expected to grow rapidly during the forecasted period at a CAGR of 16.10%. Increasing need for accurate geospatial information is expected to augment the growth of aerostat systems market globally. It is also expected that the demand for aerostat systems will grow over the forecasted period due to the wide use of aerostat systems in aerial surveillance, border security, intelligence gathering, aerial advertising and scientific research.Growing ability of aerostat systems to provide persistent surveillance for a longer duration and increasing focus on using economical solutions for surveillance is also expected to augment the growth of aerostats systems over the forecasted period.
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In terms of regional platform, North America holds the latest market share in aerostat systems market due to the acceptance and already existing usage of large amount of aerostats in homeland and border security. U.S. is one of the largest military spenders across the globe and has invested considerable amount of money in aerostat systems for the purpose of border security and surveillance. The US government has increased their defense budget which is also expected to augment the growth of aerostats systems market in this region.Asia Pacific is expected to be the fast growing market for aerostat systems in terms of revenue as the developing economies in this region such as China and India have increased their defense budget. These countries widely use aerostat systems in their military sector which is expected to grow the market of aerostat systems in this region.
Europe is expected to grow with rapid pace in the market of aerostat systems during the forecasted period due to increasing productivity of the climate research and communication in this region. Increasing demand for video surveillance also expected to grow the market of aerostats systems in this region.It is expected that large sized aerostat systems will hold the largest market of aerostat systems over the forecasted period. The increase in demand for hybrid vehicles and advanced airships is expected to fuel the market of aerostat systems across the globe.
Our-in depth analysis of the global aerostat systems market includes the following segments:
By Product Type
By Propulsion System
By End User
Global aerostat systems market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Aerostat systems are widely used in the surveillance, scientific research and information gathering. The market players of aerostat systems are focusing on refining the present aerostat system with the help of updated advance technologies and innovative designs which is likely to augment the growth of aerostat systems market over the forecasted period.The defense industry is expected to show a high demand for aerostat systems globally as they have technological superiority over other existing surveillance products such as drones and airships in terms of lower fuel consumption and maintenance cost. These systems are also environment friendly in nature and therefore pose various advantages over conventional technologies due to which their demand is expected to rise over the forecasted period.Global Aerostat systems market is dependent on developing economies as they use aerostat systems in their military operations. Countries such as US and Germany are investing a large amount of money in their defense sector. This is expected to positively impact the aerostat systems market globally.
Usage of aerostat system units are affected by the severe weather conditions and the unpredictability of this concern are expected to hamper the growth of aerostat systems market globally. The designing, production and manufacturing of aerostat system is a complex process due to which the initial set up cost of aerostat system is very high. These factors act as major restraint for the growth of aerostat systems market.
Some of the examples of market players in the global aerostat systems market identified across the value chain include:
Key Product Offerings
Israel Aerospace Industries Ltd.
Hybrid Air Vehicles Limited
RT Aerostats Systems
Raven Industries, Inc.
Scope and Context
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Overview of the Parent Market
The Global aerostat systems market is segmented as follows:
By Size Type Market Size & Y-O-Y Growth Analysis
By Product Type Market Size & Y-O-Y Growth Analysis
By Propulsion System Type Market Size & Y-O-Y Growth Analysis
By End User Channel Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
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This post was originally published on Aerospace Industry