Some of the prominent players in the airships market are Airborne Industries Inc., Lindstrand Technologies, Hybrid Air Vehicles Ltd., GEFA-FLUG GmbH, and Information Systems Laboratories Inc, says Transparency Market Research.
Analysts have observed that the market is expected to witness several emerging players in the coming few years. This is expected to intensify competition in the coming years.
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According to a research report by TMR, the global airships market is likely to surpass valuation of US$273.2 mn by the end of 2024. The market is expected to rise at a CAGR of 6.5% during 2016 – 2024. The analysts observed the market at a valuation of US$152.8 million in 2015
On the basis of geography, North America is expected to dominate the airships market during the forecast period. This is mainly due to the increasing applications of the airships for the product marketing and branding purpose in the region. Based on type, the market is segmented into rigid airships, semi rigid airships, and non-rigid airships. Among all these, the non-rigid airships segment is anticipated to hold maximum share due to their low price. Moreover, light weight of the non-rigid airships makes them suitable for marketing purpose. Therefore, several marketing agencies are opting for them.
Advanced Hydrogen Fuel Manufacturing Techniques to Propel Market’s Growth
Airships have been used for many years but high costs of hydrogen fuel hampered their mass adoption in past. Recently there have been many advancements in the hydrogen fuel generation and distributions. This has revived the airship market. Thus airships are reconsidered by the players and returned to the skies. The increasing adoption by the market leaders is a prominent factor expected to drive the airships market in the coming few years.
Along with this, airships are also used to navigate through the air. Due to this they are predominantly used by the military for surveillance purposes. This is because they cover a larger surveillance area as compared to land-based patrolling equipment. Further, factors such as a growing concern for safety in the recent times is a major factor expected to drive the global airships market in the coming few years. In addition to this, low maintenance cost, easy monitoring and simple operations of the airships are some other strong factor expected to boost the demands of airships for military surveillance application.
Higher Initial Investments Required to Airships Advertisement to Impede Market Growth
Despite several opportunities, the adoption rate of the airships is relatively low in the developing regions. This is because of the higher initiation investments required for airship advertisement. In addition to this, hydrogen gas used in the airships is flammable, and therefore there are chances of fatal accident while using airships as a mode of transportation.
Nevertheless, increasing capacity of airships has made them suitable to handle weight. This has opened up several scope of airships in the logistics sector. With this, airships can be used in the several sectors such as commercial tours, cargo transport, and environmental research. This has offered new growth opportunities to companies in the airships market.
Along with this, rising application of the airships in sectors such as news and weather forecast is attributed to hamper growth in the airships market.