The Global High Altitude Aeronautics Platform Station (HAAPS) market is expected to grow at 4.88% CAGR during the forecast period 2019-2027. Low operational cost, easy functionality and large coverage area are among the key advantages that HAAPS offers.
The global market for high aeronautics platform stations on the basis of platforms, payload and end-user. The commercial sector is expected to grow at the highest annual rate during the forecast period (2019-2027) owing to R&D undertaken by the vendors in high altitude platforms for applications in telecommunications, navigation, space tourism and others. Several companies are using strategies such as mergers & acquisitions, partnerships, contracts, agreements and new product launches in order to gain a competitive edge over other companies.
The North American HAAPS market is currently the most dominant regional market in the world. However, during the course of the forecast period, the Asia Pacific market is expected to record the highest annual growth rate. Currently though, the region is still dependent on the west for procurement as the development of high-altitude platforms, mostly for defense application is still in its infancy stage.
Prominent players in the global HAAPS market include Aerovironment Inc., Airbus Group Se, Alphalink, Augur Rosaerosystems, Bye Aerospace, Cyphy Works Inc., Elistair, Hoverfly Technologies Inc, Lockheed Martin Corporation, Raven Industries Inc., Tcom L.P. and Thales Group.