Global Aerostat System Market Expected to Reach $11.32 Billion in 2023, Driven by Technological Advancements and Growing Demand for Persistent Intelligence, Surveillance, and Reconnaissance

DUBLIN, July 18, 2023 /PRNewswire/ -- The "Aerostat System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global aerostat system market is projected to experience significant growth, reaching $11.32 billion in 2023 with a compound annual growth rate (CAGR) of 16.4%. The market is expected to further expand to $19.90 billion in 2027, at a CAGR of 15.2%.

Major players in the aerostat system market include Lockheed Martin Corporation, Raytheon Technologies Corporation, TCOM L.P, Raven Industries, and AUGUR - RosAeroSystems, among others.

The aerostat system refers to a lightweight balloon or blimp-shaped aircraft that uses buoyancy for lift instead of wings or rotors. It is utilized for aerial surveillance and communications, offering increased reliability, safety, and carrying capacity.

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The market for aerostat systems includes balloons, airships, and hybrids. These systems utilize various propulsion systems, such as powered and unpowered, equipped with electro-optic or infrared sensors, communication intelligence, cameras, surveillance radar, and inertial navigation systems. The payload sizes range from compact to mid-sized and large-sized classes, catering to military, law enforcement, commercial, and environmental research applications.

Technological advancements are a key trend driving the aerostat systems market, with major companies focusing on developing innovative solutions to maintain their market position. In July 2022, TCOM Holdings acquired Aerostar International, Inc. from Raven Industries, aiming to enhance its stratospheric platform and radar system capabilities for improved security in the evolving military and technological landscape. This acquisition strengthens TCOM Holdings' presence in the aerospace and defense industry.

North America was the largest region in the aerostat system market in 2022, followed by Europe. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.

The growing use of persistent intelligence, surveillance, and reconnaissance (ISR) is a key driver for the aerostat systems market. Persistent ISR involves collecting and analyzing information to support decision-making and enhance national security. Aerostat systems offer real-time border security and multi-mode surveillance capabilities over larger areas with lower maintenance requirements compared to conventional aircraft and drones.

For example, the United States Department of Defense announced a budget of $8.3 billion in FY 2023 to enhance its ISR portfolio for national security. This investment reflects the growing need for persistent intelligence, surveillance, and reconnaissance, which is expected to drive the growth of the aerostat systems market.

The market includes sales of tactical-size tethered aerostats, medium-volume tethered aerostats, large-volume tethered aerostats, operational aerostat systems, and strategic aerostat systems. The market value represents revenues gained by manufacturers or creators of goods through sales, grants, or donations within the specified market and geography.

Key Topics Covered:

1. Executive Summary

2. Aerostat System Market Characteristics

3. Aerostat System Market Trends And Strategies

4. Aerostat System Market - Macro Economic Scenario
4.1. COVID-19 Impact On Aerostat System Market
4.2. Ukraine-Russia War Impact On Aerostat System Market
4.3. Impact Of High Inflation On Aerostat System Market

5. Aerostat System Market Size And Growth
5.1. Global Aerostat System Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Aerostat System Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Aerostat System Market Segmentation
6.1. Global Aerostat System Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Balloon
• Airship
• Hybrid

6.2. Global Aerostat System Market, Segmentation By Propulsion System, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Powered
• Unpowered

6.3. Global Aerostat System Market, Segmentation By Payload, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Electro-optic or Infrared Sensors (EO/IR)
• Communication Intelligence
• Cameras
• Electronic Intelligence
• Surveillance Radar
• Inertial Navigation System

6.4. Global Aerostat System Market, Segmentation By Class, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Compact Sized
• Mid Sized
• Large Sized

6.5. Global Aerostat System Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Military
• Law Enforcement
• Commercial
• Environmental Research

7. Aerostat System Market Regional And Country Analysis
7.1. Global Aerostat System Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Aerostat System Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/hvxf4n

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