The global High Altitude Platform Market is estimated to have a CAGR of 5.20% with a market size estimated to be USD 1.8 billion by 2028. The increasing advantage of terrestrial and satellite systems in the U.S, Europe, and the Asia Pacific has enhanced the growth of the market. Also with the increase in defense spending across the globe of advanced defense and surveillance technology has led to the rise in the market.
The defense expenditure is increasing due to the increase in terrorist activities all over the globe. So countries across are investing in Defense for its expenditure costs. HAP’s can be used for land-based applications and maritime. It can be used for navigation, communication systems, environmental monitoring, and other internet services.
The technology supports wireless broadband and telecommunication services for different platforms such as airships, balloons, aircraft, and airplanes. These platforms operate in the stratosphere which is at a higher altitude, higher than when aircraft fly. These high altitude platforms perform in remote sensing and building network transformation in the defense.
The High Altitude Platform Market market is segmented into North America, Europe, APAC, Middle East & Africa, and Latin America. North America is expected to have the largest market size due to the presence of HAP’s aircraft in the region and Asia Pacific will have the highest CAGR due to the adoption of UAV aircraft in India, China, and other countries
The major players of the High Altitude Platform Market are TCOM L.P., Lockheed Martin Corporation, Aerostar International, Inc. (Raven Industries, Inc.), Raytheon Company and many more players. The companies have been focusing on organic and inorganic expansion for strategic initiatives to increase the market globally.
Segment Overview of High Altitude Platform Market Market
Product Overview, 2018-2028 (USD Billion)
- Unmanned Aerial Vehicles
- Tethered aerostat systems
Application, 2018-2028 (USD Billion)
- Navigation and remote sensing
- EO/IR system
End-User Overview, 2018-2028 (USD Billion)
- Government & Defense
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America