Surged adoption of advanced helicopters and rotorcrafts in military and law enforcement sectors and demand for luxurious and customized commercial helicopters propel the global helicopters market growth.
PORTLAND, Ore., Aug. 17, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Helicopters Market by Type (Civil and Commercial, Military), by Weight (Lightweight, Medium Weight, Heavy Weight), by Number of Engine (Twin Engine, Single Engine), by Application (Emergency Medical Service, Oil and Gas, Defense, Homeland Security, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global helicopters industry generated $20.36 billion in 2021, and is expected to reach $39.87 billion by 2031, witnessing a CAGR of 7.3% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Increase in adoption of advanced helicopters & rotorcrafts by law enforcement and military sectors, surge in demand for aerial imagining, increase in oil & gas exploration activities, and demand for customized and luxurious commercial helicopters drive the growth of the global helicopters market. However, surge in implementation of drones, high cost of operations, and limitation on the range of transportation restrain the market growth. On the other hand, rise for helicopters for tourism purposes, increase in penetration of helicopters for emergency services, and surge in demand for upgrade of helicopter fleets create new opportunities in the coming years.
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Covid-19 Scenario
- Manufacturing activities of helicopters were stopped completely or partially due to unavailability of raw materials and closure of factories due to lockdown restrictions. Moreover, supply chain disruptions impacted the manufacturing activities as there was a ban on import-export activities in many countries.
- The development of advanced helicopter systems was hindered due to lack of continuity in operations. Moreover, economic uncertainty occurred across the world, which, in turn, led helicopter manufacturers and investors to postpone manufacturing activities until the market stabilizes.
- Upgrade of existing fleets was either postponed or canceled due to reduced demand for helicopters from across the world. Many businesses and wealthy people suffered losses and declined their spending on leisure activities.
- Owing to ban on tourism activities, the usage of helicopters declined considerably during the pandemic. However, the usage for emergency services increased during the pandemic.
The civil and commercial segment to maintain its lead position during the forecast period
Based on type, the civil and commercial segment accounted for the largest market share in 2021, contributing to nearly three-fifths of the global helicopters market, and is projected to maintain its lead position during the forecast period. This is due to wide usage of helicopters for transportation for hire of passengers, cargo, and mail. However, the military segment is estimated to witness the largest CAGR of 8.0% from 2022 to 2031, owing to increase in tensions among several nations worldwide and usage of helicopters for conducting aerial attacks on ground targets and transporting troops and supplies.
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The twin engine segment to offer lucrative opportunities
Based on number of engine, the twin engine segment contributed to the highest market share in 2021, accounting for nearly two-third of the global helicopters market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 7.9% from 2022 to 2031. This is due to safety and high-speed provided by twin engine helicopters and their ability to travel long distances and quiet operations. The research also analyzes the single engine segment.
The homeland security segment held the largest market share in 2021
Based on application, the homeland security segment held the largest market share in 2021, accounting for nearly one-third of the global helicopters market. This is due to features such as endurance, high lifting capacity, and maneuverability that enable helicopters to be deployed in the most rigorously hot and high operations. However, the oil and gas segment is projected to register the largest CAGR of 10.9% from 2022 to 2031, owing to usage of helicopters in construction and maintenance activities such as transport of employees, cargo, and parts for offshore oil and gas platforms.
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North America to maintain its lead status by 2031
Based on region, North America contributed to the highest market share in 2021, holding more than two-fifths of the global helicopters market, and is expected to maintain its lead status by 2031. This is due to increase in production activities of helicopters in the U.S. and upgrade activities of the existing fleets. However, Asia-Pacific is projected to register the fastest CAGR of 10.3% from 2022 to 2031, owing to surge in procurement and development of advanced helicopter systems by several Asian nations such as India, China, Japan, and others.
Leading Market Players
- Airbus
- Bell Textron Inc.
- Helicopteres Guimbal
- Kaman Corporation
- Kawasaki Heavy Industries Ltd.
- Leonardo SpA
- MD Helicopters Inc.
- Mitsubishi Heavy Industries Ltd
- Robinson Helicopter Company
- The Boeing Company
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