The global aerostat market accounted for US$ 6.11 Bn in 2018 and is expected to grow at a CAGR of 10.3% over the forecast period 2019-2027. The less operational cost aerostat and continuous technological up grades led to the rise in adoption of aerostat. Agreements and partnerships are the key strategies adopted by the key players to ensure higher growth in the aerostat systems market. The demand for high payload capacity, cost-effective high altitude persistent surveillance, capable of multiple mission-specific sensor mix are some of the major factors that are driving the global aerostat market. Companies across the world are highly emphasizing on offering aerostat for various use. For instance, Lockheed Martin, a US-based aerospace and defense company, provides Persistent Threat Detection System (PTDS), a helium-filled lighter than air system to deliver soldiers long-range ISR and communication assistance.
The commercial segment is also facilitating the growth of 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 travel and tourism industry, telecom industry, and law enforcement agencies. In 2019, 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 G7 summit.
The report provides an analysis of aerostat industry by product type, payload, application, and geography. The product type segment in aerostat market comprises of airship, balloon, hybrid, and HAPS. The payload segment in aerostat market analyses surveillance radar, navigation systems, communication relay, and others. The application segment include military and commercial. The geographical analysis of aerostat market has been conducted on five strategic regions namely; North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM)
The major companies operating in the aerostat market include Aeros, Allsopp Helikites Ltd., ILC Dover, Israel Aerospace Industries (IAI) Ltd., Lindstrand Technologies Limited, Raven Industries, Inc., Raytheon Company, Lockheed Martin Corporation, RT, and TCOM, L.P. Several other companies are also operating in the aerostat market, and are contributing substantial revenues year on year.
The overall global aerostat market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global aerostat market. It also provides an overview and forecast for the aerostat market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aerostat market.