Advantages such as cost-effectiveness of aerostat systems possess over traditional surveillance aircraft systems are driving growth of the aerostat systems market. Aerostat systems reduces fuel consumption substantially which creates the massive difference in expenses. Additionally, aerostat systems requires less parts which helps to keep the manufacturing cost low. The aforementioned factors are propelling growth of the aerostat systems market.
However, the major restrain to the growth of the aerostat systems is stern competition due to presence of alternative systems including aerial vehicles and airships. Nevertheless, future opportunities in aerostat systems due to usage of advanced material. As several manufacturers are developing their own high quality laminates that can help the aerostat systems to work in unfavorable weather.
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The report by TMR on the global aerostat systems market observes that the market registered revenue of US$4.64 bn by the end of 2016 and is expected to expand with a CAGR of 13.8% over the forecast period from 2016 and 2024 to attain the valuation of US$10.10 bn by the end of 2022.
On the basis of balloon type, the aerostat systems market is segmented into spheroidal and ellipsoidal. On the basis of class, the market is segmented into small-class, medium-class and large-class aerostat systems.
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On the basis of application, the aerostat systems market is segmented in to military, homeland security, commercial application, and environmental research. Of these, the military system is dominating the global market and expected to remain dominant over the forecast period. It is anticipated that military segment to expand with impressive CAGR of 14.0% from 2015 to 2022 to attain value of US$7.01 bn.
On the basis of region, the global aerostat systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, North America dominates the aerostat systems market. This growth is attributable to the high demand for aerostat systems in the US for homeland security and military. Additionally, high commercial penetration of aerostat systems is also very high in this region.