Aerostat systems use gases that are lighter than air, such as helium, hydrogen, and hot air to provide a lift to the system from the ground. According to the recently published report by Market Research Future (MRFR), the global aerostat systems market is anticipated to register expansion at a CAGR of 13% across the forecast period 2017 to 2024. The cost-effectiveness of the system is likely to provide impetus to market growth over the next couple of years.
Aerostat systems are preferred over UAVs owing to its cost-effectiveness and higher endurance. This factor is expected to propel the expansion of the aerostat systems market in the forthcoming years. In addition, the product is likely to witness rising military applications over the next few years. The product finds application in commercial activities across different industry verticals such as oil & gas. It is anticipated to boost the growth pattern of the market in the years to come.
On the flip side, the lightweight of the product poses a challenge of operability in extreme weather conditions. This is expected to restrict the expansion of the aerostat systems market over the next few years.
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Aero Drum Ltd (U.K), Drone Aviation (U.S.), AUGUR – RosAeroSystems (Russia), ILC Dover (U.S.), Lockheed Martin Corporation (U.S.), Lindstrand Technologies Limited (U.S.), Raven Industries Inc. (U.S.), RT LTA systems ltd (Israel), Raytheon Company (U.S.), and TCOM L.P (U.S.) are some of the major players of the global aerostat systems market profiled in this MRFR report. Technological innovations are being emphasized on by the key players for staying ahead of the curve. Also, investments are likely to increase in product innovation and product development, which is poised to encourage competition in the market over the next couple of years. The growth strategies anticipated to be devised by the participants of the aerostat systems market in the forthcoming years are mergers & acquisitions, collaborations, agreements, partnerships, etc.
On the basis of product type, the Global Aerostat Systems Market has been segmented into airship, balloon, and hybrid.
Based on class, the aerostat systems market has been segmented into mid-sized, compact-sized, and large-sized.
On the basis of payloads, the global aerostat systems market has been segmented into CI, INS, EO/IS, radar, and thermal imaging camera.
The global aerostat systems market, on the basis of region, has been segmented into North America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), and South America. North America is supposed to hold a substantial share of the global market in the years to come. The U.S. is projected to play a significant role in the growth of the aerostat systems market in the region across the review period. The country is prognosticated to invest in procurement of aerostat systems for military applications such as surveillance and border security. The region is also projected to observe an increase in commercial applications of the system over the next few years. This, in turn, is projected to catapult the aerostat systems market on upward trajectory. Factors such as early adoption of new technologies, rising investments in procurement of advanced military equipment, etc. are poised to provide impetus to market growth over the next few years.
The Middle East & Africa (MEA) is projected to witness considerable growth pace owing to rising investment in the Middle Eastern region in the defense sector. Countries with strong economic growth rate such as the UAE and Kuwait are expected to lead the growth of the aerostats systems market in the region over the next few years. Europe is also poised to exhibit substantial growth in the upcoming years.
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