Albany, NY -- (SBWIRE) -- 11/19/2018 -- According to a new market report published by Transparency Market Research "High Altitude Platforms Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023," the high altitude platforms (HAPs) market was valued at US$2.30 bn in 2014 and is estimated to reach US$4.77 bn by 2023, expanding at a CAGR of 8.7% from 2015 to 2023. North America accounted for the largest share, in terms of revenue, of the HAPs market in 2014.

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With high adoption of advanced UAV aircrafts and tethered aerostat systems, especially in the U.S., North America is expected to remain dominant throughout the forecast period. Asia Pacific is projected to emerge as the fastest-growing market for HAPs during the forecast period, expanding at a CAGR of 10.0% from 2015 to 2023. The market growth of HAPs in Asia Pacific region is mainly driven by the strong and increasing expenditure in HAP-based surveillance systems in China, India, Southeast Asia, Japan, and South Korea. Another significant factor boosting market growth is the growing Internet penetration and increasing demand for high-speed wireless communication services.

High altitude platforms (HAPs) are airborne systems deployed at altitudes of more than 50,000 feet. These systems are typically deployed in the stratosphere layer applications such as surveillance systems, communication, and navigation. The most significant factor fuelling the growth of the HAPs market is the large competitive advantages of HAPs over satellite systems. HAPs offer lower system and maintenance costs than satellite systems.

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In addition, HAPs can be controlled more conveniently and require less installation time than satellite systems. Government & defense accounts for the largest share, in terms of revenue and adoption, of HAPs worldwide. Thus, high investment on HAPs from countries such as the U.S., China, India, and Israel substantially contributes to the HAP market's growth. On the basis of platform type, the global HAPs market is segmented into airships, UAV aircraft, and tethered aerostat systems.

In 2014, the UAV aircraft segment accounted for the largest market share of over 71%, in terms of revenue, of the overall HAPs market. UAV aircraft are the costliest HAPs and provide the largest coverage areas. These aircraft are used in countries such as the U.S., China, Russia, Israel, Turkey, and France. Despite high costs, these aircraft have experienced strong demand from the aforementioned countries and hence the segment is anticipated to remain dominant throughout the forecast period.