The high altitude platforms (HAPs) market was valued at US$2.30 bn in 2014 and is estimated to reach US$4.77 bn by 2023, expanding at a CAGR of 8.7% from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 08/16/2018 -- High altitude platforms (HAPs) are systems equipped with different payloads used for applications such as surveillance, environmental monitoring, communication, and navigation. These systems are designed to stay aloft for long periods at altitudes of more than 50,000 feet. Typically, HAPs are stationed in the stratosphere layer, which are much higher than the altitude at which commercial aircraft operate. The most significant factor responsible for the growth of the High altitude platforms market is their cost effectiveness as compared to the satellite systems used for similar applications. HAPs require less operating and maintenance expenditure than satellites, and are compatible with the existing infrastructure. The government and defense sector is the largest consumer of HAPs, using them as efficient surveillance systems. High expenditure on this sector from various countries is another important factor propelling the market’s growth. Furthermore, the HAPs market is also significantly driven by the rapidly increasing penetration and demand for wireless communication services worldwide. The market witnesses significant restraints from the high costs of UAV aircraft, coupled with their lower flight hours. Additionally, the market is also challenged by some of the operational issues of aerostat systems and airships.
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The market for high altitude platforms is segmented, based on the type of platforms, into airships, UAV aircrafts, and tethered aerostat systems. The market has been segmented based on the type of payloads into communication systems, surveillance, electro-optics/infrared (EO/IR) imaging systems, and navigation systems. On the basis of applications, the market for high altitude platforms is categorized into commercial, government & defense, and others. The commercial segment primarily comprises wireless communication systems, aerial imaging, and navigation. The others segment consists of applications such as environmental monitoring, space ports, and backup systems during satellite outages.
This report studies the current scenario and future market potential for high altitude platforms globally. The market for these HAPs has been extensively analyzed on the basis of types of platforms, applications, payloads, and geographic regions. The market sizes and forecasts in terms of revenue (US$ Mn) for each of these segments have been provided for the period from 2013 to 2023, considering 2014 and 2015 as the base years. The report also provides the compounded annual growth rate (CAGR) for each segment of the market for forecast period between 2015 and 2023.
Geographically, the global high altitude platforms market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The market size and forecast for each of the above regions has been provided for the period from 2013 to 2023 along with the CAGR (%) for the years from 2015 to 2023. The study also includes a qualitative analysis of the competitive scenario for major countries/regions in these geographical segments. The overview section of the report comprises qualitative analysis of the overall market, highlighting the factors that determine market dynamics such as drivers, restraints, and opportunities, along with the key trends analysis. Apart from this, the report includes major regulations imposed on the high altitude platforms market. The report also contains a section wherein the technical operation of the high altitude platforms has been discussed.
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The report also provides a section on the competitive landscape, wherein the market positioning analysis of the leading players in high altitude platforms market in 2014 has been discussed. The section includes description of competitive strategies adopted by the leading players in the market for individual products considered. The report concludes with the profiles of major players in the global high altitude platforms market, such as TCOM L.P., Lockheed Martin Corporation, Raytheon Company, Aerostar International, Inc. (Raven Industries, Inc.), Lindstrand Technologies Ltd., ILC Dover LP., Israel Aviation Industries Ltd., AeroVironment, Inc., Worldwide Aeros Corporation, and Rafael Advanced Defense Systems Ltd.
High Altitude Platforms Market Segmentation:
High Altitude Platforms Market, by Type
Unmanned Aerial Vehicles (UAV)
Tethered Aerostat Systems
High Altitude Platforms Market, by Payload
High Altitude Platforms Market, by Application
Government & Defense
High Altitude Platforms Market, by Geography
Middle East and Africa (MEA)
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