Sellbyville, DE -- (SBWIRE) -- 10/23/2018 -- The U.S. is expected to dominate the regional HAP market while the Asia Pacific region is anticipated to experience swift adoption of the technology for commercial and telecommunication purposes. The U.S. military services are the largest adopters of these technologies. The economic growth in South-East Asian nations contributes to the expansion of HAP market. Outsourcing of various business activities in the region requires consistent internet connection and other communication facilities, thereby influencing the demand for efficient surveillance of internet services.

High Altitude Platform (HAP) Market size is projected to exceed USD 1.5 billion by 2024. Rise in global defense expenditure across varied economies for the procurement of cutting-edge surveillance & defense technologies, such as UAVs, is a major factor driving the high altitude platform market growth. Rising terrorist, hijacking, and trafficking activities across the world contribute toward a consistent increase in the defense expenditure of the governments. For instance, in July 2016, five police officers were killed and seven injured in a sniper shooting incident in Dallas, U.S. Such instances spread widespread panic among the masses and affect business operations in the region.

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The ability of these platforms to provide concise and clear images of objects and individuals over a long period of time is expected to drive the high altitude platform market. Government administrations in France, India, the UK, and the U.S. have initiated various grants and programs to assist companies operating in the industry. For instance, in December 2015, the French Government offered financial assistance to the Thales Alenia Space for the research activities and prototype development of Stratobus, a multi-mission stratospheric airship. The high initial costs associated with the devices will hamper the high altitude platform market growth. Exposure to high wind speed ranging more than 95 mph can result in a significant damage to the devices. Additionally, the development of these devices requires a highly skilled labor force with expertise in the development and maintenance of these devices.

Tethered aerostat systems are expected to hold the highest revenue share in the HAP market owing to their diverse applications such as information gathering, surveillance, environmental research, and disaster management. In high altitude platform market, surveillance applications are expected to maintain a dominant position due to the increased utilization in military & defense applications. For instance, UAVs and airships are used for surveillance applications such as detecting & identifying criminals through advanced video analytic systems and aerial imaging systems.

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Key players in the HAP market include Avealto Ltd., Aerostar International, Inc., TCOM L.P., Lindstrand Technologies Ltd., Israel Aerospace Industries Ltd., Raytheon Company, Airbus SE, Thales Group, Lockheed Martin Corporation, and Rafael Advanced Defense Systems Ltd. These companies are investing highly in R&D to launch new products and entering into strategic partnerships with other industry participants to improve their foothold in the industry.

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