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 application of high altitude platform market can extensively aid in the reduction of crime, terrorism, contraband smuggling, and human trafficking owing to which countries are increasing their military and public safety spending to support the advancements of such technologies. For instance, India increased their military budget by 6% since last year and is anticipated to increase the spending in the coming years.
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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. 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.
Interestingly, telecommunications and wireless networks are not the only thriving application segments of high altitude platform market. Analysts deemed that surveillance application of HAPs dominated the business sphere, on account of its rising demand from the military and public safety sectors. The profound significance that these high altitude platforms hold in identification of criminals, terrorist attacks, and tracking activities have remarkably uplifted the demand of HAPs in surveillance applications. The recent instance of the sniper attack in the Las Vegas accounted for more than 59 deaths and 527 injuries, which has drastically impacted the business operations of HAP market.
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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.
Some Point from Table of Contents:
Chapter 4 High Altitude Platform 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. High Altitude Platform 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
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