Report : Aerostat Market to 2027 - Global Analysis and Forecast by Product Type (Airships, Balloons, Hybrid Aerostat, HAPS); Payload (Surveillance Radar, Navigation System, Communication Relay, and Others); Application (Military and Commercial)
According to the new research report published by The Insight Partners, titled “Aerostat Market - Global Analysis and Forecast to 2027”, the global aerostat market is expected to reach US$ 14.64 Bn by 2027, registering a CAGR of 10.3% during the forecast period 2019-2027.
The homeland security teams as well as military forces across the globe are showcasing their interest towards procurement of aerostats for persistent border surveillance purposes, missile threat deterring purposes. The US Department of Defense (US DoD) is the largest procurer of aerostat in the current scenario. The US DoD constantly engages and invest in development and adoption of aerostats with an objective to deploy in various regions worldwide. Additionally, the foreign military sales (FMS) also enables various military forces in the developing countries to adopt the technology and boost their surveillance systems. Apart from the US, other countries in Europe, Asia Pacific, Middle East and Africa are also continuously investing in the adoption and deployment of aerostats, which is bolstering the aerostat market size
In September 2019, the US Department of Defense (DoD) had presented an agreement to TCOM, L.P., an airborne persistent surveillance solution to support the Persistent Surveillance Systems - Tethered (PSS-T) program, the contract was valued at US$ 978.9 Mn. TCOM, L.P. would offer logistics, engineering, operations, and program management services in support of the PSS-T program. This contract would support combatant commanders and joint agency necessities.
Over the past few years, geospatial intelligence has progressed and acquired the benefits of new technologies. Various organizations and governments are making full use of geospatial intelligence to handle several issues ranging from food scarcity, disaster management, and public safety to defense services. An aerostat plays a crucial role in capturing geospatial information. Aerostats that have Northrop Grumman’s STARlite radar deployed with the L3Harris’s WESCAM sensor provide precise geospatial information. In addition, the US Army Space and Missile Defense Command Battle Laboratory (USASMDC) uses Geospatial Airship Research Platform (GARP) as a testing platform for ISR and communications payloads. Thus, the need for accurate geospatial information is fueling growth in the global aerostat market.
Currently, the business to aerostat market is highly fragmented with the presence of a large number of companies with a strong regional presence. However, globally the aerostat market constitutes some prominent market players including Aeros, Allsopp Helikites Ltd., ILC Dover, Israel Aerospace Industries Ltd. (IAI), Lindstrand Technologies Limited, Raven Industries, Inc., Raytheon Company, Lockheed Martin Corporation, RT, and TCOM, L.P.
In addition to the military segment, the commercial segment is also facilitating the growth of the aerostat market. This segment is expected to showcase significant growth in the coming years, as the demand for commercial aerostats is soaring. The commercial segment in the aerostat market consists of the travel and tourism industry, telecom industry, and law enforcement agencies. In 2019, the Indian police department has awarded RT LTA Systems, an Israeli aerostat manufacturer to supply its Skystar 180 Aerostat along with a small tactical UAV. Similarly, in 2018, Rheinmetall Canada provided Rheinmetall Persistent Surveillance Systems (PSS) to a Canadian organization for the G7 summit.
Aerostat Market - Geographic Breakdown, 2018
The report segments the global aerostat market as follows:
Global Aerostat Market - By Product Type
Global Aerostat Market - By Payload
Global Aerostat Market - By Application
Global Aerostat Market - By Geography
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org