High Altitude Pseudo Satellite Market Worth $189 Million by 2028
High Altitude Pseudo Satellite Market Worth $189 Million by 2028
CAGR Forecast is More than 17 Percent Through the Period
The high altitude pseudo satellite market size is projected to grow from $85 million in 2023 to $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 the high altitude pseudo satellite market.
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 $0.3 million in 2023 to $44.8 million by 2028, at a CAGR of 170.8% from 2023 to 2028.
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.
The commercial segment is projected 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.
North America is forecast to be the largest regional share of the 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 that is used in high altitude pseudo satellites. These advancements have minimized the costs of launching satellites making high altitude pseudo satellites more affordable. Thus, the growing affordability and reliability of high altitude pseudo satellites 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 include 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.