As per the Directorate General of Civil Aviation (DGCA) regulations, “all manned hot air balloons would be required to be registered before any flight was undertaken and the hot air balloon shall not be sold or disposed of in any way to any person or firm without production of a certificate from the DGCA.”
According to the report, The popularity of Hot Air Balloon is one of the primary growth factors for the market. Increasing Peoples Preference towards Hot Air Balloon Ride is also expected to contribute significantly to the Hot Air Balloon market. Overall, applications of Hot Air Balloon, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Component, such as Panels, is boosting the Hot Air Balloon market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMAs Analyst on the Global Hot Air Balloon market identified that the demand is rising in many different parts of the world as "Growing Demand for Hot Air Balloons from Emerged and Emerging Economies can create Opportunities for the Market Growth".
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Hot Air Balloon market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2020 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Hot Air Balloon market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Hot Air Balloon market size is calculated using market estimation process, the Hot Air Balloon market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Hot Air Balloon market size has been validated using both top-down and bottom-up approaches.