High Altitude Platform Market to grow at 5% CAGR from 2017 to 2024
The vendors in the high altitude platform market include Aerostar International, Inc., Avealto Ltd., TCOM L.P., Israel Aerospace Industries Ltd., Lindstrand Technologies Ltd., Raytheon Company, Thales Group, Airbus SE, Lockheed Martin Corporation, and Rafael Advanced Defense Systems Ltd.
|Global Market Insights, Inc.|
High Altitude Platform Market size was estimated at over USD 1 billion in 2016, and set to exceed USD 1.5 billion by 2024; according to a new research report by Global Market Insights, Inc. A major factor contributing to the high demand in the high altitude platform market are the operational advantages over coverage area, manufacturing and repair costs as compared to conventional communication systems such as satellites and communication towers. These provide massive cost-savings in manufacturing, testing, and maintenance as compared to satellite systems.
Solar-powered, efficient technologies are massively promoted by government bodies across the world owing to the rising pollution and depletion of natural fuel sources. Vendors operating in the global high altitude platform industry are integrating photo-voltaic cell modules across the wingspan to decrease the reliance on fuel cells to generate power. For instance, in May 2017, SolarStratos completed the testing of the prototype of the first commercial two-seater solar plane, Elektra-2. Following this, various other companies in the HAP market such as Airbus SE and AeroVironment, Inc. have increased their investment in the development of these technologies and developed and launched unmanned HAPs for various applications.
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Rapid growth of the airline industry with long haul airplanes and large-scale globalization are leading to an increase in global passenger traffic with higher demand for in-flight services for entertainment and communication purposes. On an average, passenger and commercial airplanes are assigned a cruising altitude of over 39,000 ft. The development and commercialization of HAP technology can revolutionize the aviation and aerospace industry as HAPs are deployed above 60,000 ft., allowing continuous connectivity for on-board users and navigation to ground-based users. This is anticipated to massively drive the high altitude platform market growth during the forecast timespan.
The UAV market is anticipated to exhibit substantial growth during the forecast time-period. These operate at 54,000 feet for up to nine hours and are equipped with laser systems to target offense missiles and have large scale applications in environmental data collection and defense purposes. In the U.S, the government has undertaken various laws such as the FAA Modernization and Reform Act of 2012. This contains provisions to make the UAS licensing process easier and quicker for law enforcement officials.
The surveillance segment dominates the high altitude platform industry due to high adoption by military and naval forces in developed regions such as North America and Western Europe. This is primarily due to higher image clarity and data relay capabilities of these system as opposed to conventional surveillance systems.
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High growth in the telecommunications segment is due to the rising penetration of the internet and the increase in global smartphone usage. Provision of broadband services in rural locations is highly researched by companies such as Google through their various projects such as Skybender and Loon.
The economic boom in the South-East Asian countries is contributing to the high growth of the HAP market. Outsourcing of various business operations requires continuous connection to the internet and other communication facilities. Disruption in connectivity can result in massive financial losses for regional players. Additionally, the consumers in the region are also seeking high speed broadband services and wireless connectivity which at lower rates. Rising instances of smuggling and terroristic activities across the world have led to government concern and strategies to tackle such issues. Various regions such as the Middle East and Africa are prime conflict locations that require advanced defense solutions such as manned and unmanned weaponized airships.
Players operating in the global high altitude platform market include Lockheed Martin Corporation, Thales Group, ILC Dover L.P, Worldwide Aeros Corporation, Elektra Solar GmbH, Raytheon Company, Aerostar International, Inc., and Airbus SE. Partnerships and joint ventures are commonplace among companies in the HAP market. For instance, in February 2016, AVEALTO entered into a partnership with JP Aerospace for the development of a HAP prototype vehicle.
Browse key industry insights spread across 148 pages with 159 market data tables & 30 figures & charts from the report, “High Altitude Platform (HAP) Market Size By Product (UAV, Airships, Tethered Aerostat Systems), By Application (Surveillance, Navigation & Remote Sensing, Communication, EO/IR System), By End-use (Government & Defense, Commercial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.