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(MoneyNewsWire.Net, March 09, 2018 ) The global aerostat systems market has been estimated to be worth USD 5.42 Billion in 2016 and is expected to be valued at USD 10.95 Billion by 2021, registering a CAGR of 15.10% during the forecast period.
On the basis of product type, the aerostat systems market has been segmented into balloon, airships and hybrid. The segment comprising airships is projected to be the fast-growing segment in the aerostat systems market, segmented based on product type, registering a significant CAGR during the forecast period of 2016 to 2021. Airships are expected to use as a means of transportation to deploy troops or cargo in areas, which have inadequate infrastructure.
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On the basis of propulsion system, the aerostat systems market has been segmented into powered and unpowered systems. The segment comprising powered aerostat is projected to be the fastest-growing segment in the aerostat systems market, by propulsion systems, registering a significant CAGR during the forecast period of 2016 to 2021. The demand for unpowered aerostats, such as airships is expected to increase owing to their versatility and lesser fuel consumption.
The market of aerostat systems has been segmented based on the class into compact-sized, mid-sized and large-sized. The large-sized aerostats is projected to be the fastest growing segment in the aerostat systems market with the significant CAGR during the forecast period of 2016-2021, primarily driven by the increased need for tethered aerostat systems, airships as well as Helikites by the defense forces worldwide, and is expected to bolster the demand for such aerostat systems.
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The aerostat systems market is dominated by North America, followed by Europe, Asia-Pacific, and Rest of the World (RoW). The Middle East region is expected to exhibit the highest growth rate in the aerostat systems market, during the forecast period from 2016 to 2021. The growth of the aerostat systems market in this region can be attributed to the rising demand for persistent surveillance owing to an increase in terrorism in the region.
The major players in this market are Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), TCOM L.P. (U.S.), Raven Industries (U.S.), Augur Rosaerosystems (Russia), ILC Dover (U.S.), Exelis (U.S.), RT LTA Systems Ltd. (Israel), Lindstrand Technologies (U.K.), Aeroscraft Corporation (U.S.), Rafael Advanced Systems (Israel), Allsopp Helikites (U.K.), Hybrid Air Vehicles (U.K.), Near Space Systems (U.S.), among others.
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