Dublin, April 15, 2024 (GLOBE NEWSWIRE) -- The "High Altitude Platforms - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global High Altitude Platforms Market to Reach $6.5 Billion by 2030
The global market for High Altitude Platforms estimated at US$3.7 Billion in the year 2023, is projected to reach a revised size of US$6.5 Billion by 2030, growing at a CAGR of 7.1% over the analysis period 2023-2030.
In 2023, the competitive scenario in the High Altitude Platforms (HAPs) market reflected diverse player positions, ranging from strong and active to niche or trivial presence on a global scale. Insights into the market prospects and outlook revealed a surge in demand for HAPs, driven by various factors such as government and defense applications. Key drivers favoring the expansion of the HAPs market included compelling advantages over traditional satellites, increased demand for in-flight services, and advancements in solar-powered technologies.
Unmanned Aerial Vehicles (UAV), one of the segments analyzed in the report, is projected to record 7.1% CAGR and reach US$4.5 Billion by the end of the analysis period. Growth in the Airships segment is estimated at 6.4% CAGR for the next 8-year period.
The report also delved into the technical challenges, primary applications, potential uses, and regulatory hindrances affecting the HAPs market. Recent market activity and select global brands provided insights into the dynamic landscape of the High Altitude Platforms industry.
The U.S. Market is Estimated at $1.1 Billion, While China is Forecast to Grow at 8.4% CAGR
North America assumed a principal position in the global HAPs market, while developing economies emerged as hotbeds for adoption, with specific applications in the Australian defense sector and Indian border surveillance.
The High Altitude Platforms market in the U.S. is estimated at US$1.1 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2030 trailing a CAGR of 8.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR.
MARKET OVERVIEW
- High Altitude Platforms Market to Exhibit Steady Growth following COVID-19 Whiplash
- Competitive Scenario
- High Altitude Platforms - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Global Market Prospects & Outlook: Fueled by Escalating Demand, High Altitude Platforms Market to Hog the Spotlight
- World High Altitude Platforms Market by Application (2024 & 2030): Percentage Breakdown of Revenues for Government & Defense, and Other Applications
- Growing Roaster of Drivers to Favor Expansion of High Altitude Platforms Market
- Compelling Merits over Traditional Satellites
- Increasing Demand for Better In-Flight Services
- Focus on Solar-Powered Technologies
- Advanced Control Technology for HAPS Navigation Under Development
- UAV & Communication: Prime Segments of High Altitude Platforms Market
- World High Altitude Platforms Market by Type (2024 & 2030): Percentage Breakdown of Revenues for Unmanned Aerial Vehicles (UAV), Airships, and Tethered Aerostat Systems
- World High Altitude Platforms Market by Payload (2024 & 2030): Percentage Breakdown of Revenues for Communication, Surveillance, Navigation, and EO/IR Systems
- HAPS Holds Potential to Provide and Improve Connectivity
- North America Assumes Principal Position in Global High Altitude Platforms Market
- World High Altitude Platforms Market: Percentage Breakdown of Revenues for Developed and Developing Regions for the Years 2024 & 2030
- World High Altitude Platforms Market: Geographic Regions Ranked by CAGR (Revenues) for 2023-2030
- Developing Economies Emerge as Hotbed for Adoption of High Altitude Platforms
- Australian Defense Sector Focuses on Developing Robust HAPS
- HAPS Platforms for Indian Border Surveillance
- High Altitude Platforms: Stratosphere-Floating Telecommunication Stations as Alternative to Satellites
- Types of High Altitude Platforms & Design Considerations
- Technical Challenges
- High Altitude Platforms: Primary Applications
- Potential Applications of HAPS
- Regulations: Key Hindrances
- Recent Market Activity
- Select Global Brands
MARKET TRENDS & DRIVERS
- High Altitude Platforms Hold Potential for Use in Diverse Applications
- High Altitude Platforms Hold Capability to Augment Data Services
- High Altitude Platform Enabled Broadband to Benefit Rural and Remote Population
- Wide Coverage and Lower Costs Rev Up Opportunities
- Current Technology Trends Influencing the Market
- Mitigation of Technological Challenges Critical to Greater Adoption
- Design Advancements Make Airships More Relevant
- Greater Adoption of Tethered Aerostat Systems on the Cards
- Aerostats Seek to Extend Footprint in Military Applications
- Communication Sector Players to Step Up Investments in High Altitude Platforms
- The FCC Considers Authorizing HAPS Applications
- The Rise of HAPS as a Connectivity Solution
- HAPS Emerge as Connectivity Contenders Amid Challenges
- HAPS for 6G
- High Altitude Pseudo Satellites (HAPS) Revolutionizing Near Space Operations
- UAVs Widen the Addressable Market for High Altitude Platforms
- Global Civil Drone Market Size (in US$ Billion) for the Years 2019, 2022 and 2025F
- High Altitude Military Surveillance: Major Application of UAVs
- GCS Advancements Augment the Image of High Altitude UAVs
- Growing Security Concerns Drive Military UAV Deployments in High Altitude Surveillance
- Government & Defense: Dominant Application Segment
- Healthy Defense Spending to Amplify the Need for High Altitude Platforms: Projected Defense Budget (In US$ Billion) for the Years 2019, 2021 and 2023E
- Military Expenditure as a % of GDP in Select Countries
- Slowdown in Defense Spending Impedes the Demand for Military High Altitude Platforms
- Japan Defense Budgets: A Pre & Post COVID-19 Comparison (In US$ Billion)
- UK Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion)
- Despite the Slowdown, Government and Defence Investments Surging in HAPS
- Commercial Sector Investments on High Altitude Platforms Continue to Rise
- HAPS Market in the Nascent Stage, But Technological Advancements on the Rise
FOCUS ON SELECT PLAYERS(Total 107 Featured)
- BAE Systems PLC
- Boeing Company, The
- AeroVironment, Inc.
- Aurora Flight Sciences
- Aeronautics Ltd.
- Altaeros Energies
- Aeroscraft Corporation
- Allsopp Helikites Ltd.
- AUGUR-RosAeroSystems
- Atmos UAV B.V.
- Applied Aeronautics
- Aheadx
- Asteria Aerospace
- Ayaan Autonomous Systems Pvt. Ltd.
- Airbus Sas
For more information about this report visit https://www.researchandmarkets.com/r/cq6kjb
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