CHICAGO, Oct. 31, 2023 /PRNewswire/ — The high altitude pseudo satellite market size is projected to grow from USD 85 million in 2023 to USD 189 million by 2028, at a CAGR of 17.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The demand for these systems has witnessed significant growth recently due to improving reliability for long-duration HAPS deployments, rising demand of HAPS in emergency services, advancing payload integration techniques for versatile HAPS operations and growing adoption of composite material to build lightweight HAPS. These drivers have led to the growth of High altitude pseudo satellite market.
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High Altitude Pseudo Satellite Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 85 million |
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Estimated Value by 2028 |
$ 189 million |
|
Growth Rate |
Poised to grow at a CAGR of 17.2% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Platform, Application, End User and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Energy storage is a challenge for high altitude pseudo satellite |
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Key Market Opportunities |
Increasing need for high-speed, reliable communication networks in remote areas |
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Key Market Drivers |
Increasing usage of global connectivity |
Airships platform to be fastest growing segment for the High-altitude pseudo satellite market during the forecast period.
Based on platform, the market segmented into airships, balloons, and UAVs. The airships segment is forecasted to be the fastest growing segment due to increased demand for surveillance and reconnaissance in the market. The segment is projected to grow from USD 0.3 million in 2023 to USD 44.8 million by 2028, at a CAGR of 170.8% from 2023 to 2028.
Other (ISR, Monitoring, Search and Rescue, Navigation) Application Segment To Grow At Highest CAGR of 22.1% during the forecast period.
Based on applications, the market segmented into communication, Earth Observation & Remote Sensing, and Others (ISR, Monitoring, Search and Rescue, Navigation). The Others (ISR, Monitoring, Search and Rescue, Navigation) segment is forecasted to be the fastest growing segment as High-Altitude Pseudo Satellites (HAPS) can be valuable assets for Intelligence, Surveillance, and Reconnaissance (ISR), Monitoring, Search and Rescue and Navigation applications due to their ability to provide persistent surveillance and data collection capabilities.
Commercial end user segment to have higher growth for the High-altitude pseudo satellite market during the forecast period.
Based on end user, the market segmented into commercial, and government & defense. The commercial segment is forecasted to be the fastest growing segment due to increasing demand for internet access in remote and underserved areas. This is a major commercial opportunity for High Altitude Pseudo Satellites operators, as there is a large and growing population of people who lack access to reliable and affordable broadband internet.
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North America to Account for Largest Market Share in 2023.
North America is projected to be the largest regional share of High-altitude pseudo satellite industry during the forecast period. Major companies are based in the US. These players continuously invest in the R&D of new and advanced technology used in high altitude pseudo satellite market. These advancements have minimized the costs of launching satellites making high altitude pseudo satellite more affordable. Thus, the growing affordability and reliability of high altitude pseudo satellite serves to be one of the most significant factors leading to the growth of the high altitude pseudo satellite market in the North American region.
The high-altitude pseudo satellite companies includes major players AeroVironment, Inc. (US), Prismatic Ltd. (UK), Airbus (France), Thales Group (France), and SoftBank Group Corp. (Japan). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World.
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