Albany, NY -- (SBWIRE) -- 11/03/2017 -- The global airships market is a nascent one and is hence is seeing foray of numerous players. This makes the market fragmented and highly competitive. In future, the competition is slated to increase further. Since most of the key players are building their airships, the market is still to realize its full potential.

Some of the prominent participants in the market such as Aerocraft, American Blimp Corporation, and Northrop Grumman are headquartered in North America. Other key players in the market are Lockheed Martin Corporation, Hybrid Air Vehicles Ltd., Shanghai Vantage Airship Manufacture Co. Ltd., Zeppelin Luftschifftechnik GMBH, and Lindstrand Technologies Ltd.

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A report by Transparency Market Research finds that the global airships market will attain a value of US$273.2 mn by 2024-end as compared to US$152.8 mn in 2015 by rising at a CAGR of 6.5% from 2016 to 2024.

Depending upon application, the key segments of the global market for airship are research, surveillance, advertisements, commercial tours, cargo transport, etc. Of them, the advertisement and surveillance segment is responsible for most of the demand for airships. Advertisement generates demand on account of the enormous exposure resulting from greater coverage area of the advertisements displayed in the sky. In addition, the rising thrust on safety has generated the need for surveillance of large areas. All these are serving to push up demand in the market.

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From a geographical standpoint, North America, powered by the U.S., is slated to lead the market. Presence of prominent manufacturers in the U.S. is bolstering the market in the region. The market in North America is expected to reach a value of US$90.3 mn by 2024.

Advertising Drives Demand

At the forefront of driving demand in the global market for airship is the demand from the domain of advertising. "Numerous advertising agencies are buying airships because of the low cost solutions they provide, which in turn brings about greater returns on investments," explains the lead analyst of the TMR report. Airships, once elevated, accords a large view of the area at a very low cost. Thus, they provide excellent visibility and remain stable till they are taken down.

Various Application Areas Boost Uptake

Safety concerns are also serving to boost the demand for airships. Militaries worldwide are leveraging airships to broadcast temperature, observe, and for geo-spatial mapping. Besides making air surveillance cheaper, it has also reduced risk to humans handling these tasks.

The rsing use of airships in research and for commercial tours is also predicted to have a positive impact on the global market for airships. Other application areas serving to boost uptake are the transportation industry, mining, automobile, oil, and manufacturing.

Slow Speed and Safety Concerns Prove Detrimental to Demand

Posing a hindrance to the market, on the other hand, is their slow speed which is preventing them from being made a primary mode of transport in various areas. Further, complicacies associated with operations are also serving to deter their uptake. There are safety issues too. The use of hydrogen and helium makes airships dangerous, thereby affecting their popularity.

This review is based on the findings of a TMR report, titled, "Airships Market (Construction Type - Rigid, Semi Rigid, and Non-rigid; Application - Surveillance, Research, Commercial Tours, Advertisement, and Cargo Transport) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

The Global Airships Market is segmented as below:

Global Airships Market, by Construction Type

Rigid
Semi Rigid
Non-Rigid

Global Airships Market, by Application
Surveillance
Research
Commercial Tours
Advertisement
Cargo Transport
Others