NEW YORK, March 21, 2017 /PRNewswire/ -- KEY FINDINGS
The global aerostat system market is poised to grow during the forecast period of 2017-2024. Various reasons for growth of the aerostat system market are increasing demand from military and homeland security sector, low operational cost, versatility of application, high need for surveillance and reconnaissance and growing use in climatic research and communication.
Aerostat system market is segmented on the basis of payload, balloons, size, applications and geography. The aerostat system balloon can either be elliptical or spheroidal. On the basis of payload they are classified into communication intelligence, thermal imaging camera, surveillance radar, electro-optics, electronic intelligence and internal navigation systems. Its applications are in home guard security, military, environmental research and commercial sectors.
On the basis of balloon type, currently the elliptical balloon aerostat system has the higher market share.
However, it is expected that in the forecast period, spheroidal balloon aerostat systems will have a bigger market share and report good growth. On the basis of size, aerostat systems can be small, medium or large. On the basis of geography, aerostat system market is segmented on the basis of Asia-Pacific, Europe and North America.
Market regions that are covered in the report are North America, Europe, Asia-Pacific and RoW. North America has the largest market share of the aerostat system market. Most of the market players are based in North America and there is awareness about advantages of using aerostat system solutions. US Department of Defense is the largest customer of aerostat systems and there is high demand from the US military and Department of Homeland Security. European market follows North America in terms of market share. Asia-Pacific market is expected to report good growth in the years 2017-2024. Middle East is expected to report highest market growth in the forecast period due to growing threat of terrorism.
The major market players for aerostat system are Aerostar International Inc., ILC Dover LP, Israel Aerospace Industries Ltd., Lindstrand Technologies Ltd., Lockheed Martin Corporation, RosAeroSystems International Ltd, RT Aerostat Systems Inc., TCOM LP, and Raytheon Corporation.
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