Helicopters Market Valuation Worth USD 38,300.9 Million by 2026 at 2.92% CAGR - Report by Market Research Future (MRFR)
Helicopters Market Insights and Industry Analysis by Component & System (Airframe and Engine), Type (Military and Civil & Commercial), Application (Civil & Commercial and Military), Point of Sale (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa), Competitive Market Size, Share, Trends, and Forecast
New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Helicopters Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Helicopters Market Information by Type, Component & System, Application, and Region - Forecast till 2026,” the market is forecasted to reach USD 38,300.9 Million by 2026 at 2.92% CAGR.
Market Scope and Drivers:
The increase in emergency medical services (EMS) of helicopters amidst COVID 19 pandemic, is likely to play pivotal role in the market growth. An increase in pandemic cases at Idaho hospitals in the US, lead to overtime for helicopters as air ambulance; illustrates concern of government to offer effective measure to address the unprecedented healthcare crisis.
Different countries are identified to fund air ambulances solutions to serve people can add to the global helicopter industry upsurge. Alongside, aerospace giants are investing in the designing of lightweight helicopters due to their upscaling demand, which is expected to benefit the market. The state-owned Aviation Industry Corporation of China developed the AR-500B (a vessel-borne, light-weight, and unmanned helicopter) announced its successfully maiden flight in Poyang county. The tourism sector is a high-end consumer of lightweight helicopters, and a reputed provider for the market. Increase in private ownerships and inner-city air travel facilities are new trends that are observed in the sector after the relaxation of lockdown. Sri Lanka reopens its tourism to India, introduces special tours, such as; private jet experiential package to cater the growing inclination for magical experience at Ceylon Tea Trails, support the aforementioned.
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Key Players Locking Horns:
- MD Helicopters, Inc. (US)
- Russian Helicopters, JSC (Russia)
- Korea Aerospace Industries, Ltd (South Korea),
- Leonardo SpA (Italy)
- Airbus SAS (Netherlands)
- Hindustan Aeronautics Limited (India)
- Lockheed Martin Corporation (US)
- Textron Inc. (US)
- Robinson Helicopter Company (US)
- Aviation Industry Corporation of China (China)
- Enstrom Helicopter Corporation (US)
- Boeing (US)
Market Segmentation
Global Helicopter Market segment study is based on application, type, point of sale, and component and system, for both value- and volume-based analysis of data.
The component and system-based segments of the helicopters market are engine and airframe. As per MRFR study, the airframe segment can rise at considerable CAGR by 2026. The segment valuation is expected to escalate to USD 22,363.9 Mn by 2026 from USD 17,940.1 Mn in 2019. Airframe structure is fabricated of titanium alloy and stainless steel that allows sturdy built, along with other benefits, such as; sustaining load, strain, and high stress during critical missions. AH-64 Apache helicopter by Boeing is getting upgraded with venerable airframe to boost the efficacy in their fundamental mission to search and destroy. Airframe avionics, aerostructures, main rotor systems, anti-torque systems, and transmission systems are components of airframe considered to improve their increasing number of requisite applications that promote high sales.
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The type-based segments of the global helicopters market are civil, and commercial, and military. The civil and commercial segment can thrive at 3.07% CAGR across the forecast tenure. The rise in demand for commercial helicopters over the past years, and its growing application in air trade, can bolster the market surge. To illustrate, Dragon cargo spacecraft by SpaceX carried about 2,000 kilograms of research payloads from Gulf of Mexico. Light and medium helicopters are widely used for military and civil applications owing to their ability to carry considerable load can also favor the market.
The application-based segments of the global helicopters market are military, and civil and commercial. The military segment is anticipated to escalate at 3.54% CAGR by 2026. Increase in military applications of medium and heavy helicopters to heavy artillery, such as; missiles and rockets can support market upsurge. Dragon cargo spacecraft by SpaceX exhibited its ability to carry 3000 kg cargo of Bishop commercial airlock developed by Nanoracks. The large-scale application of heavy helicopters in the military to transport combat vehicles, troops, and artillery, can also benefit the market.
OEM and aftermarket are point of sale-based segments of the global helicopters market. The aftermarket segment can expand at 3.67% CAGR through the forecast period. The aftermarket segment consists of component manufacturers, MRO service providers, and suppliers. OEM start-ups are observed to create scopes to generate high revenue for the market. The availability of affordable and satisfactory aftermarket services can add to the market rise. Moreover, non-OEM firms providing MRO services and selling wearable parts of helicopters at affordable price can improve momentum of the market. Strategic business approaches, such as agreements and mergers, among companies. A subsidiary of HEICO Corp, the US-based aerospace company, Aircraft Technology, Inc.; signed an agreement with Leonardo Helicopters, an Italian aerospace MNC, to become the authorized repair service center for helicopter exhaust dust, which illustrates the ability to earn decent turnover for the market by 2026.
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Regional Analysis:
MRFR regional study states that North America is likely to led the global helicopter market till 2026. North America market can thrive at 3.04% CAGR. Modern legislative reforms, such as; the conclusion of surprise medical billing is observed to reshaping the U.S. air ambulance industry, can contribute to the regional market growth. The presence of top-notch manufacturers, such as Boeing, Textron Inc., and Lockheed Martin Corporation; can earn considerable revenue that is likely to add to the escalation of the market valuation from USD 10,917.1 Mn in 2019 to USD 13,323.6 Mn by 2026.
Europe helicopter market valuation can touch USD 10,413.9 Mn by 2026 from USD 8,743.1 Mn in 2019, owing to existence of the robust aviation base. The helicopter industry in Europe can rise at 2.68% CAGR by end of the review tenure. The market growth can be attributed to the increase in the utility of helicopters for emergency medical services and tourism. Innovations and partnerships among regional players are some effective tools to boost business, such as; Airbus in Netherland, courts Italian Leonardo Helicopter in Italy, to develop the next-generation military rotorcraft.
Asia Pacific region can witness the highest growth pace for the helicopter marker through the evaluation tenure. APAC has witnessed about 4.6% increase in regional business over last two years due to rise in sales of helicopter. The rapid replacement of old helicopters is anticipated to be another major driver for the commercial helicopter market rise, as operational safety is one of the top priorities of aerospace countries in the region. In addition, the surge in general aviation business by China and positive outlook of native companies regarding development and sales can improve the market impetus by the forecast period.
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