Global Airships Market Report, published by Variant Market Research, forecast that the global market is expected to reach $304 million by 2024 from $174 million in 2016; growing at a CAGR of 7.2% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 8.7% and 7.6%, respectively, during the forecast period.
Increasing need for continuous surveillance, along with low operational cost could support the growth of the airships market. Furthermore, high adoption in advertisement owing to its ability to stay up in the air and target larger audience also boosts the growth of the market.
The global airships market has been categorized based on the structure type, application and geography. Under structure type segment, it is further bifurcated into rigid, semi-rigid and non-rigid. Non-rigid and semi-rigid accounted for the market share of 42.9% and 34.2% respectively, 2016. Furthermore, applications are segmented into commercial tours, surveillance, research, cargo transport and others. Advertisement held the largest share in global airships market in 2016 and also expected to grow at the highest CAGR of 7.8% between 2016 and 2024.
In geographical segment, Asia-Pacific is the fastest growing region in the global airships market, owning to increasing penetration of airships in emerging economies for moving freight, particularly in remote areas and high use in outdoor advertising. North America accounts the largest share of the market with 34.1% followed by Europe with 27%, in the year 2016.
The key players of global airships market include, Lockheed Martin Corporation, Airborne Industries inc, Hybrid Air Vehicles Ltd., Lindstrand Technologies, GEFA-FLUG GmbH, Information Systems Laboratories Inc., Shanghai Vantage Airship Manufacture Co. Ltd., Zeppelin Luftschifftechnik GmbH., Skyship Services Inc. and RosAeroSystems s.r.a., among others.