High Altitude Platform Market Size 2022, Share, Growth, Trends, COVID-19 Analysis and Forecast By 2024
The high altitude platform (HAP) market is likely to witness remarkable growth owing to its growing use in whether/environment monitoring. HAPs provide an effective solution to the challenges consumers faced earlier with terrestrial towers and conventional satellites. These platforms are relatively affordable and can be operated over long distances and water bodies.
High altitude aeronautical platforms offer faster convergence routes for communication and broadcasting services owing to its close proximity presence near the earth's lower atmospheric layers. Due to its diverse military application, countries are heavily adopting HAPs to enhance public safety and national security. Highlighting an instance, India expanded its military budget by 6% to improve its national security.
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According to a report published by Global Market Insights, the high altitude platform market could hit USD 1.5 billion in terms of revenue by 2024. This growth can be attributed to some of the ongoing trends listed below:
Lucrative opportunities across Asia Pacific -
Rampant growth of the commercial and industrial sectors owing to high abundance and low cost of skilled labour and raw materials could broaden the industry horizon for HAP satellite manufacturers across APAC. Multinational companies are outsourcing their operation to Asian companies. Outsourcing usually requires high-speed broadband communication services to operate effectively. Growing adoption of day-to-day operations like online payments, e-learning, and gaming could drive the demand for high-speed internet connections through HAP satellites.
UAVs gaining immense traction -
UAVs are finding widespread application in the defense sector. These systems offer reliable surveillance features and can be developed to solely be powered by solar energy. This in turn could provide massive savings on fuel costs and minimize carbon footprint. As a result, various industry players are investing in the development of UAVs. Taking October 2018 for instance, Silicon Valley-based company offering proprietary unmanned terrestrial, aerial, and aquatic vehicles solutions, UAVOS revealed that a prototype of its High Altitude Pseudo Satellite (HAPS) dubbed ApusDuo aircraft has successfully finished the first stage of flight tests.
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Adoption of innovative business ideas -
The HAP market is currently in its nascent stage, but the industry is predicted to register noteworthy growth over the forecast timeframe. Prominent industry players like ILC Dover L.P., Elektra Solar GmbH, Airbus SE, Aerostar International, Lockheed Martin Corporation and AeroVironment are focusing on implementing various business strategies like product innovation and commercialization, partnership and acquisition to gain a competitive edge. Companies like AeroVironment are constantly bringing new innovations like the Mars Ingenuity helicopter and the Sunglider solar-powered high altitude platform station to enhance their consumer base.
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