The aerostat market size is projected to reach US$ 16.70 billion by 2031 from US$ 8.45 billion in 2023. The market is expected to register a CAGR of 8.9% during 2023–2031. Increasing demand of cargo airship for heavy payload is likely to remain a key trend in the market.
Aerostat Market Analysis
The aerostat market is experiencing a steep demand in terms of procurement among various military forces and commercial sector. Attributing to the enormous demand for technologically advanced aerostat, governments across the world are pressurizing firms to innovate and develop robust technology to cater to the demand of end users. The manufacturers and military forces rely heavily on the brand value of the aerostat component manufacturers, and owing to this, majority of the contracts are awarded to the established and industry-recognized aerostat manufacturers, thereby creating minimum space for new manufacturers to enter the market. However, start-ups in various countries are providing aerostat to maintain the position in the market. Due to this fact, there is moderate threat to new entrants in the aerostat market.
Aerostat Market Overview
The aerostat industry consists of well-established and industry-recognized players. The rivalry among the industry participants is moderate and is expected to grow high during the forecast period due to entry of new players. The demand for technologically advanced aerostat is growing as the government is constantly investing substantial time and capital. This factor also increases the degree of competition among the market players.
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Aerostat Market: Strategic Insights
Market Size Value in US$ 6.11 Billion in 2018 Market Size Value by US$ 14.64 Billion by 2027 Growth rate CAGR of 10.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Aerostat Market: Strategic Insights
| Market Size Value in | US$ 6.11 Billion in 2018 |
| Market Size Value by | US$ 14.64 Billion by 2027 |
| Growth rate | CAGR of 10.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Aerostat Market Drivers and Opportunities
Increasing Focus on Using Economical Solutions for Surveillance
The increased focus by military departments of several countries toward using cost-effective solutions for surveillance is boosting the growth of the aerostat market. North America is highly engaged in deploying cost-effective surveillance due to a rise in terrorism. The region is one of the largest military spenders across the world and has invested a significant amount in aerostat for the purpose of surveillance and border security. The surveillance helps defense expand the radar picture for missile defense. When it comes to surveillance, the cost of collecting intelligence from the air is high. Whether agencies are using UAVs or manned flights, the aircraft are costly to operate and come with other limitations, such as an aircraft cannot hover for long durations; fuel has to be refilled; and it needs maintenance and human pilots. Hence, several military forces have turned their focus toward the use of aerostat, which gains its lift with the use of buoyant gas.
Adoption of Aerostat to Protect Military Forces from Missile Defense
In the world of modern warfare, missile defense play a crucial role in defeating enemies. The continuous growth in cruise and ballistic missile warfare, has led the defense forces to opt for advanced solutions to deter the threat, as using manned aircraft incur high cost. The modern aerostats are equipped with technologically advanced sensors and radars which are capable of sensing and recognizing the incoming threat and relay the information to the action center. The Joint Land Attack Cruise Missile Defense Elevated Netted Sensor System (JLENS), a blimp-borne radar system manufactured by Raytheon Company, a defense contractor company based in the US. The JLENS have the capability to hover 24/7 up to 10,000 ft for a duration of 30 days. The system is equipped with long range radars, which facilitate the end-users in protecting respective territories from any missile based threats. Thus, the benefits offered the aerostats are increasing the interest among the defense forces, which is creating a lucrative business space for the vendors offering their products to the defense forces, hence, showcasing growth in the market size.
Aerostat Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aerostat market analysis are product type, payload, and application.
- Based on product type, the aerostat market is segmented into airships, balloons, hybrid aerostat, and HAPS. The balloons segment held a larger market share in 2023.
- Based on payload, the aerostat market is segmented into surveillance radar, navigation system, communication relays, and others. The surveillance radar segment held a larger market share in 2023.
- Based on application, the aerostat market is segmented into military and commercial. The military segment held a larger market share in 2023.
Aerostat Market Share Analysis by Geography
The geographic scope of the aerostat market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific regions. Further, Asia Pacific is likely to witness highest CAGR in the coming years. The US accounted for the largest market share in North America aerostat market. The US is an economically advanced country and alone absorbs the significant share of the total spending in the aerostat market due to high technological spending. The growth in the aerostat market in the US is primarily driven by factors such as increasing digitization, investment by the military forces, and homeland security to implement aerostat. Companies in the US are focused on offering aerostat; for instance, ILC Dover, a US-based company, has designed aerostats for several ISR applications. The company has manufactured aerostats to carry surveillance radars up to 15,000 feet height whereas tethered to the ground by a single tether. The company’s aerostats have helium volumes from 56,000 to 595,000 cubic feet and range in length from 109 to 240 feet; its aerostat is used by the military forces to examine several surveillance payloads.
Aerostat Market Report Scope
Aerostat Market News and Recent Developments
The aerostat market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aerostat market are listed below:
- QinetiQ US, has received a U.S. Department of Homeland Security (DHS) Customs and Border Protection (CBP) Air and Marine (AMO) Tethered Aerostat Radar System (TARS) Operations & Maintenance (O&M) IV contract, comprising one base with four option years, valued at US$ 170 Million. (Source: QinetiQ, Press Release, Nov 2023)
- Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that Defense Innovation Unit (DIU) has awarded a contract to Aerostar Technical Solutions, Inc. (Raven Aerostar) to provide robust high-altitude capabilities for the U.S. Department of Defense. (Source: Aerostar Technical Solutions Inc, Press Release, Nov 2021)
Aerostat Market Report Coverage and Deliverables
The “Aerostat Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aerostat market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aerostat market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Aerostat market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aerostat market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Payload ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The aerostat market is likely to register of 8.9% during 2023-2031.
The estimated value of the aerostat market by 2031 would be around US$ 16.70 billion.
Growing demand of cargo airship for heavy payload is one of the major trends of the market.
Aeros, Allsopp Helikites Ltd, ILC Dover, Israel Aerospace Industries (IAI), Lindstrand Technologies Limited, Raven Industries Inc, Raytheon Technologies Corporation, Lockheed Martin Corporation, RT, and TCOM LP are some of the key players profiled under the report.
Need for accurate geospatial information and increasing focus on using economical solutions for surveillance are some of the factors driving the growth for aerostat market.
North America region dominated the aerostat market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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