(MENAFN- Market Press Release) October 31, 2023 4:40 am - The high altitude pseudo satellite market size is projected to grow from USD 85 million in 2023 to USD 189 million by 2028, at a CAGR of 17.2% from 2023 to 2028.
This report provides an analysis of the High Altitude Pseudo Satellite (HAPS) Market, covering the period from 2023 to 2028. It explores the current industry and technology trends in the HAPS market, as well as the driving factors, restrain, opportunities and challenges affecting global market growth. The projected growth of the high altitude pseudo satellite market indicates an increase from USD 85 million in 2023 to USD 189 million by 2028, reflecting a CAGR of 17.2% during this five-year period. Market expansion is being fueled by factors such as improved reliability for extended HAPS missions, advancements in payload integration techniques for more versatile HAPS operations, and the increasing use of lightweight composite materials in HAPS construction.
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The High Altitude Pseudo Satellite Companies are dominated by a few globally established players such as AeroVironment, Inc. (US), Prismatic Ltd. (UK), Airbus (France), Thales Group (France), and SoftBank Group Corp. (Japan).
Based on platform, the high altitude pseudo satellite market will majorly be driven by the increase in demand of Airship platform. There has been a significant rise in the demand for airship platforms as Airships have the technology to control lateral trajectory and has the ability to move above or below (FL600) flying altitude of 60,000 ft to take advantage of prevailing winds and to balance pressure differentials and major players like Thales Alenia (France) are offering wider range of surveillance and the ability to stay suspended over a particular location for a longer time.
Based on Application, the high altitude pseudo satellite market has been segmented into Communication segment, Earth Observation & Remote Sensing segment and Others (ISR, Monitoring, Search and Rescue, Navigation) segment. The Others (ISR, Monitoring, Search and Rescue, Navigation) segment is projected to grow at the highest CAGR for high altitude pseudo satellite market during the forecast period. This segment is growing consistently due to various applications such as Intelligence, Surveillance, and Reconnaissance (ISR), monitoring, search and rescue, and navigation. Technological advancements, continuous R&Ds, as well as the need for Intelligence, Surveillance, and Reconnaissance (ISR) systems across the globe are some of the major factors driving the growth in this segment of the market.
Based on End User, the high altitude pseudo satellite market will majorly be driven by the commercial segment. This is due to the need for better connectivity in remote areas. High altitude pseudo satellite can help farmers make informed decisions and optimize their farming practices, leading to increased crop yields and resource efficiency. HAPS equipped with communication payloads, including 4G/5G base stations or satellite-like transponders, to provide high-speed internet and cellular connectivity to remote or underserved areas. This can be particularly useful in regions lacking terrestrial infrastructure or during disaster recovery efforts
Based on region, Europe and Asia Pacific are the largest opportunities creater in the market during the forecast period. The market in Europe is driven by the increasing reach of terrestrial networks, and the growing popularity among military and government sectors. Companies in Europe are involved in the development of advanced technologies for high altitude pseudo satellites. Well-established and prominent players in the market, such as Thales Group (France), Prismatic Ltd. (UK) and Airbus (France), are also present in this region.
The key factor responsible for Asia Pacific market is the rising demand for high-speed internet connectivity in non-connectivity areas. The increase in demand for online education, telemedicine, and e-commerce is projected to drive the growth of the Asia Pacific high altitude pseudo satellite market during the forecast period. Technological advancements in the field of satellite communication have led to the high-speed internet connectivity to remote areas. The region is considered a lucrative market for global high altitude pseudo satellite providers.
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