The demand within the global aerostats systems market is expected to increase in the times to follow. The unprecedented demand for new and advanced technologies in the defense sector has created a plethora of opportunities for market growth and maturity. The defense industry is characterised by improved reconnaissance and surveillance operations. The success of defense operations largely depends on the availability of high-end technologies for countering and launching attacks. Therefore, the total value of the global aerostats systems market is slated to increase in the times to follow. The light weight of aerostats systems as against large aircrafts has played a vital role in driving sales across the global market.
- Growing unrest, anarchy, and mistrust amongst regional territories has led to increased demand for defense technologies such as drones, anti-drones, and UAVs. The increasing demand for these technologies has also helped in popularising aerostats systems across the globe.
- Arch rival countries have made formidable investments in the global aerostats systems market. These investments shall trickle down to the leading vendors spread across the world. Advancements in research initiatives meant to develop high-resistance technologies has created a plethora of opportunities for market maturity. The value of using aerostats systems over heavy aircrafts is a stellar dynamic of market growth
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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.
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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.