At 5% gains, High Altitude Platform Market to hit $1.5 billion by 2024 | Major Worldwide Companies: Aerostar International, AeroVironment, Airbus SE, Avealto, Elektra Solar GmbH, ILC Dover L.P., Israel Aerospace Industries, Lindstrand Technologies, Rafael

Segmentation of the HAP market by UAVs is anticipated to dominate during the forecast timespan owing to their applications in the defense sector. These systems can be designed to rely solely on solar powered technologies which is anticipated to cause large savings in term of fuel costs and reduce the CO2 emissions.

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The application of HAP market can extensively aid in the reduction of crime, terrorism, contraband smuggling, and human trafficking owing to which countries are increasing their military and public safety spending to support the advancements of such technologies. For instance, India increased their military budget by 6% since last year and is anticipated to increase the spending in the coming years.

The increased demand for telecommunication services in rural and underserved locations is largely supported by government push for the development of the HAP market. For instance, the application of High Altitude Platforms Mobile Robotic Telesurgery (HAPsMRT) was developed specifically by AeroVironment, Inc. for usage by the U.S. Army. These stations aid medical personnel to implement complex surgeries without latency issues in data packet transfers.

High growth in the telecommunications segment is due to the rising penetration of the internet and the increase in global smartphone usage. Provision of broadband services in rural locations is highly researched by companies such as Google through their various projects such as Skybender and Loon.

The economic boom in the South-East Asian countries is contributing to the high growth of the HAP market. Outsourcing of various business operations requires continuous connection to the internet and other communication facilities. Disruption in connectivity can result in massive financial losses for regional players. Additionally, the consumers in the region are also seeking high speed broadband services and wireless connectivity which at lower rates.

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Rising instances of smuggling and terroristic activities across the world have led to government concern and strategies to tackle such issues. Various regions such as the Middle East and Africa are prime conflict locations that require advanced defense solutions such as manned and unmanned weaponized airships.

The commercial segment of the HAP market is anticipated to experience high demand during the forecast timespan. Various telecommunication projects such as Skybender and Wave have been implemented for the provision of broadband services to remote locations and have high uses in telesurgery and low cost, internet services.

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HAP market players include Aerostar International, Inc., AeroVironment, Inc., Airbus SE, Avealto Ltd., Elektra Solar GmbH, ILC Dover L.P., Israel Aerospace Industries Ltd., Lindstrand Technologies Ltd., Lockheed Martin Corporation, Rafael Advanced Defense Systems Ltd, Raytheon Company, TCOM L.P., Thales Group, Worldwide Aeros Corporation

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