SAN FRANCISCO, Aug. 3, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “High Altitude Platforms – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 4494
Companies: 47 – Players covered include AeroVironment, Inc.; Airbus SE; Augur-RosAeroSystems; Elektra Solar GmbH; ILC Dover, LP; Lindstrand Technologies Ltd.; Lockheed Martin Corporation; Prismatic Ltd.; Raven Industries, Inc.; Raytheon Technologies Corporation; RT LTA Systems Ltd.; TCOM, L.P.; Thales Group; Worldwide Aeros Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (Unmanned Aerial Vehicles (UAV), Airships, Tethered Aerostat Systems); Payload (Communication, Surveillance, Navigation, EO/IR Systems); Application (Government & Defense, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global High Altitude Platforms Market to Reach $4.3 Billion by 2026
High altitude platforms are potential and effective alternatives to traditional satellites. These geostationary aerial platforms are intended to stay in the stratosphere at 10-30 miles above the sea level and present suitable option for delivery of localized services. The high altitude platforms market is gaining from cost and performance related advantages of these platforms over traditional satellites along with certain limitations of the latter associated with localized coverage. These platforms find extensive use in defense applications and environmental data capturing or other areas. Market growth is also bolstered by rising defense expenditure in several countries. Another prominent growth driver is increasing proliferation of the Internet and associated services. High altitude platforms are witnessing increasing adoption for delivering wireless Internet services.
Amid the COVID-19 crisis, the global market for High Altitude Platforms estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Unmanned Aerial Vehicles (UAV), one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$3.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Airships segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 19.8% share of the global High Altitude Platforms market. UAVs, referring to remote controlled or autonomously piloted aircrafts, have emerged as a major force in high altitude platforms market. The UAV segment commands a leading position, owing to high cost of aircraft that results in high revenue per unit along with increasing adoption of UAV aircraft in several countries including the US, France, Russia and China. An airship is a big gas balloon whose weight is lighter than air, which is navigated with the use of engine-based propellers. Spending on automated technologies is steadily increasing in countries such as the US, the UK, China, Israel, South Korea, Russia and India among others. The scenario continues to augment the market prospects for high altitude platforms, which leverage payloads such as airships to enable data exchange across multiple devices and systems.
The U.S. Market is Estimated at $967.6 Million in 2021, While China is Forecast to Reach $722.9 Million by 2026
The High Altitude Platforms market in the U.S. is estimated at US$967.6 Million in the year 2021. The country currently accounts for a 30.58% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$722.9 Million in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR while Rest of European market (as defined in the study) will reach US$779.9 Million by the end of the analysis period. North America region dominates market share, which can be mainly attributed to a large number of UAVs in the region. North America along with other developed regions like Western Europe is likely to witness robust growth of the surveillance segment owing to rising investment by naval and military forces in high altitude platforms. Growth in the Asia-Pacific region is being driven by increasing focus of Southeast Asia, India, China and South Korea on UAV aircraft and aerostat systems.
Tethered Aerostat Systems Segment to Reach $477.8 Million by 2026
High cost and fewer flights hours are prompting various countries to switch away from UAV aircraft to tethered aerostat systems. These platforms are known for long flight hours, high payload capacity and low maintenance requirements. The segment is poised to benefit from increasing deployment of tethered aerostat systems to offer wireless communication services. In the global Tethered Aerostat Systems segment, USA, Canada, Japan, China and Europe will drive the 6.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$260.4 Million in the year 2020 will reach a projected size of US$412.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$55.5 Million by the year 2026. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.
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