The global aerostat systems market is segmented by size type into compact sized, mid-sized and large sized, out of which large sized aerostat systems are expected to grow with the highest CAGR; by product type into balloons, airships and hybrid; by propulsion system into powered and unpowered; by end user type into defense, advertising, weather forecasting, commercial and others.
Aerostat systems are broadly used in the surveillance, scientific research and information gathering. These wide uses of aerostat system are expected to grow the aerostat systems market globally. Increasing need for accurate geospatial information is also expected to augment the growth of aerostat systems market globally. Aerostat systems consume less fuel and are environment friendly in nature in comparison with conventional technologies. Due to these features it is expected to rise of aerostat systems market over the forecasted period.
In terms of regional platform, Asia Pacific countries such as China and India accounted for the fastest growing market of global aerostat systems in terms of revenue in 2017 due to the increasing industrialization. It was reported that China has increased their defense budget up to 8.10% from the previous year. The increased use of aerostat system in defense sector, the aerostat systems market is expected to show a positive growth over the forecasted period.
North America is expected to hold the largest market for aerostat systems due to the high use of aerostat systems in homeland and border security. U.S. is both a prominent consumer and manufacturer of aerostat systems and this factor is expected to push the aerostat systems market in North America region.
Apart from this, Europe is expected to grow with a rapid pace over the forecasted period due the high demand for video surveillance.
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Rising demand for Aerostat Systems from Defense Industry
Aerostat system is widely used in aerial surveillance, border security, intelligence gathering, aerial advertising and scientific research. This wide use of aerostat systems are expected to increase the growth of aerostat systems market globally.
U.S. government has invested a considerable amount of money in aerostat system as to strengthen their military sector in terms of border security and surveillance. U.S. army is using aerostats systems with multi mission sensors which provide long endurance intelligence, communications, surveillance and reconnaissance (ISR). These factors are expected to impact positively for the growth of aerostat system market globally.
Developing economies such as China and India has also increased their defense budget. These countries also widely use aerostat systems in their defense sector which is expected to lead the growth of aerostat systems market.
Manufacturing and designing of aerostat system is a complex process due to which initial cost of aerostat systems is very high. These factors act as a restraint for the market of aerostat systems.
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The report titled “Aerostat Systems Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global aerostat systems market in terms of market segmentation by size type, by product type, by propulsion system type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the aerostat systems market which includes company profiling of ILC Dover, Aeros, Raytheon Company, Israel Aerospace Industries Ltd., Hybrid Air Vehicles Limited, Cameron Balloons, RT Aerostats Systems and Raven Industries, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aerostat systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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