ALBANY, New York, November 10, 2016 /PRNewswire/ --
According to the research report, the global airships market is expected to be worth US$273.2 mn by the end of 2024 from US$152.8 mn in 2015. Analysts predict that between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.5%. In terms of regions, North America is projected to lead the global market as the U.S. will boast a strong presence of key manufacturers. By the end of 2024, the North America airships market will be worth US$90.3 mn. Out of the various types of airships, the non-rigid airships will steal the show due to their low operating cost and light weight. The non-rigid airship segment is expected to account for a share of 43.5% in the global market by 2024.
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Safety Concerns Lend Impetus to Global Airship Market
The global airships market is primarily being driven by increasing uptake of airships in the field of advertising. "Several advertising agencies are opting for airships are they are exceptionally cost-effective solutions and thus have the chance to yield higher returns of investments," states the lead author of this research report. Airships can be raised up to cover a large view area at a minimal cost. Thus, they offer excellent visibility and remain stable until taken down. The demand for airships is also soaring as the safety concerns continue to pressurize several governments across the globe. Militaries across the globe are using airships for observing, temperature broadcasting, and geo-spatial mapping. They have not only made air surveillance cheaper but also eliminated the risk of humans handling these tasks.
The increasing usability of airships in research and for commercial tours is also anticipated to have a significant impact on the revenue of the global market. As air travel companies are readily adoption airships as they are focused on revolutionizing their services and offer consumers newer experiences. The attempts that changing hospitality in air travel and discovering newer routes has triggered the uptake of airships in the tourism industry. Furthermore, airships are also being used in the transportation industry. Thus airships are being popularly used in industries such as mining, automobile, oil, and manufacturing.
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Operational Complexities Hinder Market Growth
Despite the continued growth in the global airships market, the global market does face some tough challenges. The key factor hindering the growth of the airships market is their speed of travel. Airships travels at a remarkable slow speed and thus not being adopted as a primary mode of transport in several sectors. Additionally, the operational complexities are also hampering the growth of the global market. The usage of hydrogen and helium makes these airships very dangerous, marring their safety for a significant extent.
This review is based on Transparency Market Research's report, titled "Airships Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
Transparency Market Research observes that there are several emerging players in the global airships market as the market is a nascent one. This is also the primary reason why the market is quite fragmented. Some of the dominant players such as Aerocraft, American Blimp Corporation, and Northrop Grumman are placed in North America. As a majority of airships are still under production or construction, the market is yet to realize its full blown potential.
The global Airships market can be segmented as follows:
Global Airships Market, By Construction Type
- Semi Rigid
Global Airships Market, By Application
- Commercial Tours
- Cargo Transport
Global Airships Market, By Geography
- North America
- Middle East and Africa
- Latin America
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