Aerostat Market Demand Scope with $14.64 Billion of Industry Revenue by 2027 - Lockheed Martin Corporation, Raven Industries, Inc., Raytheon Company, RT, TCOM, LP

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.

Aerostat Market to 2027 - Global Analysis and Forecast by Product Type (Airships, Balloons, Hybrid Aerostat, HAPS); Payload (Surveillance Radar, Navigation System, Communication Relay, and Others); Application (Military and Commercial)

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The homeland security teams as well as military forces across the globe are showcasing their interest towards procurement of aerostats for persistent border surveillance purposes, missile threat deterring purposes. The US Department of Defense (US DoD) is the largest procurer of aerostat in the current scenario. The US DoD constantly engages and invest in development and adoption of aerostats with an objective to deploy in various regions worldwide. Additionally, the foreign military sales (FMS) also enables various military forces in the developing countries to adopt the technology and boost their surveillance systems. Apart from the US, other countries in Europe, Asia Pacific, Middle East and Africa are also continuously investing in the adoption and deployment of aerostats, which is bolstering the aerostat market size

In September 2019, the US Department of Defense (DoD) had presented an agreement to TCOM, L.P., an airborne persistent surveillance solution to support the Persistent Surveillance Systems - Tethered (PSS-T) program, the contract was valued at US$ 978.9 Mn. TCOM, L.P. would offer logistics, engineering, operations, and program management services in support of the PSS-T program. This contract would support combatant commanders and joint agency necessities.

Strategic Insights

The market players present in the aerostat market are mainly focusing on new developments by implementing advanced technologies. Signing partnerships, contracts, joint ventures, scoring funding, and inaugurating new offices across the world permit the companies to maintain its brand name globally. Few of the recent developments are listed below:

2019: Raven Industries, Inc. announced that Raven Aerostar Technical Solutions was awarded a $5.7M contract to deliver TIF-25K® Aerostat Systems sparing hardware to six existing aerostat sites in Afghanistan. Raven Aerostar Technical Solutions was also awarded a $4.7M contract to deliver two TIF-25K Aerostat Systems and associated sparing hardware in support of two additional aerostat sites in Afghanistan.

2019: Drone Aviation Holding Corporation, a manufacturer of tethered drones and lighter-than-air aerostats, said that it has delivered its multi-mission capable tactical Winch Aerostat Small Platform (“WASP”) to the Department of Defense (“DoD”) under a contract award valued in excess of US$ 1.7 Mn.

2018: RT LTA Systems Ltd provided 4 SkyStar aerostat systems to a governmental agency of a country in CentralAmerica. Under the agreement, RT will provide 3 SkyStar 180 aerostat systems and one SkyStar 110 micro-tactical aerostat system.

North America was the leading geographic market, and it is anticipated to be the highest revenue contributor in the aerostat market throughout the forecast period. North America is also estimated to be the fastest-growing region during the forecast period. Asia-Pacific is expected to trail North America in terms of growth rate, as the demand for aerostats is substantially growing among the military forces as well as various commercial end-users in Asia-Pacific, which is propelling the growth of aerostat market in the region.

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