LONDON--(BUSINESS WIRE)--The global aerostat systems market is expected to grow at a CAGR of just above 11% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global aerostat systems market for 2016-2020. By payload type, this market is segmented into surveillance radar, inertial navigation systems, thermal imaging cameras, electro-optical sensor, and electronic intelligence system.
One of the most important drivers of this market is the increased need for surveillance, especially for improved cross-border safety and maritime surveillance. Countries like the US and Japan are investing heavily in airborne intelligence, surveillance, and reconnaissance (ISR) payloads to enhance military intelligence, communication, and border security. Additionally, Saudi Arabia is expected to invest USD 70 billion in homeland security, which includes aerostat systems.
Technavio’s research study segments the global aerostat systems market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest aerostat systems market
The aerostat systems market in the Americas is driven by the US, which has a high military budget. The overall market is expected to post a CAGR of 10.85% through the forecast period, with most of the revenue generated from the development and procurement of aerostat systems.
The USA army got their aerostat systems upgraded in 2016 through Drone Aviation and BAE Systems which brought in significant revenue to the market. The objective of this move was to enhance aerostat systems, where new technologies such as advanced optics, electro-optical and infrared images, and communication packages will aid in better security and surveillance. Additionally, the US Pentagon delivered military supplies worth USD 1 billion, which included aerostat systems, to Iraq to help their soldiers to retaliate to external attacks. There are more projects in the pipeline, which will push the market growth over the years.
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EMEA: market driven by political instability in the Middle East
The political and economic situation in European countries, combined with the political unrest in the Middle East, makes EMEA a prime market for the aerostat systems. The escalating risk of internal insurgency and extremist attacks have driven the governments to launch several aerostat systems to enable better surveillance, communication, and data transmission, which are essential to combat the turbulent or unrest circumstances.
“The Middle East has emerged as a major contributor to the growth of the market in EMEA. Gulf states such as the UAE and Kuwait have invested in aerostat systems to monitor the borders and the airspace. A total of 353 aerostats were delivered in 2014 to the Middle Eastern countries, and the number is expected to increase to 962 aerostats by 2018, which will contribute to the growth of the market,” says Avimanyu Basu, one of the lead market research analysts at Technavio for aerospace components research.
APAC: fastest growing aerostat systems market
APAC is a region where there is an ongoing territorial dispute between major political powers like China, India, and Pakistan. There is a constant presence of large battalions and troops deployed across these borders. These countries are actively looking to curb cross-border activities by engaging in active surveillance. To ensure combat capabilities, communication, and efficiency of the armed troops, a significant number of aerostat surveillance systems have been deployed.
“APAC is expected to register the highest growth rate with a CAGR of 12.27% through the forecast period. China has invested heavily to procure aerostat systems from AUGUR-RosAerSystems. The objective behind this move was to obtain early-warning radar stations and increased surveillance capabilities. Additionally, Malaysia has collaborated with several vendors to arrive at a memorandum of understanding for the supply of aerostat systems to increase their maritime safety and security,” says Avimanyu, explaining the dynamics of the aerostat market in APAC.
The top vendors in the global aerostat systems market highlighted in the report are:
- AUGUR-RosAeroSystems
- Lindstrand Technologies
- Lockheed Martin
- Raven Aerostar
- Raytheon
- RT
Browse Related Reports:
- Global Inertial Navigation Systems Market 2016-2020
- Global In-flight Broadband Market 2015-2019
- Global Commercial Aircraft Battery Market 2016-2020
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