According to the new research report published by The Insight Partners, titled “Aerostat Market - Global Analysis and Forecast to 2027”, the global aerostat market is expected to reach US$ 14.64 Bn by 2027, registering a CAGR of 10.3% during the forecast period 2019-2027.
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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.
Demand For Aerostat Market
Factors such as the improved capability of unmanned systems for next-gen aerostats and the necessity for effective surveillance systems are also propelling the aerostat market. The growth of aerostat market depends hugely on military and defense expenditure, as the procurement cost of the systems are high. Also, the demand for monitoring moving targets and commercial spending on sporting events, surveys, and mapping are other factors boosting the growth of aerostat market.
Some of the companies competing in aerostat market are
- Agio International Company, Ltd.
- Ashley Home Stores, Ltd.
- Barbeques Galore
- Brown Jordan
- Century Furniture LLC
- Home crest Outdoor Living LLC
- Keter Group
- Inter IKEA Systems B.V.
- Florida Patio Furniture Inc.
- Polywood
In 2018, North America accounted for highest share in aerostat market
North America dominated the aerostat market in 2018 and is anticipated to continue its dominance throughout the projected years. It is owing to the fact that growing need for applications such as military surveillance, monitoring of natural calamities, and others are increasing the adoption rate of aerostats. Furthermore, significant investments in R&D activities of aerostat systems in North America is catalyzing the growth of the aerostat market.
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