An aerostat system is a lighter-than-air platform or aerodynamic balloon that is tied to the ground cables for providing necessary information to the ground staff. It is basically used for intelligence, surveillance and reconnaissance, communication, border patrolling, and weather forecasting, among others. The aerostat systems market has seen a number of developments over the past few years like the low-cost aerostat systems with long-endurance surveillance capabilities, thus leading to their deployment on a large scale. The overall market for aerostat systems is predicted to witness a high growth over the coming years.
Know the Driving Factors
The worldwide market for aerostat systems is growing at a significant rate due to the following factors:
- Increasing ability of aerostats for providing surveillance for a longer time
- Its ability to provide important geospatial evidence
- Rising focus of defense sector on using economical solutions for surveillance
- Increased focus on developing smaller aerostats for easy maneuverability
In addition, ongoing development of new sensor technologies and rising use of aerostats in coordinating missile defense has created an array of opportunities for the growth of this market. However, factors such as restrictions related to payload and limitations regarding operational altitude may act as deterrents for the growth of this market. Moreover, vulnerability of aerostats to unfavorable weather conditions and issues related to flight safety and privacy are the challenges faced by the market players.
About the Market
Projected to grow at a CAGR of 15.10% during the forecast period, the global aerostat systems market which has been estimated to be valued at USD 5.42 Billion in 2016 is expected to reach USD 10.95 Billion by the end of 2021. Region wise, the market is dominated by North America, followed by Europe and Asia-Pacific. However, the market in the Middle East is expected to grow at the highest rate over the forecast period due to the rising demand for persistent surveillance because of increasing terrorism in this region.
Based on product type, the airships segment is projected to be the fastest-growing segment due to their ability to carry heavier payloads and provide effective surveillance during turbulent conditions. On the basis of propulsion system, the powered aerostat segment is the fastest-growing segment and is projected to grow at a significant rate in the coming years, owing to their lesser fuel consumption. Whereas based on payload, communication intelligence is expected to witness the highest growth due to the increased applications of aerostat system for military which has further boosted the demand for various payloads.
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Scope of the Research
The global aerostat systems market has been studied and analyzed on the basis of following segmentation:
- Product Type: Balloon, Airship, Hybrid
- Propulsion System: Powered, Unpowered
- Class: Compact-size, Mid-sized, Large-sized
- Payload: Electro-optic/Infrared sensors (EO/IR), Communication Intelligence, Cameras, Electronic Intelligence, Surveillance Radar, Inertial Navigation System
- Geography: North America, Europe, Asia-Pacific, The Middle East, RoW
Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), TCOM L.P. (U.S.), Raven Industries (U.S.), Augur Rosaerosystems (Russia), ILC Dover (U.S.), Exelis (U.S.), RT LTA Systems Ltd. (Israel), Lindstrand Technologies (U.K.), Aeroscraft Corporation (U.S.), Rafael Advanced Systems (Israel), Allsopp Helikites (U.K.), Hybrid Air Vehicles (U.K.), and Near Space Systems (U.S.), among others, are the major players operating the global market for aerostat systems.