Global Airship Market is Expected to Grow at a CAGR of 7.2% during 2016-2024, Says Variant Market Research

Global Airships Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $304 million by 2024 from $174 million in 2016; growing at a CAGR of 7.2% from 2016 to 2024. The airships market is majorly driven by the following driving factors such as increasing need for surveillance and rising use of airships for advertising to target large areas. However, risk involved due to use of inflammable hydrogen gas might hinder the growth of the market. Furthermore, rising demand for luxury airships and hybrid airships would provide growth opportunities for the market.
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Structure type, application and geography are the key segments of the global airships market. Structure type segment has been segmented into non-rigid, rigid and semi-rigid. Non-rigidairships were the leading sub segment with highest market share in 2016 followed by semi-rigid airships. Additionally, Application segment includes advertisement, research, cargo transport, commercial tours, surveillance and others. Advertisement was the leading sub segment with highest market share in 2016 and it will continue to dominate the application segment over the forecast period 2016-2024.
The global airships market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 34.1% in 2016, driven by increased demand from defence sector. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR over the forecast period, owning to rising demand for moving freight and increased used for advertisement.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the airships market Hybrid Air Vehicles Ltd., GEFA-FLUG GmbH, Lockheed Martin Corporation, Airborne Industries inc, Zeppelin Luftschifftechnik GmbH., Skyship Services Inc. Lindstrand Technologies, Information Systems Laboratories Inc., Shanghai Vantage Airship Manufacture Co. Ltd., and RosAeroSystems s.r.a., among others.

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