Aerostat Systems Market Outlook 2031
The global aerostat systems market size was valued at USD 11.65 Billion in 2022 and is expected to reach USD 39.04 Billion by 2031 expanding at a substantial CAGR 14.38% during the forecast period, 2023–2031. The growth of the market is attributed to border infiltrations. A tethered hot air balloon composed of a big envelope-like fabric is known as an aerostat. At the low-level airborne ground, the aerostat surveillance system is utilized.
Temperature, wind, altitude, and load capacity all influence the aerostat's sign. Light air gases such as hydrogen, hot air, and helium are used to power the aerostat. They can be used for research as well as commercial reasons. Surveillance, intelligence, and reconnaissance are now used by the military aerostat. The aerostat can move in the direction of the drag force. When the drag force is significant, however, tethers are used to regulate the displacement.
The economic effects of the COVID-19 pandemic are expected to reduce global GDP by more than 4% in 2020. The COVID-19 pandemic has resulted in unanticipated losses in worldwide companies. The pandemic has impacted the aerostat company's supply-demand chain. The manufacture of aerostats has been halted due to the worldwide shutdown. The business sector's air balloons also sustained a significant loss.
The market for covid 19 aerostats is on the decline. The aerostat market size, on the other hand, is showing signs of improvement as manufacturing resumes. The worldwide aerostat market is improving, and demand is growing by the day. Though UAVs are becoming more popular for ISR missions, they are unable to provide continuous wide-area observation for several days.
As a result, some governments have adopted aerostats as a viable option. Aerostat devices can provide continuous observation for weeks or even months at a time. Aerostats are currently being utilized to expand LTE networks and 5G technologies in remote regions at a cheap cost and with minimal energy use. The US army's and other defense sector's increasing investments are providing the industry with a plethora of development prospects.
Aerostat Systems Market Trends, Drivers, Restraints, and Opportunities
- Rising terrorism and territorial disputes are estimated to drive market growth in the coming years.
- Growing awareness about aerostats for environmental research and commercial uses, like internet connectivity, is anticipated to boost market expansion in the coming years.
- Operational altitude and weather survival are projected to impede market growth.
- Lack of availability of helium and other gases present major challenges that can hamper the market expansion during the forecast period.
- Surge in R&D investments and technological advancements are expected to create opportunities for the market players.
Scope of The Aerostat Systems Market Report
The report on the global aerostat systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Aerostat Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Applications (Military and Law Enforcement, and Commercial and Research)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
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
|
Aerostat Systems Market Segment Insights
Military and law enforcement segment is projected to account for a key market share
In terms of applications, the aerostat systems market is divided into military and law enforcement, and commercial and research. The military and law enforcement segment is expected to account for a key share of the market in the coming years due to the rise in demand for aerostat systems to assist intelligence, surveillance, and reconnaissance operations, as well as to improve network communications capabilities on land and marine platforms.
In addition, aerostats, both on the ground and onboard ships are effective and cheap devices that provide continuous, wide-area surveillance and timely target information. They may be used for early intrusion detection, illegal immigration monitoring, anti-terrorism, fishing activity surveillance, and smuggling deterrent, among other uses.
In 2019, the European Border and Coast Guard Agency (Frontex) conducted successful experiments in conjunction with the Hellenic Coast Guard, demonstrating that aerostats may be utilized successfully for maritime border monitoring. Following that, FRONTEX said that in 2020, they would begin a new pilot programme to evaluate the capacity and cost-effectiveness of aerostat platforms for maritime surveillance, as well as to adapt and optimize the equipment utilized. Such projects are likely to boost the military and law enforcement sectors' prospects in the coming years.
North America is anticipated to dominate the market
On the basis of regions, the aerostat systems market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to substantial spending on communication and surveillance aerostat systems.
The US Department of Homeland Security awarded Peraton a USD 277.5 million contract for Tethered Aerostat Radar Systems (TARS) for low-range border and marine surveillance activities in February 2020. However, the US Customs and Border Protection's recent decision to discontinue the seven-year-old surveillance blimp programme is likely to stifle the country's market growth.
Many aerostat manufacturers in the United States are cooperating with telecommunication service providers to deliver improved communications network quality to consumers in the commercial and research segments.
Segments
The global aerostat systems market has been segmented on the basis of
Applications
- Military and Law Enforcement
- Commercial and Research
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- 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
- Rafael Advanced Defense Systems Ltd
Competitive Landscape
Key players competing in the aerostat systems market 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.
Request For Customization
Enquiry Before Buying
Speak With Analyst
