According to a new market research report published by Acute Market Reports “Aerostat Systems Market (Communication Systems, Surveillance Radar, Electro-optical/Infrared (EO/IR) Systems and Navigation Systems) - Growth, Share, Opportunities, Competitive Analysis and Forecast 2015 - 2023”, the aerostat systems market is majorly driven by their numerous competitive advantages over other unmanned aerial platforms. The aerostat systems are among the cheapest alternatives for applications such as surveillance, communication and navigation. Due to convenient and persistent operation offered by these systems, most of the nations are now increasingly shifting towards aerostat systems for various applications.
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The global market for aerostat systems, as of 2014, was dominated by the medium class aerostat systems accounting for more than fifty percent of the total market revenue. Medium class aerostat systems are the most suitable types for nearly all of the low and medium altitude applications. Due to increasing penetration of these systems for surveillance and electronic intelligence gathering, the segment is anticipated to hold its dominant position in the coming years.
Further, on the basis of payloads, the global aerostat systems market is dominated by the surveillance radar segment. In 2014, the segment contributed to over 43% of the total revenue generated worldwide. Due to high investment from the defense sector over surveillance radar systems, the segment is estimated to retain its dominant position throughout the forecast period in the market. Nonetheless, the market for communication systems segment is expected to witness the highest growth during the forecast period. Aerostat systems are already being used for delivering high speed wireless communication. The adoption of aerostat systems is expected to soar substantially in the coming years thereby fueling the demand for aerostat communication systems.
On the basis of application, the defense sector accounted for the largest market share, in terms of revenue, of over 51% in 2014. The aerostat systems are popular in defense sector for persistent surveillance across border. So as to maintain order and security at international borders, the defense expenditure on aerostat systems is estimated to remain strong in the coming years. Thus, the defense segment is expected to hold its dominant position in the market throughout the forecast period.
The aerostat systems market is highly consolidated as well as competitive in nature. Few major companies such as TCOM L.P., Lockheed Martin Corporation, Raytheon Company, Aerostar International, Inc. (Raven Industries, Inc.) and Israel Aerospace Industries Ltd. contribute to more than 50% of the total market revenue. Majority of these companies focus on acquiring government contracts for deployment of aerostat systems. By far, the U.S. government is the largest consumer for aerostat systems globally.
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