Global Hot Air Ballooning Equipment Market 2018-2022
About Hot Air Ballooning Equipment
A hot air balloon is an aerostat in which the lifting force is based on hot air that is produced by a propane burner. Envelopes, baskets, and burners are the main components of a hot air balloon. Certain ancillary products used along with the normal components in a hot air balloon include fuel cylinders, special heat shields, inflation fans, accessories and spares, and other instruments.
Technavio’s analysts forecast the Global Hot Air Ballooning Equipment Market to grow at a CAGR of 6.15% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global hot air ballooning equipment market. To calculate the market size, the report considers the revenue generated from the sales of components used in hot air balloons include envelopes, burners, and baskets.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hot Air Ballooning Equipment Market 2018-2022
Technavio recognizes the following companies as the key players in the global hot air ballooning equipment market: Cameron Balloons, Firefly Balloons, Kubicek Balloons, Lindstrand Technologies, and Ultramagic.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the emphasis on providing training to pilots. The increased focus on providing training to hot air balloon pilots is also trending in the market. Many private organizations have started training hot air balloon pilots in association with FAA. The commercial hot air balloon companies are encouraging their pilots to get FAA certification. FAA provides a choice of three levels of safety accreditation, which includes silver, gold, and platinum. Each level has increasingly stringent safety requirements. The FAA exam includes meteorology, aerostatics, airmanship, navigation, flight rules and procedures, and code of conduct.”
According to the report, one driver influencing this market is the increasing participation in ballooning events across developing countries. The increase in participation in hot balloon events in developing countries is also driving the market. The surge in adventure tourism activities is also a major driver for the global hot air ballooning equipment market. The definition of tourism is changing rapidly as indicated by beachside vacation or regular sight-seeing holidays losing their market to adventurous activities such as skydiving, hot ball ballooning activities, surfing, rock or mountain climbing, caving, and other adventurous activities.
Further, the report states that one challenge affecting this market is the increase in the number of hot balloon accidents. Increase in the number of balloon accidents is hindering the participation in hot balloon events. Contact with obstacles is another key factor for balloon accidents. For instance, contact with power lines may results in serious injuries or even death of the passengers on board. In January 2018, seven people were injured, and a person was killed in a hot balloon crash in Egypt's Luxor city. The incident was caused by strong winds that forced the balloon to crash.
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