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3. Aerostats are Capable of Providing Low-Cost, Long-Endurance Surveillance Capabilities not Possible With Other Types of Aircraft

The global 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.

Increase in defense budgets in countries like China, India, and South Korea will fuel the growth of this market in the defense segment. China has announced that it will increase its defense budget by 12.2% to $132 billion this year. It is planning to spend a significant amount on aerostat systems in order to improve its border security and surveillance capabilities.

Aerostats are capable of providing low-cost, long-endurance surveillance capabilities not possible with other types of aircraft. Attached by a high-strength cable to a mooring system, aerostats may carry different types of surveillance sensors to conduct multiple missions. They are filled with helium and stay airborne around-the-clock. The increasing demand for the Tethered Aerostat Radar System (TARS) drives the growth of 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. Lockheed Martin has extensive experience with aerostats, serving as the systems integrator and operations and maintenance provider for the Tethered Aerostat Radar System (TARS).

Akashdeep, Nakshatra, and Chakshu are the major programs for aerostat development that are being conducted in India and all these programs are mainly focused on the development of small aerostat systems. Small aerostat systems are capable of providing persistent intelligence, surveillance and reconnaissance (ISR) facility adhering to the military requirements of the country. The low operational cost involved in the deployment and the increasing demand for small aerostat drives the growth of this market in Asia-Pacific region.

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.

Related Reports:

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
https://www.marketsandmarkets.com/Market-Reports/aerostat-systems-market-193315635.html

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