Growing Demand for Security Anticipated to Push the Global Aerostat Systems Market
The global aerostat systems market is increasing at a continuous pace owing to a vast pool of factors. This includes the easy to deploy nature, its wide range of applications, cost-effectiveness, low personnel expertise, and low operational costs. It is reported that there is a strong demand from homeland and military security for intelligence, surveillance, and reconnaissance, thereby leading to new investments.
The aerostat systems that are used in the US army program named as persistent ground surveillance system has a low operating cost as compared to using UAV. This is expected to contribute to the overall growth of the market. In recent years, it has been noticed that vendors are facing high level of acquisition risk owing to challenges like overweight components and difficulties in software development.
Due to aerostats being lighter than air vehicles, they face significant operational hazards. Lightning, visibility, and wind speed are some of the major factors limiting the capabilities of the aerostat system market.
In a study undertaken by the team of Market Research Future (MRFR), it was revealed that the global aerostat systems market is expected to grow notably during the forecast period between 2017 and 2023. The report states that the global market will garner a compound annual growth rate of 13% during the mentioned review period.
Global Aerostat Systems Market Regional Analysis
The global aerostat systems market is regionally distributed across the following regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The regional market is spearheaded by the North American region. Back in 2015, the region held more than 50% of the global share and cemented itself as the leading regional player in the aerostat systems market. The region is further expected to witness considerable growth over the forecast period due to the presence of USA therein. Being the largest military powerhouse in the world, the US is investing immensely in aerostat systems for the purpose of attaining optimal border security and surveillance.
The US defense aims to strikingly enhance systems wherein new technologies like wireless electronics, infrared images, advanced optics, and communication package are used. The US army even provides intelligence systems to countries like Afghanistan. This enables the soldiers to hear out the enemy radio communication and detect the location of the enemy.
The growth in the Europe and Middle East & Africa region is primarily contributed by the Middle East region. This is due to the continuous need for the safety of the nation and the increasing budget levels. UAE and Kuwait and other gulf states have invested in aerostat systems in order to monitor borders and airspaces.
Global Aerostat Systems Market Segmentation
The global aerostat systems market segmentation is done in terms of class, product type, and payloads.
By product type, the market includes hybrid, balloon, and airship.
By payloads, the market segments into radar, EO/IS, thermal imaging camera, CI, and INS.
By class, the market comprises mid-sized, large-sized, and compact-sized class types.
Global Aerostat Systems Market Competitive Landscape
The global aerostat systems market includes a host of prominent players, including Lockheed Martin Corporation (U.S.), AUGUR - RosAeroSystems (Russia), Lindstrand Technologies Limited (U.S.), Aero Drum Ltd (U.K), Raven Industries Inc. (U.S.), Drone Aviation (U.S.), RT LTA systems ltd (Israel), TCOM L.P (U.S.), Raytheon Company (U.S.), ILC Dover (U.S.), and others.
The players in the market are springing out new strategies and investing in research and development activities to strengthen their positioning in the global landscape or to edge past their immediate competitors. The players are expected to continue applying their strategies and contribute to the overall welfare of the aerostat systems market.
May 22nd, 2019, Drone Aviation, an US-based company, has secured its first ever contract for the WASP lite aerostat product from the US military. The WASP Lite is a tactical aerial asset, one which can be easily transportable in a series of rugged cases and can be deployed quickly to fill-in the capability gaps on the battlefield.
Global Aerostat Systems Market Research Report: by Product Type (Balloon, Airship and Hybrid), Class (Compact-Sized, Mid-Sized and Large-Sized), Payloads (Electro-Optic/Infrared Sensor (EO/IS), Communication Intelligence, Electronic Intelligence, Navigation Systems, Radar and Camera) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2024 @ https://www.marketresearchfuture.com/reports/aerostat-systems-market-1302