The aerostat platform is lighter than air and is widely used for surveillance, intelligence, weather forecasting, border patrolling and many such other activities. These are aerodynamic balloons tethered to the cables on the ground. These systems are highly cost effective with numerous applications for different industrial verticals. As a result, there is a great rise in demand in the global aerostat systems market. According to the expert researchers, the existing players in the market are expected to come across impressive business opportunities mainly because of the rising demand and technological advancements in aerostat systems. This is considered to be a positive sign for the potential companies as well.
Drivers and Restraints
The global aerostat market is expected to be strongly driven by the rising demand. This demand is mainly driven by the cost effective products, numerous advantages, versatile applications, easy to use features and low operational costs. Strong demand from military sector along with weather and communication sectors are also expected to create strong rise in demand for the aerostat systems market. Growth in demand from surveillance and homeland security sectors are also expected to create steady rise in demand for these systems on global scale. The major restraints for the global market include operational hazards and alternative technologies like airships. Apart from these restraints, the industry is expected to witness strong growth thanks to growing defense industries and developments like environment monitoring.
Scope of Research for Global Aerostat Market
The global market is segmented on the basis of the types of class (large, medium and small), payload (communication intelligence, electro-optics, inertial navigation systems, thermal imaging camera, surveillance radar, etc.), balloons (ellipsoidal and spheroidal) and geography (North America, Latin America, Asia Pacific, Europe and Middle East). Analysis of these segments provides clear analysis of the current trends, challenges, competition, adoption trends, and future growth opportunities for the existing as well as potential players in the aerostat systems market. As per the industry analysis performed by various researchers, the global market is expected to maintain steady growth rate.
According to the latest research reports, the global aerostat systems market is expected to grow at a CAGR of over 11% from 2014 to become worth more than $7.72 billion by the end of the year 2020. As of 2014, the industry is expected to be worth $3.93 billion. North America is estimated to dominate the global market. However, emerging regions are expected to witness healthy growth during the forecasting period as well.