The aerostat systems market is predicted to increase from about USD 4 billion in 2014 to around USD 10 billion by 2020. It is anticipated to register a CAGR of about 16.7 percent during the forecast period. An aerostat is a platform that utilizes a buoyant that is lighter in weight than hydrogen, helium and hot air. The rising demand for border safety and constant scrutiny operations so that enemy operations can be closely monitored is estimated to drive the demand for the aerostat systems market in Gulf regions.
The worldwide market is leaded by the regions of Asia Pacific, North America and the Middle East. A boost in defense funds in India, China and South Korea is anticipated to drive the growth of the aerostat systems market in the defense sector. Low prices involved in the operation of these systems are likely to promote further growth of the market. Rising demand for small aerostat systems steers further demand for the aerostat systems market in China and India.
Currently, Nakshatra, Akashdeep and Chakshu are the prime programs in India for the development of aerostat systems. These systems have the ability to provide constant monitoring and surveillance amenities that meet the military demands of various nations. Extensive demand for reconnaissance and surveillance systems so that requirements of the military are met, also provides impetus to the aerostat systems market.
Escalating demand for tethered aerostat radar systems and persistent threat detection systems is projected to drive the sales of the market in North America. The augmented need to stay alert owing to enemy attacks and boost in awareness regarding convenience are also responsible for coming up with state-of-the-art aerostat systems, thereby steering the market ahead. Apart from these, advancements in technologies also ensure maximum utilization of these systems and drive increased demand for the aerostat systems market.