According to the latest report by IMARC Group, titled "Aerostat Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global aerostat systems market reached a value of US$ 11.0 Billion in 2021. Aerostat systems are aerodynamically shaped fastened balloons that are generally used for aerial surveillance applications. They are mainly adopted for detecting fast-moving objects and low-flying objects, including cruise and light aircraft. These systems support a variety of tactical and surveillance equipment, such as electro-optical/infrared (EO/IR) sensors, high-resolution video cameras and communication repeaters, that assist military groups in emergency response decision-making. In comparison to drones and aircraft-based surveillance systems, they are durable, environmentally friendly and economical. The demand for aerostat systems is rising due to the growing need for persistent intelligence, surveillance and reconnaissance (ISR) solutions across the globe, thereby driving the market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aerostat Systems Market Trends:
The global market is primarily driven by the increasing product adoption across the defense sector. This is due to the rising incidences of border threats and geopolitical conflicts across several countries. Since aerostat systems are manufactured with fewer mechanical parts, which significantly reduces the need for periodic maintenance, this is providing a boost to the market. In line with this, the augmenting need for precision in geospatial information has encouraged leading players to heavily invest in the deployment of aerostat systems in order to enhance their battlefield data-sharing capabilities, thus impacting the market growth favorably. Additionally, the rising investments by public and private agencies for upgrading and improving the overall defense infrastructure are acting as another major growth-inducing factor. The market is further driven by continual technological advancements in the manufacturing and designing processes. Other factors, including continuous product innovations, rapid digitization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 23.0 Billion by 2027, exhibiting a CAGR of 12.9% during 2022-2027.
- On the basis of the payload, the market has been segmented into surveillance radar, inertial navigation system, thermal imaging camera, electro-optical sensor, electronic intelligence and communication intelligence.
- Based on the sub-system, the market has been classified into aerostat, ground control station (GCS) and payload.
- On the basis of the product type, the market has been segregated into balloon, airship and hybrid.
- Based on the propulsion system, the market has been bifurcated into powered and unpowered aerostats.
- On the basis of the class, the market has been categorized into compact-sized, mid-sized and large-sized aerostats.
- Based on the region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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.
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