Aerostat Systems Market Scope
The global aerostat systems market is expected to witness significant growth during the forecast period, according to the AMA study. The rising adoption of eco-friendly technologies for surveillance and intelligence operations and the growing adoption of aerostat systems for different military operations propelled by increasing military expenditure across different countries of the world are some of the major factors aiding into the growth for the market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Lockheed Martin Corporation (United States), Raytheon Company (United States), Aeros (United States), Israel Aerospace Industries (Israel), Cameron Balloons Ltd. (United States), Aero Drum Ltd (Serbia), RT LTA Systems (Israel), TCOM, L.P. (United States), Raven Industries (United States), RosAeroSystems (Russia), ILC Dover LP (United States), L3Harris Technologies, Inc. (United States), Drone Aviation (United States) and Altaeros (United States) |
CAGR | % |
The vendors in this market are majorly focusing on development of aerostat systems in order to remain competitive in the global market. For instance, in November 2018, RT LTA Systems announced that it has introduced its new SkyStar 120, a micro-tactical aerostat system designed to provide commanders in the field with real-time reconnaissance capability, even when operating in rough terrain. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Aerostat Systems market throughout the predicted period.
Lockheed Martin Corporation (United States), Raytheon Company (United States), Aeros (United States), Israel Aerospace Industries (Israel), Cameron Balloons Ltd. (United States), Aero Drum Ltd (Serbia), RT LTA Systems (Israel), TCOM, L.P. (United States), Raven Industries (United States), RosAeroSystems (Russia), ILC Dover LP (United States), L3Harris Technologies, Inc. (United States), Drone Aviation (United States) and Altaeros (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Aerostat Systems market by Type , by Application (Intelligence, Reconnaissance, & Surveillance, Navigation, Communication, Electronic Intelligence and Others) and Region with country level break-up.
On the basis of geography, the market of Aerostat Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2019, Harris Corporation and L3 Technologies combinely announced that they have completed all stock merger between both the companies and now known as L3Harris Technologies Inc.
In December 2021 Altaeros had announced partnership with World Mobile to bring internet to unconnected areas in Africa. Altaeros and World Mobile will provide low-altitude aerostats as part of this collaboration. World Mobile intends to use these balloons to connect hundreds of millions of people across Africa. Two or three aerostats will launch in Zanzibar, anchoring the network and connecting the entire island. Each aerostat will connect hundreds of thousands of subscribers, and each network subscriber will create a World Mobile blockchain wallet.
Payload Capacity Regulations and Regulations Over Operational Altitudes
Influencing Trend:
Technological Advancements such as Increased Range for Communications and Adoption of Aerostat Systems for Power Generation Through Solar Technologies
Market Growth Drivers:
Rising Adoption of Eco-Friendly Technologies for Surveillance and Intelligence and Growing Adoption of Aerostat Systems for Different Military Operations Propelled by the Rising Military Expenditure across Different Countries
Challenges:
Safety, Security, and Privacy Concerns of Flight
Restraints:
Regulations Regarding the Use of Aerostats at Limited Altitude & Payloads
Opportunities:
Growing Military Expenditure Propelling the Adoption of Aerostat Systems for Missile Defense Operations
Analyst View
The development & innovation in aerostat technologies is expected to boost the demand for aerostat systems during the near future. For instance, in October 2017, RT LTA Systems introduced the new capabilities of the company’s Skystar 100 unmanned aerostat at the AUSA (Association of the United States Army) Annual Meeting 2017.
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Government & Regulatory Bodies, Corporate Entities and Others