Escalation: Economic Impact of COVID-19 on the High Altitude Platforms Market
Pune, Maharashtra,India, November 9 2020 (Wiredrelease) Origius Systems Private Limited –:High-altitude platforms (HAPs) are unmanned aircraft positioned in the stratosphere (above 20 km), in order to perform remote sensing or to compose a telecommunications network. The increasing adoption of high altitude platforms due to benefits offered by them such as low deployment costs along with, easier to maneuver is expected to fuel the global market growth. However, the outbreak of COVID-19 has a made considerable impact on the high altitude platform in the global market. The pandemic has hit multiple business operations such as transportation, manufacturing, and others. On the other hand, several organizations across the globe are concentrating on product development to tackle global emergencies such as COVID-19 and other pandemics. For instance, as per the online newsletter published in June 2020, a group of researchers at Liverpool Hope University has designed high altitude solar-powered platforms that have the ability to solve the problem of rural connectivity in communities around the world. In addition to this, the platform has the ability to circulate emergency messages among the people, during pandemic situations. These advancements into high altitude platforms may offer lucrative opportunities for the global market, over the forecast period.
During this COVID-19 circumstances, we are helping our clients in understanding the impact of COVID19 on the global high altitude platform.
As per a report published by Research Dive, the global high altitude platform market is set to register a revenue of $6.5 Billion by 2027, at a healthy CAGR during the projected period.
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The segmentation of the global market has been done based on the type, payload, application, and region. The report provides key insights on drivers, future opportunities, segments, restraints, and industry players of the market.
Factors Affecting The Growth
As per our analyst estimates, the key role of high altitude platform (HAP) in the civilian and military sectors mainly because of the capability of remote sensing and telecommunication expected to increase the growth of the global high altitude platforms, during the forecast period. Contrary to this, the high manufacturing and maintenance cost is expected to restrain the growth of the global high altitude platform industry.
Tethered aerostat systems will be most lucrative till 2027
Based on the type, the global high altitude platform market is categorized into a tethered aerostat system, Air Ships, and UAV. The tethered aerostat system is expected to increase at a healthy CAGR during the forecast period; mainly owing to low maintenance costs along with easy upgradation.
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Communication sector to rise at a substantial rate
On the basis of the payloads, the high altitude platform market is broadly categorized into; Communication, EO/IR Systems, and Surveillance, Navigation. The communication sector will generate a noteworthy revenue and is all set to rise at a healthy CAGR throughout the forecast period. The heavy investments in the research & innovations by key manufacturers may lead to drive the segment, during the projected period
Government & Defense to Register Significant growth throughout the analysis period
Based on the application, the global high altitude platform market is fragmented into government & defense, commercial, others. The government & defense segment is projected to rise at a healthy CAGR during the period of forecast. The rising adoption high altitude platforms owing to versatility in navigation systems, aerial imaging, and surveillance systems may lead to a surge in the growth of the segment, over the forecast period.
Geographical Analysis and Major Market Players
On the basis of region, the global high altitude platform market is classified into North America, Asia-Pacific, Europe, and LAMEA. The Asia-Pacific market will have significant market growth and is predicted to generate huge revenue during the forecast timeframe. Rising adoption of UAVs along with a significant increase in the defense expenditure particularly in China, India and South Korea is expected to foster the Asia-Pacific high altitude platform market
The leading players of the global high altitude platform market include Lockheed Martin Corporation., Aeros, IAI, Rafael Advanced Defense Systems Ltd., Raven Industries, Inc., TCOM, L.P. , Lindstrand Technologies Limited, ILC Dover LP, AeroVironment, Inc.,and Raytheon Technologies Corporation.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Autonomous Underwater Vehicle (AUV) Market https://www.researchdive.com/259/autonomous-underwater-vehicle-auv-market
High Altitude Platforms Market https://www.researchdive.com/291/high-altitude-platforms-market
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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