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According to the new research report published by The Insight Partners, titled “Aerostat Market - Global Analysis and Forecast to 2027”, the global aerostat market is expected to reach US$ 14.64 Bn by 2027, registering a CAGR of 10.3% during the forecast period 2019-2027.
In 2018, North America accounted for highest share in aerostat market
North America dominated the aerostat market in 2018 and is anticipated to continue its dominance throughout the projected years. It is owing to the fact that growing need for applications such as military surveillance, monitoring of natural calamities, and others are increasing the adoption rate of aerostats. Furthermore, significant investments in R&D activities of aerostat systems in North America is catalyzing the growth of the aerostat market.
The North American aerostat market consists of countries such as the US, Canada, and Mexico. The US is the world largest spender in defense industry. The US DoD engages and invests in development of robust technologies that would cater the demands for the US Army, the US Navy, the US Air Force as well as allied forces. The US accounts for the largest aerostat procurers across the globe. The demand for aerostats in the US DoD is majorly attributable to the significantly large military force deployed across the globe. The US forces are deployed in critical locations of Afghanistan, Iraq, Iran, and African countries, where 24/7 surveillance systems are required. Aerostats are among the prominent surveillance systems among the US forces. With an objective to continue high level surveillance of military bases and deter any aerial, land, or naval-based threats, the US DoD continuously invest in procuring advanced aerostats, thereby, driving the aerostat market growth.
North American aerostat market is driven by factors such as the significant investment from the US DoD, which enables the vendors to enhance their products with improved capabilities. Apart from this, attraction towards reduced operational cost and demand for effective surveillance systems have been nurturing the growth of aerostat market. Growth in the North America aerostat market is anticipated to be driven by the nation’s commercial segment with respect to sporting events and law enforcement agencies.
Key findings of the study:
• Demand for accurate geospatial information among the military forces and law enforcement agencies drive the aerostat market
• North America led the aerostat market in 2018 and is expected to continue its dominance throughout the forecast
• North America region is foreseen to register highest growth rate during the forecast period, followed by Asia-Pacific
• Balloons in the product type segment is the most preferred aerostat in the industry, however, over the years, attraction towards airships is anticipated
• Pertaining to increased demand for advanced ISR systems among the military forces, the surveillance radar in payload segment dominates the market.
• Military segment accounts for the largest market share in the global aerostat market, while commercial segment is expected to soar at the highest growth rate
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