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Aerostat Systems Market is Dominated by the Countries in the North America, Asia-Pacific, and the Middle Eastern Regions
The increasing demand for border security and continuous surveillance operations in order to keep a check on enemy activities is the main reasons for the growth of this market in the Gulf countries. For instance, in response to the on-going threats to the U.S. troops deployed in Afghanistan and Iraq, the U.S. Army has deployed the Rapidly Elevated Aerostat Platform (REAP) in these countries for monitoring and protection purposes.
The global aerostat systems market is dominated by the countries in the North America, Asia-Pacific, and the Middle Eastern regions. An increase in the defense budgets in countries such as China, India, and South Korea will fuel the growth of this market in the defense segment. Low costs involved in the deployment and operation of these aerostat systems is the major driver for this market.
The aerostat systems market is estimated at $3.93 billion in 2014 and is projected to register a CAGR of 16.68% to reach $9.96 billion by 2020.
The increasing demand for small aerostat systems drives the growth of this market in the countries such as India and China. At present, Akashdeep, Nakshatra, and Chakshu are the major programs for aerostat development that are being conducted in India. These systems are capable of providing a persistent intelligence, surveillance, and reconnaissance (ISR) facility that adheres to the military requirements of the country.
The increasing demand for the Tethered Aerostat Radar System (TARS) and Persistent Threat Detection System (PTDS) drives the growth of the aerostat systems market in North America. Currently, there are eight operational TARS that have been deployed in the southwest border of the U.S. in order to monitor drug trafficking. This market is expected to increase in future with the expanding security coverage in other parts of the country. The demand for PTDS will grow with the increasing need to provide ground forces with situational awareness against Improvised Explosive Devices (IEDs) and incoming missiles.
Lockheed Martin (U.S.), TCOMP L.P (Columbia), Raven Aerostar (U.S.), ILC Dover(U.S.), Raytheon Company (U.S), AUGUR-RosAeroSystems (Russia), RT (Israel), Exelis (U.S.), Sky Sentry (Colorado), and LTAS (U.S.) are some of the leading players in this market.
Aerostat Systems Market by Aerostat Class (Small, Medium, Large), by Balloon Type (Spheroidal, Ellipsoidal), by Payload(Electro-Optics , Thermal Imaging Camera , Electronic Intelligence, Surveillance Radar, INS), by Geography (North America, Europe, APAC, Latin America, Middle East) - Market Forecast & Analysis to 2013 - 2020
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