(MENAFNEditorial) iCrowdNewswire - Nov 22, 2017 A majority of the presence of key players in the global market for aerostat systems is located in North America and Europe. These regions have consistently shown a high interest in surveillance strategies and the implementation of effective and long-term defensive tactics.
The presence of players such as Lockheed Martin Corporation, Aerostar International, Inc., and RosAeroSystems International has had a tremendous effect in boosting the demand for aerostat systems in these regions while simultaneously creating a high rate of product and material development for the same.
As per a research publication released by Transparency Market Research, the global market for aerostat systems is extremely consolidated with only a handful players taking up large chunks of the market value. Most of these companies directly cater to the defense sectors of various regions, which is the leading consumer of aerostat systems.
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The global market for aerostat systems is expected to be valued at US$4.64 bn by the end of 2016 and US$10.10 bn by the end of 2023. This revenue is expected to expand at a CAGR of 13.8% within a forecast period from 2015 to 2022.
By the end of 2022, the military sector is expected to generate a demand for aerostat systems valued at US$7.01 bn, making it the dominant application segment of aerostat systems till then. The military sector is also the leading application segment in terms of demand expansion, showing a CAGR of 14.0% from 2015 to 2022.
North America, owing to its strong demand for aerostat systems from the defense sectors of the U.S. and Canada, is currently the dominant region in the usage of aerostat systems. This region is expected to remain the dominant one till 2022, at which time it is expected to reach US$2.73 bn in aerostat systems revenue.On the other hand, Asia Pacific is expected to show the faster CAGR of 16.2% from 2015 to 2022, owing to growing border control efforts and surging investments in national defense agencies.
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'The inherent advantages that aerostat systems possess over conventional surveillance aircraft systems are enough to drive this market towards a satisfactory progress rate. The key advantage of using aerostat systems at the moment is their cost in comparison to aircraft and drone surveillance systems. That is because using aerostat systems reduces fuel consumption to such an extent that the over difference in expenses is massive, states a TMR analyst.
Additionally, the lesser number of mechanical parts within an aerostat system also reduce the maintenance expenses of a user. This perfectly complements the lesser time taken to assemble and deploy an aerostat system as compared to drones.
Despite all its benefits, aerostat systems face a stern competition from alternative systems such as unmanned aerial vehicles and airships. Airships for instance are quite similar to aerostat systems, except for the fact that they possess propellant engines and can therefore give better mobility.On the other hand, users are beginning to prefer UAVs despite their cost, due to their high level of accuracy in surveillance and their ability to cover diverse proportions of areas.
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'The future of aerostat systems lies in the use of next-gen materials. For example, high performance laminates are being tested that can drastically improve the ability of aerostat systems to operate under harsh weathers. Other developments include materials that can significantly reduce the weight of an aerostat system. These developments can considerably improve the standing of aerostat systems over their alternatives, thus increasing the demand for them, adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, 'Aerostat Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.
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Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
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Website: http://www.transparencymarketresearch.com
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