global airships market is projected to be worth US$273.2 mn by the end of 2024 as compared to US$152.8 mn in 2015. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 6.5%.
Albany, NY -- (SBWIRE) -- 12/14/2016 -- Airships are lighter than air (LTA) airships. These aircrafts have the ability to navigate through air with the help of its own power. Airships, also known as aerostats gain their lift through large gas filled bags which are filled with lifting gases such as helium or hydrogen. The market for airships is expected to grow due to their rising demand for surveillance globally.
Global Airships Market: Drivers and Restraints
The growing concern for safety has lead to the increasing demand for surveillance. However, the requirement for monitoring of large areas is leading to the demand for economic methods of surveillance. Airships have lower maintenance cost and can monitor a large area by staying uplifted for long time periods. These factors are aiding to the demand for airships in surveillance applications. Furthermore, the airships are being used as a mode of advertisement as they have the ability to stay up in the air with little or no movement which helps the advertisements to cover a larger target area. Moreover, advertising on airships has been analyzed to be much more cost effective compared to other forms of advertising.
However, there are some issues related with the use of airships that can hinder the growth of the market. Currently, most of the airships operated with the help of lighter than air gases such as helium and hydrogen. However, hydrogen is a highly flammable gas which has led to several accidents earlier. Hence it becomes risky to operate an airship filled with hydrogen. Furthermore, the airships travel at a much slower speed compared to the modern day jets. Hence, the application of airships in commercial travel is being restrained due to slow speeds. Nevertheless, research is being conducted to develop hybrid airships which are supposed to run with the help of solar energy to avoid the operational hazards associated with lighter than air gases. The concept of hybrid airships is expected to push the demand for airships in future.
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Global Airships Market: Segmentation
The global airships market has been segmented by construction type, application and geography. By construction type, the market has been categorized into rigid airships, semi rigid airships and non-rigid airships. Non-rigid airships are strong demand because of their lower cost. Additionally, these airships are preferred for advertisements due to their light weight design. In terms of application, the airships market has been segregated into surveillance, research, commercial tours, advertisements and cargo transport among others. The advertisement and surveillance segment has the maximum demand for airships. The demand in advertisement is attributed by the large exposure gained due to more area coverage of the advertisements displayed in the middle of the sky. Furthermore, the increasing demand for safety has created the need for surveillance of large areas. These factors are pushing the demand for airships in these segments.
Global Airships Market: Regional Outlook
By region, the airships market has been segmented into North America, Europe Asia Pacific, Middle East and Africa and Latin America. North America and Europe is expected to dominate the airships market regionally. The dominance of this region is due to the presence of developed countries like the U.S., U.K. and Germany where maximum research and development and manufacturing facilities are present for airships.
To get a better understanding of the global airships market, the market dynamics have been provided which discusses the drivers, restraints and the opportunities present in the market. Furthermore, the key trends effecting the growth of the airships market have also been provided. In addition, the market challenges associated with the development of airships has also been analyzed in the report.
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Key Players Mentioned in the Report
The global airships market has several dominating and emerging players. The leading players have been profiled on the basis of their product segments, financial overview, company information and business strategies adopted by them for airships market. The major players in the airships market include Hybrid Air Vehicles Ltd., Zeppelin Luftschifftechnik GMBH, Shanghai Vantage Airship Manufacture Co. Ltd., Lindstrand Technologies Ltd. and Lockheed Martin Corporation.
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