Airships navigate through the air with their own power and are lifted into the air with hydrogen and helium. The various types of airships are predominantly being used for surveillance purposes as the safety has become a growing concern in the recent times.
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The low maintenance cost of airships and their ability to offer surveillance to large areas are acting as key growth drivers for the global airships market. According to the research report, the global airships market is projected to be worth US$273.2 mn by the end of 2024 as compared to US$152.8 mn in 2015. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 6.5%.
Innovative approaches towards advertising and market are also influencing the global airships market to a large extent. Advertisers are opting for airships are they cover bigger areas, have improved visibility, and remain stationary. Thus, the cost-effectiveness of airships and their returns on investment in the field of advertising are making a significant impact on the overall market.
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The tremendous capacity of these airships to handle weight has opened up the opportunity for these airships in the logistics sector. However, the global airships market faces a few challenges. The usage of hydrogen exposes these airships to the risk of inflammation, which can lead to fatal accidents. In view of these risks, researchers are working on developing hybrid airships that will partly operate on solar energy to mitigate the possibility of hazardous accidents.