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An aerostat system is a lighter than air aircraft that obtains its lift through the use of buoyant gas. It includes unpowered balloons and powered airships, which may be free-flying or tethered. The average density of the craft is lower than the density of air. Aerostat systems are used in defense organizations for communication relays, surveillance radar, navigation systems, electro-optics, etc. The global aerostat systems market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.

Market Statistics:

The global aerostat system market is expected to surpass US$ 19,891.1 Mn in terms of value by the end of 2028.

Market Driver

Growing emphasis on economical solutions for surveillance is expected to boost the global aerostat systems market during the forecast period. Aerostat does not require frequent maintenance and repair operations with high structural integrity. Moreover, it provides eco-friendly solutions with extended durability. As a result of this, many emerging economies have started adopting aerostat systems, in order to enhance intelligence, surveillance, and reconnaissance operations.

Market Opportunity

Development of new sensor-related technologies can present lucrative growth opportunities. Major companies in the market are focused on incorporating novel technologies and sensors, in order to enhance the capabilities of aerostat systems. New aerostat systems are equipped with multiple intelligence sensors that can carry payload up to 90kgs and reach altitudes up to 1,000 meters. Moreover, these aerostat systems can operate constantly for 14 days. Key manufacturers can capitalize on these opportunities and gain a competitive edge in the market

Global Aerostat System Market: Recent Developments

  1. Key companies in the market are focused on agreements and contracts, in order to gain a competitive edge in the market. For instance, in April 2018, RT Aerostat Systems, Inc. entered into a leasing agreement a European country to provide its SkyStar 180 Aerostat system for 6 months.
  2. Major players are involved in product launches, and development, in order to enhance the market presence. For instance, in November 2018, Lockheed Martin Corporation integrated its 74K Aerostat with synthetic-aperture radar.
  3. In September 2019, TCOM LP announced it was awarded a US$ 979 million hybrid contract to provide engineering and logistical operations as well as project management support for the Persistent Surveillance Systems – Tethered (PSS-T) Program. The deal was expected to be completed in June 2024.
  4. In November 2021, Israel is deployed a new aerostat developed jointly by Israel’s Missile Defense Organization (IMDO) and the American Missile Defense Agency (MDA)
  5. In August 2021, Aerostat Systems, RT, an Israeli designer, developer and manufacturer of SkyStar announced that the company have deployed SkyStar 180 tactical aerostat systems by Japanese police as part of the security network for the Tokyo Olympic and Paralympic Games

Market Restraint

Concerns regarding flight safety and privacy are expected to hamper the global aerostat systems market growth over the forecast period. There are several concerns regarding flight safety of aerostat systems. These issues include gas leakages, which are more prevalent in traditional aerostats.

Global Aerostat System Market - Impact of Coronavirus (Covid-19) Pandemic

Since the outbreak of COVID-19 pandemic, many industries and markets have witnessed major slowdown in growth including the global aerostat system market. Following the pandemic, most countries decided to close down international borders and suspend international travels temporarily. This, in turn, has impacted the aerostat system market significantly. With stringent regulations on physical distancing, manufacturing activities across various industries were halted, leading to a major economic slowdown. However, many countries are relaxing the COVID-19 regulations and reopening economy for global market players, which can aid in the market growth. 

To know the latest trends and insights prevalent in the Global Aerostat System Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/aerostat-system-market-4831

Key Takeaways:

  • The global aerostat system market was valued at US$ 5,295.7 Mn in 2020 and is forecast to reach a value of US$ 19,891.1 Mn by 2028 at a CAGR of 15.0% between 2021 and 2028. This is owing to growing use of aerostat system in military, homeland security and other
  • The Surveillance Radar segment was valued US$ 3,346.5 Mn in 2020 and is expected to witness a CAGR of 9% over the forecast period. This is owing to better payload capacity

Market Trends

In 2014, the U.S. dominated the aerostat systems market in North America with a market share of 68.6%. The U.S. is also expected to remain the major market during the forecast period from 2015 to 2022. The reason behind this growth is the wide adoption of aerostat systems in the region. Increasing demand for the tethered aerostat radar system (TARS) to improve surveillance capabilities is propelling the growth of the aerostat systems market in North America. In 2013, TARS was responsible for detecting around 580 suspicious flights, constituting 42% of all suspect flights along the southwestern border of the U.S. Increasing surveillance operations, and the easy deployment capabilities and low operational costs of aerostat systems led to rising in adoption of aerostat systems in North America.

Various countries in Europe, including the U.K., Germany, Italy, Russia, France, Poland, Greece, Portugal and the Netherlands, have witnessed wide adoption of aerostat systems for various applications. Strong demand from the weather, military, homeland security, surveillance, and communication sectors is expected to create a rise in demand for aerostat systems in Europe. In Europe, most aerostat systems manufacturers are committed to developing technology and products that increase both strategic capabilities and value for their customers.

Competitive Section

Key players operating in the global aerostat systems 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.

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