Airships Market Share to Reach $608.1 Million by 2031

By class, the medium segment leads the market during the forecast period. By operation, the manned segment leads the market during the forecast period. By architecture, the non-rigid segment is expected to grow at a lucrative growth rate during the forecast period. By application, the tourism, and recreational segment leads the market during the forecast period. North America dominated the airship market in terms of growth, followed by Asia-Pacific, Europe, and LAMEA.

According to a new report published by Allied Market Research, titled, "Airships Market," The airships market was valued at $349.17 million in 2021, and is estimated to reach $608.1 million by 2031, growing at a CAGR of 6% from 2022 to 2031.

Presently, the global airship market is dominated by North America followed by Europe, Asia-Pacific, and LAMEA. North America is expected to dominate the airship market in terms of growth during the forecast period. In North America, the U.S. is expected to capture the majority of the market share owing to the extensive adoption of airships.

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The key players operating in the airship market are Lockheed Martin Corporation, Airborne Industries Inc., Zeppelin Luftschifftechnik GmbH, Hybrid Air Vehicles Ltd., Lindstrand Technologies Ltd., Shanghai Vantage Airship Manufacture Co. Ltd, Information Systems Laboratories Inc., Skyship Services Inc., RosAeroSystems s.r.a., GEFA-FLUG, Sceye Inc., Vantage Airship, West Deutsche Luftwer GmbH, Worldwide Aeros, CargoLifter AG, Boeing and Varialift Airships.

The airship market is expected to showcase a growth rate of 6.0% CAGR during the forecast period, backed by its proliferating scope of application advertisement, cargo, tourism, and recreational verticals. The rise in concern about the carbon footprint generated by the aviation industry and efforts to reach carbon neutrality by 2050 is one of the major drivers supporting the growth of the airship market. Airships have a negligible carbon footprint as compared to aircraft and several operators are gradually inclining toward the adoption of airships. For instance, in June 2020, the firm Hybrid Air Vehicles announced its first commercial order of 10 Airlander airships from an airline group, to be delivered by 2026. Each Airlander is capable of carrying 100 passengers and is expected to reduce the carbon footprint by 90% per journey. Post-delivery, the Airlander ships are expected to operate on regional routes of Spain.

Furthermore, support by the regional government to promote the usage of airships in a range of travel, tourism, and logistics industries further bolster its market demand during the forecast period. European and North American countries such as France, Denmark, Norway, Spain, the UK, and the U.S. have made concrete plans for the decarbonization of air travel at the domestic level. These plans have allowed them to explore several alternatives such as all-electric aircraft and airships. Nations across the globe are actively developing a comprehensive regulatory infrastructure for the safe operations of airships. Such initiatives are anticipated to make trade, transactions, and operations of airships much smoother and more efficient, supporting global business opportunities.

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The airship market is segregated into application, architecture, operation, class, and region. The application segment is further classified into military & communication, advertisement & cargo, research & surveillance, and tourism & recreation. The architecture segment of the airship market is divided into rigid, semi-rigid, and non-rigid. By operation, the airship market is separated into unmanned and manned. By class, the airship market is categorized into large, medium, and small. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

Integration of airships in different applications such as military and weather monitoring accelerate the business opportunities in the market. For instance, in May 2022, China flew an airship at an altitude higher than Mount Everts to study weather patterns. The airship flew at an altitude of 9,032 meters, having a volume of 9,060 cubic meters, and 90 tons of vehicles attached to the airship. While the main purpose of the airship was weather monitoring, it showcased the operational flexibility and stability of an airship to be able to navigate through harsh weather conditions.

In addition, the adoption of airships by military bodies across the globe is generating new business avenues. The airships that are used in a military vertical are majorly rigid in structure and are termed as long endurance multi-intelligence vehicles (LEMV). The LEMVs are integrated with video and communication intelligence payload and are designed to serve as a live network and communication hub in the sky during a warzone. The skin of LEMVs is covered with Kevlar and Mylar, allowing them to withstand small-arms fire. Several countries across the globe are engaged in adding more and more features to LEMs to increase their on-filed operational capabilities. For instance, in January 2022, a satellite photo disclosed an airship hanger in the Chinese desert. A giant hanger facility of 350m by 140m was disclosed at China's Xinjiang desert military testing ground.

Technological innovation in the airship market is expected to play a major role in deciding future business opportunities. The introduction of new materials, which are not flammable and can withstand elevated internal and external pressures, is changing the business dynamics of the airship market. Industry players are introducing novel design, capable to operate for longer hours without the need of being refueled. These new vehicles are termed hybrid air vehicles, capable of generating more lift as compared to conventional airships. Theoretically, these ships can reach up to 20km from the surface, reaching the edge of the environment and coming really close to observation satellites. Continues efforts are being made to integrate these airships with data intercepting sensors, cameras, and radars, allowing them to act as potential communication, and surveillance satellites. Such applications are extremely useful in tactical operations, supporting market growth.

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However, the usage of helium gas as the primary source of fuel is considered the biggest market challenge, limiting the market growth. Helium gas being inert and lighter than air is 2.5 times more expensive as compared to hydrogen. Hydrogen is lighter than air, is highly flammable, and hence aviation industry refrains from its usage. Furthermore, catastrophic incidents such as the Hindenburg disaster are limiting the usage of hydrogen as fuel in airships. Nevertheless, adoption of alternate fuel sources and integration of non-renewable energy sources like solar energy and wind energy for operations of airships will further positively impact the market in coming years.

KEY FINDINGS OF THE STUDY

By class, the medium segment leads the market during the forecast period
By operation, the manned segment leads the market during the forecast period
By architecture, the non-rigid segment is expected to grow at lucrative growth rate during the forecast period.
By application, the tourism, and recreational segment leads the market during the forecast period.
North America dominated the airship market in terms of growth, followed by Asia-Pacific, Europe, and LAMEA.

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