by 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 unmanned aircraft vehicles equipped with radars, cameras and communication payloads for military and civilian applications including border surveillance, military surveillance, infrastructure security and disaster management. They have lighter than air capabilities which allow them to stay airborne for extended period without requiring energy from fuel or batteries. Their endurance, mobility and line-of-sight sensor elevation make them suitable for applications requiring persistent monitoring.
Market key trends:
Aerostat systems are increasingly being adopted for border security, drug interdiction and counterinsurgency operations worldwide owing to their advantages over other platforms. Several militaries are investing in their capabilities to enhance situational awareness along borders. They also provide a cost-effective solution compared to manned aerial vehicles and satellites. Rapid urbanization and infrastructure development is prompting deployment of aerostats for security, traffic monitoring, disaster response etc. Miniaturization of sensors and payloads is allowing aerostats to carry advanced surveillance suites for detecting threats from longer ranges. Growing R&D focus on developing hybrid systems combining aerostats with unmanned aerial vehicles is expanding application scope.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the Aerostat System Market is moderate. Requirement of high R&D investments and technical expertise pose a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the Aerostat System Market is high. Due to availability of several alternatives, buyers can negotiate on prices.
Bargaining power of suppliers: The bargaining power of suppliers in the Aerostat System Market is moderate. Suppliers have the advantage of proprietary technology and expertise.
Threat of new substitutes: The threat of substitutes in the Aerostat System Market is low. Aerostat systems have certain advantages over other substitutes like towers, aircrafts and satellites.
Competitive rivalry: The competitive rivalry in the Aerostat System Market is high owing to presence of few major global players.
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 demand for aerial surveillance from defense sector.
The North American region dominates the global Aerostat System Market and is expected to witness fastest growth over the forecast period. Presence of major players and heavy defense spending drive growth in this region.
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. Aerostar International and Raytheon Company are the major players with global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
