With significant advancements in artificial intelligence and wireless technologies, high altitude platform market is expected to witness remarkable growth in the coming years. The emerging market for broadband data provision and multimedia are highly impacting the growth of projects – that are launching terrestrial and satellite systems for enhancing wireless and internet services. Airships, tethered aerostat systems, unmanned planes, and so-called pseudo satellites are some of the most significant high altitude platforms that are been used to enhance global communication, wireless technologies, and surveillance applications.
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Statistically, it has been observed that the application scope and involvement of special deep-pocketed proponents have significantly led high altitude platform market to cross the billion-dollar frontier in 2016. According to the estimates provided by Global Market Insights, Inc., high altitude platform market size was over USD 1 billion in 2016 and is expected to surpass a valuation of USD 1.5 billion, expanding at 5% CAGR over 2017-2024.
Rapid growth of the industrial and commercial sector in the South-East Asian regions due to low cost, high abundance of raw materials and skilled labour. Foreign players are increasing outsourced activities which cannot function without the availability of high-speed broadband communication services. Furthermore, there is also a notable increase in the reliance of the general population for a large scale of day-to-day operations such as e-learning, payments, gaming, among others fueling the demand for the high-speed internet solutions via the High Altitude Platform Market.
Segmentation of the High Altitude Platform Market by UAVs is anticipated to dominate during the forecast timespan owing to their applications in the defense sector. These systems can be designed to rely solely on solar powered technologies which is anticipated to cause large savings in term of fuel costs and reduce the CO2 emissions.
The commercial segment of the High Altitude Platform Market is anticipated to experience high demand during the forecast timespan. Various telecommunication projects such as Skybender and Wave have been implemented for the provision of broadband services to remote locations and have high uses in telesurgery and low cost, internet services.
The increased demand for telecommunication services in rural and underserved locations is largely supported by government push for the development of the High Altitude Platform Market. For instance, the application of High Altitude Platforms Mobile Robotic Telesurgery (HAPsMRT) was developed specifically by AeroVironment, Inc. for usage by the U.S. Army. These stations aid medical personnel to implement complex surgeries without latency issues in data packet transfers.
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High Altitude Platform Market players include Elektra Solar GmbH, ILC Dover L.P., Aerostar International, Inc., Airbus SE, AeroVironment, Inc., and Lockheed Martin Corporation. The HAP Market is currently in its nascent stage owing to which companies resort to business strategies such as partnerships and joint ventures to sustain growth. For instance, in March 2016, Avealto Ltd. announced that it was partnering with JP Aerospace for the operation and development of Tandem Vehicle.
Major Key Points from Table of Content:
Chapter 4. HAP Market, By Product
4.1. HAP Market share, by product, 2016 & 2024
4.2. Unmanned aerial vehicles (UAV)
4.2.1. Market estimates and forecasts, 2013 – 2024
4.3.1. Market estimates and forecasts, 2013 – 2024
4.4. Tethered aerostat systems
4.4.1. Market estimates and forecasts, 2013 – 2024
Chapter 5. HAP Market, By Application
5.1. HAP Market share, by application, 2016 & 2024
5.2.1. Market estimates and forecasts, 2013 – 2024
5.3. Navigation and remote sensing
5.3.1. Market estimates and forecasts, 2013 – 2024
5.4.1. Market estimates and forecasts, 2013 – 2024
5.5. EO/IR system
5.5.1. Market estimates and forecasts, 2013 – 2024
Chapter 6. HAP Market, By End-user
6.1. HAP Market share, by end-user, 2016 & 2024
6.2. Government & defense
6.2.1. Market estimates and forecasts, 2013 – 2024
6.3.1. Market estimates and forecasts, 2013 – 2024
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