ALBANY, New York, December 13, 2018
ALBANY, New York, December 13, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes the global high altitude platforms market has a moderately consolidated vendor landscape. The market is experiencing the domination of the companies including TCOM L.P., Lockheed Martin Corporation, Aerostar International, Inc., and Northrop Grumman Corporation. Some of the other manufacturers operating in the global high altitude platforms market are Raytheon Company, Lindstrand Technologies Ltd., Israel Aviation Industries Ltd., ILC Dover LP., and Rafael Advanced Defense Systems Ltd.
A report from TMR estimates, the global high altitude platforms market valued at US$2.30 bn in 2014 and is expected to attain a valuation of US$4.77 bn in 2023. The market is expected to expand with a CAGR of about 8.7% over the forecast period from 2015 to 2023.
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Based on the product type, the unmanned aerial vehicles (UAV) segment accounted for the highest market share of 71% in the year 2014 followed by the communication segment. Based on the application, the government & defense segment dominated the global market by accounting total 70% of the shares in the overall market.
Based on region, North America accounted for the leading share of about 31% in the revenue of high altitude platforms market in 2014. However, Asia Pacific is expected to expand with a CAGR of 10.0% over the forecast period.
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Advantages of HAPs over Satellite Surveillance to Propel Growth
High altitude platforms (HAPs) are typically deployed in the stratosphere layers - more than 50,000 feet - for the applications such as communication, surveillance systems, and navigation. The high altitude platforms market is gaining traction due to growing advancement in the system for competitive advantages of HAPs over the satellite systems. The HAPs offers the advantages in the lowering cost of maintenance than satellite systems, easy and convenient maintenance, and installation in less time. In addition, growing investment and adoption of HAPs by numerous governments such as the US, India, China, and Israel are bolstering the growth of the high altitude platforms market.
In addition, growing penetration of Internet services and wireless technologies are surging adoption of the HAPs and is likely to propel the growth of the global high altitude platforms market.
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Complicated Operation and Handling to Hamper Growth of Market
Despite the numerous growth prospects, high costs of systems and numerous operational difficulties are limiting its adoption across other countries, which in turn are restraining growth of the global high altitude platforms market. Additionally, extremely slow deployment, restriction on payload weight, and difficult handling are some of the other challenges for the growth of the global high altitude platforms market. Nonetheless, adaptability and compatibility with the existing infrastructure and satellite is encouraging developing countries to invest higher for adopting the HAPs and likely to continue over the forecast period. This factor is expected to offer lucrative opportunities for growth over the forecast period. Additionally, they are effective for comparison with satellite for its proximity to Earth's surface of Earth is attracting numerous countries and likely to propel the growth of the high altitude platforms market over the forecast period.
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This information is encompassed in the new report by TMR, titled "High Altitude Platforms (Airships, Unmanned Aerial Vehicles (UAV) and Tethered Aerostat Systems) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
For the study, the high altitude platforms market has been segmented as follows:
By Platform Type
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