According to the latest report by IMARC Group, titled “Aerostat Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global aerostat systems market size reached US$ 5.5 Billion in 2018. Aerostats are helium-filled, payload-carrying platforms that provide 24/7 aerial surveillance and communications. These platforms are tethered to the ground and exhibit low vibration characteristics that help in serving various purposes such as climate monitoring, communication cover and aerial surveillance. Earlier, hot air balloons and hydrogen airships and blimps were used to fulfill the purpose of airborne intelligence, surveillance, and reconnaissance (ISR). As compared to these earlier models, aerostat systems are larger, higher, and can withstand rougher weather conditions. In addition, they are safer, more durable and can carry advanced payloads, ranging from intelligence systems to communications sensors.
Global Aerostat Systems Market Trends:
Over the past decade, there has been a rise in the need for accurate geospatial information, which is driving the demand for aerostat systems across the globe. Also, a global increase in terrorist activities has led to a surge in the production of aerostat systems for control, communications, surveillance, command, intelligence, and reconnaissance applications. Other than this, manufacturers have also started introducing new integrated models of aerostat systems that offer a broad spectrum of advantages to consumers. For instance, in November 2018, Lockheed Martin, a US-based aeronautics products manufacturer, completed the integration of a Telephonics RDR-1700B radar onto a 74K aerostat for various missions related to land and sea. Moreover, TCOM, L. P. developed a 28M Operational Class Aerostat persistent surveillance solution in 2018 that can help in detecting and tracking targets in any terrain. Looking forward, the market is anticipated to expand at a CAGR of around 11% during 2019-2024, reaching a value of US$ 10.3 Billion by 2024.
- On the basis of the payload, the market has been segmented into surveillance radars, inertial navigation systems, thermal imaging cameras, electro-optical sensors, electronic intelligence and communication intelligence. Amongst these, surveillance radars represent the largest segment.
- Based on the sub-system, the market has been segregated into aerostats, ground control stations (GCS) and payloads.
- According to the product type, the market has been categorized as balloons, airships and hybrid.
- The aerostat systems market has been bifurcated on the basis of the propulsion system, which mainly includes powered and unpowered aerostats.
- Based on the class, the market has been divided into compact-sized, mid-sized and large-sized aerostats.
- On the geographical front, the report has analyzed the market in North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market for aerostat systems.
- The competitive landscape of the market has been examined with some of the key players being Aerostar International, Inc., ILC Dover LP, Israel Aerospace Industries Ltd., Lindstrand Technologies Ltd., Lockheed Martin Corporation, RosAeroSystems, International Ltd., RT Aerostat Systems Inc., TCOM L.P., Worldwide Aeros Corporation, Raytheon Company, and Rafael Advanced Defense Systems Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal