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Aerostat System Market Size, Industry Share And Analysis 2024-2033
Aerostat System Market Size
As per the report, the aerostat system market size has grown rapidly in recent years. It will grow from $11.35 billion in 2023 to $13.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The aerostat system market size is expected to see rapid growth in the next few years. It will grow to $23.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
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Aerostat Systems Market Soars With The Surge In Persistent Isr Demand
The growing use of persistent intelligence, surveillance, and reconnaissance is driving the growth of the aerostat systems market going forward. Persistent intelligence, surveillance, and reconnaissance (ISR) refer to an integrated intelligence and operations function that collects and analyzes information to support the decision-making process and enhance national security. Aerostat systems are used to provide real-time border security by offering a multi-mode surveillance approach to larger areas with lower maintenance requirements as compared to conventional aircraft and drones. For instance, in April 2022, the United States Department of Defense, a US-based government agency for national security and arm forces, announced a budget of $8.3 billion in FY 2023 to enhance its intelligence, surveillance, and reconnaissance (ISR) portfolio for national security. Therefore, the growing need for persistent intelligence, surveillance, and reconnaissance is expected to propel the growth of the aerostat systems market.
Aerostat Systems Market Rides The Wave Of Technological Advancements
Technological advancement is the key trend that is gaining popularity in the aerostat systems market. Major companies operating in the market are focused on developing advanced innovations to sustain their market position. For instance, in July 2021, Altaeros, a US-based company operating in the aerial platform, launched ST-Flex, a portable, rapidly deployable autonomous aerostat SuperTower designed to simplify and accelerate network deployments for rural connectivity, disaster response, industrial IoT, and many other critical applications. ST-Flex is a portable and rapidly deployable tower designed to accelerate network deployments for rural connectivity for wireless communication and is capable of covering the same area as 10+ ground-based towers. Whereas, Autonomous control systems (ACS) eliminate on-site crew for daily operations and ensure the highest level of availability with cost-effective solutions.
The aerostat system market covered in this report is segmented -
1) By Product: Balloon, Airship, Hybrid
2) By Propulsion System: Powered, Unpowered
3) By Payload: Electro-optic or Infrared Sensors (EO/IR), Communication Intelligence, Cameras, Electronic Intelligence, Surveillance Radar, Inertial Navigation System
4) By Class: Compact Sized, Mid Sized, Large Sized
5) By Application: Military, Law Enforcement, Commercial, Environmental Research
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Major companies operating in the aerostat system market report are Lockheed Martin Corporation, Raytheon Technologies Corporation, TCOM L.P, Raven Industries, AUGUR - RosAeroSystems, ILC Dover LP, RT LTA systems Ltd, Lindstrand Technologies Ltd, Aeroscraft Corporation, Rafael Advanced Defense Systems Ltd, RT Aerostats Systems, Israel Aerospace Industries, Aero Drum Ltd, Drone Aviation Corp, Worldwide Aeros Corp, Aerostar International Inc, Hybrid Air Vehicles Limited, Allsopp Helikites Ltd., Harris Corporation, Rheinmetall Canada Inc., Altaeros Energies Inc., Thales Group, Cameron Balloons Ltd., Airborne Industries Inc., Otonom Teknoloji A.S., Skydoc Systems Inc., Carolina Unmanned Vehicles Inc., Northrop Grumman Corporation, Rapid Access, HoverMast LLC, Sanswire Corp, RosAeroSystems LLC, PT Dirgantara Indonesia, Rostec State Corporation, Alpha Unmanned Systems S.L., Raymetrics S.A., Kempston Hardwick Ltd., SEGMA Inc. .
Contents of the report:
1. Executive Summary
2. Aerostat System Market Report Structure
3. Aerostat System Market Trends And Strategies
4. Aerostat System Market - Macro Economic Scenario
5. Aerostat System Market Size And Growth
…..
27. Aerostat System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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