High Altitude Platform Market Size and Growth Analysis by Competitors Such as AeroVironment, Airbus, IAI - Israel Aerospace Industries, Lockheed Martin, Rafael Advanced Defense Systems, Raytheon, Thales

With significant advancements in artificial intelligence and wireless technologies, high altitude platform market is expected to witness remarkable growth in the coming years. The emerging market for broadband data provision and multimedia are highly impacting the growth of projects – that are launching terrestrial and satellite systems for enhancing wireless and internet services. Airships, tethered aerostat systems, unmanned planes, and so-called pseudo satellites are some of the most significant high-altitude platforms that are been used to enhance global communication, wireless technologies, and surveillance applications. Statistically, it has been observed that the application scope and involvement of special deep-pocketed proponents have significantly led high altitude platform market to cross the billion-dollar frontier in 2016. According to the estimates provided by Global Market Insights, Inc., high altitude platform market size was over USD 1 billion in 2016 and is expected to surpass a valuation of USD 1.5 billion, expanding at 5% CAGR over 2017-2024.

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The vendors in the high-altitude platform market include Aerostar International, Inc., Avealto Ltd., TCOM L.P., Israel Aerospace Industries Ltd., Lindstrand Technologies Ltd., Raytheon Company, Thales Group, Airbus SE, Lockheed Martin Corporation, and Rafael Advanced Defense Systems Ltd.

Rapid growth of the airline industry with long haul airplanes and large-scale globalization are leading to an increase in global passenger traffic with higher demand for in-flight services for entertainment and communication purposes. On an average, passenger and commercial airplanes are assigned a cruising altitude of over 39,000 ft. The development and commercialization of HAP technology can revolutionize the aviation and aerospace industry as HAPs are deployed above 60,000 ft., allowing continuous connectivity for on-board users and navigation to ground-based users. This is anticipated to massively drive the high-altitude platform market growth during the forecast timespan.

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The UAV market is anticipated to exhibit substantial growth during the forecast time-period. These operate at 54,000 feet for up to nine hours and are equipped with laser systems to target offense missiles and have large scale applications in environmental data collection and defense purposes. In the U.S, the government has undertaken various laws such as the FAA Modernization and Reform Act of 2012. This contains provisions to make the UAS licensing process easier and quicker for law enforcement officials.

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.

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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. 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.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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