Global Aerostat Systems Market: Snapshot
Advantages such as cost-effectiveness of aerostat systems possess over traditional surveillance aircraft systems are driving growth of the aerostat systems market. Aerostat systems reduces fuel consumption substantially which creates the massive difference in expenses. Additionally, aerostat systems requires less parts which helps to keep the manufacturing cost low. The aforementioned factors are propelling growth of the aerostat systems market.
However, the major restrain to the growth of the aerostat systems is stern competition due to presence of alternative systems including aerial vehicles and airships. Nevertheless, future opportunities in aerostat systems due to usage of advanced material. As several manufacturers are developing their own high quality laminates that can help the aerostat systems to work in unfavorable weather.
The report by TMR on the global aerostat systems market observes that the market registered revenue of US$4.64 bn by the end of 2016 and is expected to expand with a CAGR of 13.8% over the forecast period from 2016 and 2024 to attain the valuation of US$10.10 bn by the end of 2022.
Rising Need for Border Security to Boost Uptake
On the basis of balloon type, the aerostat systems market is segmented into spheroidal and ellipsoidal. On the basis of class, the market is segmented into small-class, medium-class and large-class aerostat systems.
On the basis of application, the aerostat systems market is segmented in to military, homeland security, commercial application, and environmental research. Of these, the military system is dominating the global market and expected to remain dominant over the forecast period. It is anticipated that military segment to expand with impressive CAGR of 14.0% from 2015 to 2022 to attain value of US$7.01 bn.
High Demand for Aerostat Systems in the US for Homeland Security to Boost Growth
On the basis of region, the global aerostat systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, North America dominates the aerostat systems market. This growth is attributable to the high demand for aerostat systems in the US for homeland security and military. Additionally, high commercial penetration of aerostat systems is also very high in this region. Additionally, the market in Europe is expected to witness higher demand for aerostat systems due to conflicts between several countries such as Portugal, Greece, and Poland. Due to these factors, the region is expected to remain dominant and to attain value of US$2.73 bn by the end of forecast period. However, the market in Asia Pacific is expected expand with the higher CAGR of 16.2% from 2015 to 2022 due to increasing efforts on the border control and surge in investment for defense agencies.
The global aerostat systems market has highly consolidated competitive landscape. Some of the companies operating in the aerostat systems market are Lockheed Martin Corporation, TCOM, LP, Aerostar International, Inc., Lindstrand Technologies Ltd., and RosAeroSystems International, Ltd.
This report aims to provide a comprehensive strategic analysis of the global aerostat systems market along with the market size and growth forecast for the period from 2012 to 2022. Rising demand for aerostat systems majorly drives the global aerostat systems market. The demand is primarily due to aerostat systems’ versatility of application, low operational costs, easy deployment, cost effectiveness, and ease of use. Moreover, strong demand from the weather, military, homeland security, surveillance, and communication sectors is expected to lead to the growth of the aerostat systems market.
This research study on the global aerostat systems market provides a detailed analysis of how different countries across the globe are using aerostat systems in order to improve their intelligence, reconnaissance, and surveillance capabilities. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, the report identifies various trends expected to impact the market during the forecast period from 2015 to 2022. The report includes a comprehensive coverage of the underlying economical, environmental, and technological factors influencing the aerostat systems market. It also provides the competitive landscape of the key players in the aerostat systems market in order to highlight the prevalent competition in this market. The report provides a detailed competitive analysis of the key players in the aerostat systems market and identifies various business strategies adopted by these leading players. The study explains the penetration of each market segment within various geographies and how they have accelerated the growth of the aerostat systems market.
Based on balloon type, the aerostat systems market is segmented into spheroidal and ellipsoidal aerostat systems. On the basis of class, the market is segmented into small-class, medium-class and large-class aerostat systems. On the basis of applications the aerostat systems market is segmented into military, homeland security, environmental research, and commercial applications. Moreover, based on payload, the market for aerostat systems is segmented into communication relays, electro-optics, surveillance radar, and navigation systems. Depending on their specific requirements and priority, defense organizations can opt between one or more of the aforementioned payloads to efficiently perform their surveillance and intelligence operations.
The report aims to provide a comprehensive, cross-sectional analysis of the aerostat systems market across geographical segments such as North America (the U.S. and the rest of North America), Europe (the U.K., Italy, Germany, Russia, and the rest of Europe), Asia Pacific (Japan, China, India, Australia, and the rest of APAC), the Middle East and Africa (Israel, the UAE, Saudi Arabia, Qatar, South Africa, and the rest of MEA), and Latin America (Brazil and the rest of Latin America).
The report includes an overview of the market strategies, annual revenues, and recent developments of the key companies operating in the market. The key market participants profiled in the study include Lockheed Martin Corporation, Aerostar International, Inc., TCOM LP, Linstrand Technologies Ltd., RosAeroSystems International Ltd., ILC Dover LP, RT Aerostat Systems, Inc., Worldwide Aeros Corporation, and Israel Aerospace Industries. The report provides comprehensive analysis of aerostat systems market offered by leading players in the market. In-depth insights on research and development activities, new product launches, and upcoming technologies are also included in the report.
Aerostat Systems Market by Balloon Type
Aerostat Systems Market by Class
Aerostat Systems Market by Application
- Homeland Security
- Environmental Research
Aerostat Systems Market by Payload
- Communication Relay
- Surveillance Radar
- Aerostat Navigation Systems
Aerostat Systems Market by Geography
- North America
- Middle East and Africa (MEA)
- Latin America