High altitude platforms (HAPs) market is estimated to reach US$4.77 bn by 2023, expanding at a CAGR of 8.7% from 2015-23. North America accounted for the largest share

Albany, NY -- (SBWire) -- 07/06/2016 --According to a new market study published by Transparency Market Research, the global high altitude platforms market was valued at US$2.30 bn in 2014. Expanding at a CAGR of 8.7% between 2015 and 2023, the said market will reach a valuation of US$4.77 bn by 2023. The title of this report is "High Altitude Platforms Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" and it is available for sale on the company's website.

High altitude platforms (HAPs) are structures equipped with various payloads for varied applications such as environmental monitoring, communication, surveillance, and navigation. HAPs are designed to stay in the air for long periods at altitudes above 50,000 feet. These are positioned in the stratosphere, which is at a much higher altitude than the atmospheric layer where commercial aircraft operate.

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In 2014, North America accounted for the largest share in the global HAPs market. This is primarily due to the high adoption of advanced tethered aerostat systems and unmanned aerial vehicles (UAV), mainly in the U.S. The region is expected to maintain its dominant position until the end of the forecast period. Asia Pacific will emerge as the fastest-growing market for HAPs displaying a CAGR of 10.0% from 2015 to 2023. The increasing expenditures on HAP-surveillance systems in India, China, Japan, South Korea, and Southeast Asia to strengthen national security will aid the market's growth. The increasing Internet penetration and escalating demand for high-speed mobile telephony is another significant factor boosting the development of the HAPs market in this region.

High-altitude-platforms-technologies

According to the report, the competitive advantage of HAPs over satellite systems is the most significant factor driving the HAPs market. HAPs are operable at much lower maintenance costs than satellite systems. Moreover, the ease of control and less installation time as compared to satellite systems are the other advantages of HAPs.

The application segments of this market are government and defense, commercial, and others. The government and defense segment contributes the highest revenue to the global market. Thus, hefty investments on HAPs for national security by countries such as China, the U.S., India, and Israel will contribute to the growth of the HAP market.

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On the basis of platform, tethered aerostat systems, UAV aircraft, and airships are the segments of this market. In 2014, UAVs held a share of more than 71% in the global market in terms of revenue. Price-wise, UAVs are the costliest HAPs and offer the largest coverage areas. Countries such as the U.S., Russia, France, China, Israel, and Turkey have deployed UAVs. Despite their high cost, these aircraft witness strong demand from the aforementioned countries thus will remain dominant until the end of the forecast period.

By payload, communication, EO/IR imaging systems, surveillance systems, and navigation systems are the segments of the global HAPs market. Communication systems held a share of close to 38% in the global market in 2014.

The global high altitude platforms market comprises several players. Some of them are: TCOM L.P., Raytheon Company, Lindstrand Technologies Ltd., Israel Aviation Industries Ltd., Worldwide Aeros Corporation, Lockheed Martin Corporation, Aerostar International Inc., ILC Dover LP., AeroVironment Inc., and Rafael Advanced Defense Systems Ltd.

High Altitude Platforms Market Segmentation:

High Altitude Platforms Market, by Type

Airships
Unmanned Aerial Vehicles (UAV)
Tethered Aerostat Systems

High Altitude Platforms Market, by Payload

Communication
Surveillance
EO/IR Systems
Navigation

High Altitude Platforms Market, by Application

Commercial
Government & Defense
Others

High Altitude Platforms Market, by Geography

North America
Europe
Asia Pacific
Middle East and Africa (MEA)
Latin America

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.