Aerostat System Market Size, Industry Experts on Current Key Players by 2023-2030

The global aerostat system market size is projected to showcase substantial growth in the forthcoming years due to the increasing need for surveillance. This information is published by Fortune Business Insights in its report, titled "Aerostat System Market, 2023-2030". Factors such as increasing terrorism, escalating territorial disputes, and border infiltrations are driving armies to improve their battlefield intelligence sharing systems around the world. Aerostats have become increasingly popular for ecological research and commercial purposes, such as internet access, in addition to military applications. 

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Market Segmentation

By product type, the market for aerostat system is divided into balloon, airship, and hybrid. Based on the sub-system, the market is segmented into aerostat, a ground control station (GCS), and payload. Based on the propulsion system, the market is categorized into powered aerostats and unpowered aerostats. Based on class, the market is fragmented into compact-sized aerostats, mid-sized aerostats, and large-sized aerostats. Based on Payload, the market is classified as surveillance radar, inertial navigation systems, camera, communication intelligence (Comint), electro-optic/infrared sensor (EO/IR), and electronic intelligence (Elint). Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What Does the Report Contain?

The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.

Drivers & Restraints:

Increasing Demand for Defense to Augment Market Growth

In the upcoming years, a number of military end-users are considering acquiring various surveillance systems. Aerostats are projected to be one of the potential procurement options owing to their ability to obtain highly precise and real-time intelligence information at a cheap cost of ownership. These factors heavily contribute to the aerostat system market growth.

The ease with which sophisticated ISR payloads, such as electro-optical/infrared cameras, radar, and communications relays, can be integrated is also anticipated to support the acquisition strategies. The European Border and Coast Guard Agency (Frontex) and the Hellenic Coast Guard partnered in 2019 to conduct successful experiments that indicated aerostats could be utilized efficiently for maritime border surveillance.

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Regional Insights:

Well Established Industry in North America to Aid Growth

North America is expected to hold a substantial aerostat system market share in the foreseeable future. The presence of significant players such as Exelis Inc., ILC Dover, L.P., Lockheed Martin Corporation, Raven Industries Inc., Raytheon Company, Tcom L.P., and others is associated with this development. In addition, the rising need for aerostat for law enforcement and homeland security is propelling the market forward.

Europe is expected to showcase considerable growth in the forthcoming years. The existence of prominent players such as Allsopp Helikites Ltd., Lindstrand Technologies Limited, and others is attributed to this growth. The market is expected to grow in the U.K., as more consumers are utilizing aerostats for crowd control, harbor surveillance, and coastline tracking.

Competitive Landscape:

Market Leaders to Focus on R&D to Facilitate Company Growth

The aerostat systems industry is moderately consolidated, with only a few prominent firms controlling a substantial chunk of the industry. The product has a lot of commercial potential, particularly in the communication domain. As a result, manufacturers' collaborations with a variety of commercial operators are projected to boost sales and expand their global reach. Aerostat developers, on the other hand, are integrating sophisticated sensors into their existing aerostats to improve their capabilities. Unmanned aerostats, for example, are likely to define the future of the aerostats sector, with players incorporating such technology into their future products.

Industry Development:

February 2020: Peraton and the United States Department of Homeland Security agreed to a five-year contract for aerostat systems worth USD 185.8 million. Peraton was hired to provide a long-range persistent ground monitoring system along the international border between the United States and Mexico.
List of Key Players Profiled in the Market:

Allsopp Helikites Ltd. (The U.K.)
Exelis Inc. (The U.S.)
ILC Dover, L.P.  (The U.S.)
Israel Aerospace Industries (Israel)
Lindstrand Technologies Limited (The U.K.)
Lockheed Martin Corporation (The U.S.)
Raven Industries Inc. (The U.S.)
Raytheon Company (The U.S.)
Tcom L.P. (The U.S.)
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This release was published on openPR.