According to a new report published by Allied Market Research, titled, โHelicopters Market,” The helicopters market was valued at $20.36 billion in 2021, and is estimated to reach $39.87 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
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Depending on application, the helicopter market is fragmented into emergency medical services, oil & gas, defense, homeland security, and others. The homeland security segment was the highest revenue contributor in 2021, owing to a majority of the helicopters being consumed for various homeland security applications throughout the world.
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.
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.
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KEY FINDINGS OF THE STUDY
- By type, the military segment is expected to register a significant growth during the forecast period.
- On the basis of weight, the heavy weight segment is anticipated to exhibit significant growth in future.
- On the basis of number of engines, the twin engine segment is anticipated to exhibit significant growth in future.
- According to application, the oil and gas segment is projected to lead the global helicopter market.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players profiled in thisย helicopter marketย report include Airbus, Bell Textron Inc, Helicopteres Guimbal, Kaman Corporation, Kawasaki Heavy Industries Ltd, Leonardo SpA, MD Helicopters Inc, Mitsubishi Heavy Industries Ltd, Robinson Helicopter Company, and The Boeing Company.
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