Unmanned Aerostat Systems is fastest growing segment fueling the...

Unmanned Aerostat Systems is fastest growing segment fueling the growth of Aerostat System Market

Postado 2023-11-09 10:56:45

The global Aerostat System Market is estimated to be valued at US$ 13.36 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Aerostat systems are airborne vehicles meant to remain at a fixed point in the air for extended periods of time using lighter-than-air gases or aerodynamic lifting forces. They are used for surveillance, communication, and other applications with advantages like high flight endurance and real-time situational awareness.

Market key trends:
The adoption of unmanned aerostat systems is witnessing strong growth driven by increasing defense modernization budgets globally. Unmanned aerostats provide persistent Intelligence, Surveillance, and Reconnaissance (ISR) capabilities at an affordable price as compared to other unmanned aerial vehicles. They possess long endurance to stay airborne for extended periods with minimal fuel consumption. Various military forces are recognizing the potential of unmanned aerostat systems for border surveillance and security applications.

Segment Analysis
The global aerostat system market can be segmented by platform, application, end use, and regions. Based on platform, the market can be segmented into airships and balloons. Among these, the balloons segment dominates the market globally and is expected to remain dominant during the forecast period owing to its superior operational benefits such as low maintenance costs and simple launching.

Key Takeaways
The Global Aerostat System Market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing investments in border security and rising need for surveillance capabilities.

Regional analysis: North America currently dominates the market owing to large defense modernization programs in the US and Canada. Asia Pacific is expected to grow at fastest pace due to rising defense spending of India and China for securing borders and enhancing surveillance of critical infrastructure.

Key players operating in the aerostat system market are Aerostar International, Inc., Raytheon Company, ILC Dover LP, Worldwide Aeros Corporation, Israel Aerospace Industries Ltd., TCOM L.P., Lindstrand Technologies, Ltd., RT Aerostat Systems, Inc., Lockheed Martin Corporation, and RosAeroSystems, International Ltd. The key players are focused on contracts to provide aerostat systems for border surveillance and monitoring applications, which is propelling the market growth.