Global Aerostat Market, Dominates the Demand for Accurate Geospatial Information, Set To Grow To $16.8 Billion By 2024

A new market forecast report published by Inkwood Research has projected that the global aerostat market will grow from $5317 million in 2016 to $16853 million by 2024, at a CAGR of 15.66% between 2017 and 2024.
The greatest push for the consolidation and development of this industry comes from the military, which is predictably its single largest market. Demand for cost-friendly but longer route surveillance, as well as more accurate geospatial information to target ammunition better, have resulted in the growth of the aerostat market to hitherto unseen horizons.

Military by far the largest user, ellipsoidal balloons lead the market
As mentioned before, aerostats find their largest applicability in the military divisions where they are used for surveillance as well as warfare against submarines in particular. Their primary advantage against other surveillance techniques is that they continue to remain operational even during bad weather, which is not true for aircraft or UAVs.
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Within this market, ellipsoidal balloons hold the major market share as they are designed to be more agile, as well as versatile as compared to their aircraft counterparts. They are generally employed as unmanned vehicles for situational awareness.

Another balloon, called the spheroidal balloon, which is the market challenger, in this case, owing to its high-pressure sensitivity is most suited for perimeter security and surveillance.

North America largest market at 40%, backed by high defense expenditure
North America geographically dominates the global aerostat market, owing to its high defense spending in this direction, especially towards gathering intelligence and awareness. After USA and Canada, China and Japan are also in throes of developing hi-tech mechanisms and are thus emerging as challengers to the North American Market.

Major players in the Global Aerostat Market include Rafael Advanced Defense Systems, Lockheed Martin Corporation, ILC Dover LP, Raven Industries Inc., Lindstrand Technologies Ltd., Rosaerosystems, International Ltd, , Tcom L.P, Worldwide Aeros Corporation, Raytheon Company Ltd., , Israel Aerospace Industries Ltd, Augur Rosaerosystems, Near Space Systems Inc, Aeroscraft Corporation, World Surveillance Group, Inc, Harris Corporation, RT Aerostat Systems Inc. , Skyship Services, Inc, Airborne Industries Limited, Aerostar International Inc. and Hybrid Air Vehicles.

The Global Aerostat Market Forecast Report forecasts potential growth for the market and discusses the challenges and revenue drivers that the firms playing in this market face in order to stay ahead of each other in this immensely competitive landscape.

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Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy with objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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This release was published on openPR.