Overview and Scope
Aerostat system refers to a light-weighted balloon or blimp-shaped aircraft that derives its lift from buoyancy rather than from wings or rotors. It is used to provide aerial surveillance and communications with increasing reliability, safety, and carrying capacity.
Sizing and Forecast
The aerostat system market size has grown rapidly in recent years. It will grow from $11.35 billion in 2023 to $13.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to military surveillance requirements, border security and monitoring, defense modernization program, terrorism and security threat, global military conflicts.
The aerostat system market size is expected to see rapid growth in the next few years. It will grow to $23.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to regulatory and policy changes, research and development investments, geopolitical instabilities, disaster management and response, commercial applications expansion. Major trends in the forecast period include surveillance and monitoring needs, military modernization programs, rise in homeland security spending, natural disaster monitoring, commercial applications, rising demand for persistent surveillance..
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Segmentation & Regional Insights
The aerostat system market covered in this report is segmented –
1) By Product: Balloon, Airship, Hybrid
2) By Propulsion System: Powered, Unpowered
3) By Payload: Electro-optic or Infrared Sensors (EO/IR), Communication Intelligence, Cameras, Electronic Intelligence, Surveillance Radar, Inertial Navigation System
4) By Class: Compact Sized, Mid Sized, Large Sized
5) By Application: Military, Law Enforcement, Commercial, Environmental Research
North America was the largest region in the aerostat system market in 2023. Europe was the second largest region in the aerostat system market in 2023. The regions covered in the aerostat system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing use of persistent intelligence, surveillance, and reconnaissance is driving the growth of the aerostat systems market going forward. Persistent intelligence, surveillance, and reconnaissance (ISR) refer to an integrated intelligence and operations function that collects and analyzes information to support the decision-making process and enhance national security. Aerostat systems are used to provide real-time border security by offering a multi-mode surveillance approach to larger areas with lower maintenance requirements as compared to conventional aircraft and drones. For instance, in April 2022, the United States Department of Defense, a US-based government agency for national security and arm forces, announced a budget of $8.3 billion in FY 2023 to enhance its intelligence, surveillance, and reconnaissance (ISR) portfolio for national security. Therefore, the growing need for persistent intelligence, surveillance, and reconnaissance is expected to propel the growth of the aerostat systems market.
Key Industry Players
Major companies operating in the manufacturing of the aerostat system market are focused on bidding on government contracts to offer their innovative products to the government and military sectors. Governments tend to implement newer technologies for border security and award companies to develop products on behalf of them. For instance, in November 2023, US Customs and Border Protection (CBP), a division of the Department of Homeland Security (DHS) Customs and Border Protection (CBP) Air and Marine Operations (AMO), awarded the Tethered Aerostat Radar System (TARS) Operations & Maintenance (O&M) III contract with an investment of $170 million to QinetiQ US, a US-based defense technology company focused on engineering and innovative solutions to support national security efforts along the southern border. QinetiQ US will manage the TARS program’s operations and maintenance. The program’s goals include building a proactive and long-lasting capacity for detection and deterrence as well as improving domain awareness in the land, maritime, and aviation domains.
The aerostat system market report table of contents includes:
1. Executive Summary
2. Aerostat System Market Characteristics
3. Aerostat System Market Trends And Strategies
4. Aerostat System Market – Macro Economic Scenario
5. Global Aerostat System Market Size and Growth
…..
31. Global Aerostat System Market Competitive Benchmarking
32. Global Aerostat System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerostat System Market
34. Aerostat System Market Future Outlook and Potential Analysis
35. Appendix
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