Aerostat Systems Market worth 10.95 Bn USD by 2021
The report, now available on ASDReports, "Aerostat Systems Market by Sub-System, by Product Type (Balloon, Airship, Hybrid), by Propulsion System (Powered, Unpowered), by Class (Compact-Sized, Mid-Sized, Large-Sized), by Payload, by Geography - Global Forecast to 2021", that analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Asia-Pacific, Europe, and the Rest of the World.
The global aerostat systems market is projected to reach USD 10.95 Billion by 2021, registering a CAGR of 15.10% during the forecast period.
A number of factors, such as the ability of aerostats to provide persistent surveillance in addition to vital geospatial information are expected to drive this market. The increased focus by defense departments of various countries towards using economical solutions for surveillance is also expected to bolster the growth of the said market.
Aerostat Systems Market - Global Forecast to 2021
Airships projected to be the fastest-growing segment in the aerostat systems market, segmented based on product type.
This segment is expected to register the highest growth rate, primarily driven by the capability of airships to provide effective surveillance even in turbulent conditions and their capability to carry heavier payloads.
Powered aerostats projected to witness the fastest growth in the aerostat market, segmented based on propulsion type.
The segment comprising powered aerostats is expected to witness a higher CAGR owing to their lesser fuel consumption, which makes them a viable alternative to unpowered aerostats.
Communication intelligence is expected to register the highest growth in the aerostat market, segmented based on payload.
The rapid growth of the aerostat systems for military applications in areas such as surveillance, communication, reconnaissance, intelligence, and border security, has increased the requirement for various payloads.
The aerostat systems equipment market is expected to witness the highest growth in the Middle East.
This growth can be attributed to the increasing emphasis by governments in the region on strengthening their surveillance capabilities in lieu of rise in terrorism. These aerostat systems are also extensively being used in countries such as Israel to spot any potential public unrest situations such as riots.
Lockheed Martin Corporation (U.S.): One of the key players in the aerostat systems market.
The major players in this market have been identified to be TCOM L.P (U.S.), Lockheed Martin (U.S.), Augur Rosaerosystems (Russia), RT LTA systems ltd (Israel), Raytheon (U.S.), and Raven Industries Inc. (U.S.).The report classifies the aerostat systems equipment market based on product type, class, propulsion system, and payload.
Source : ASDReports - Market Research - view original press release