According to the latest market research study released by Technavio, the global aerostat systems market is expected to grow at a CAGR of more than 11% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global aerostat systems market based on payload:
Global aerostat systems market shares by payload 2015
|
Surveillance radar |
22.20% |
|
Inertial navigation system |
19.63% |
|
Thermal imaging camera |
16.82% |
|
Electro-optical sensor |
14.02% |
|
Electronic intelligence |
13.79% |
|
Communication intelligence |
13.55% |
Source: Technavio
The top four revenue contributing payload segments are discussed below:
Global aerostat surveillance radar market
In 2015, surveillance radar segment accounted for around 22% share in the global aerostat systems market. Technavio expects the segment to post an impressive CAGR of around 13% during the forecast period.
“The usage of aerostats has been practiced for the military and security operations due to their efficiency. The growing requirement for the surveillance systems in the military operations has led to significant investments in this market. For instance, the Rapid Aerostat Initial Deployment (RAID) deployed by the US, during the Iraq and Afghanistan wars, used aerostats for surveillance which helped the US Army to monitor strategic locations such as war-zones and border areas in these countries,” says Moutushi Saha, a lead analyst at Technavio for research on aerospace components.
Global aerostat inertial navigation system market
Growing defense budget in key economies such as Japan and China has led to the increased implementation of inertial navigation system. Constantly, the Chinese defense budget was increased around 8% in 2016 from the previous year, and the country has revealed plans to invest in aerostat systems. For example, AUGUR-Ros AeroSystems, developed an aerostat system for China, in 2011, which is expected to contribute to the growth of the market.
Global aerostat thermal imaging camera market
The demand for long-range imaging systems is unceasingly increasing due to the need for surveillance and national security by the military and law enforcement agencies. For instance, the US Army gave a contract to General Dynamics Global Imaging Technologies to provide Z-500 thermal imaging cameras worth around $67,000 for the US border patrol, which is expected contribute to the growth of the market.
Global aerostat electro-optical sensor market
Aerostat is lighter than air and has an aerodynamic balloon connected to the ground cables with various systems connected to it. One such system is electro-optical sensor that provides stable imaging under hazardous weather conditions. The use of this system is likely to attract new investments during the forecast period. For example, NAVAIR Lakehurst gave a contract to FLIR Systems for providing 14 FLIR Star Safire electro-optics imaging systems for determined ground surveillance systems. The main purpose of the contract was to provide high-definition images, through the persistent ground surveillance system, during night and daytime, for the US Army. Similarly, India is currently developing electro-optical sensors for its Akashdeep aerostat, which would contribute to the market growth during the forecast period.
The top leading vendors operating in the global aerostat systems market are:
- AUGUR-RosAeroSystems
- Lindstrand Technologies
- Lockheed Martin
- Raven Aerostar
- Raytheon
- RT
Other prominent vendors in the market include Drone Aviation, FLIR Systems, ILC Dover, and TCOM.
A more detailed analysis is available in the Technavio report titled, ‘Global Aerostat Systems Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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