Helicopter Market size is set to exceed USD 39 billion by 2027, according to a new research report by Global Market Insights Inc.
The rapid increase in the demand for lightweight helicopters will drive the market revenue. Manufacturers in this industry have undertaken several efforts to reduce the overall weight of helicopter engines to enhance cost-effectiveness and reduce fuel consumption.
The increase in the demand for travel & tourism across the globe will generate strong helicopter market growth opportunities. The rising inclination of tourists toward air sports will augment the market demand.
The sales of helicopters witnessed a steady decline during 2020 due to the spread of COVID-19 virus in several countries globally. OEMs in this industry have faced various challenges such as shortage of raw materials and suspension of manufacturing operations. Increasing financial insecurity has adversely impacted the growth of the manufacturing industry. The market will observe a steady growth post the decrease in impact of COVID-19.
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Analyst view: “Increasing demand for the travel & tourism sector in the Asia Pacific region along with the adoption of commercial helicopters for tourism will boost the helicopter market growth.”
Demand for military helicopters will proliferate during the forecast timeline
In 2020, over 100 military helicopters were sold in Europe. This can be attributed to the increasing adoption of helicopters in several missions such as combat search and rescue (CSAR) and medical evacuation (MEDEVAC). Various types of military helicopters include attack, transport, and multi-mission helicopters. Helicopters can be easily transformed according to their scope of application, contributing to increased market demand.
Industry players are focused on partnerships and collaborations with government organizations to gain maximum helicopter market share. For instance, in September 2017, MD Helicopters, Inc. announced to sign a strategic contract with Partner Nation Army Aviation Forces and the U.S. in support of the U.S. Army foreign military sales worth USD 1.4 billion. The five years fixed-price contract was signed to provide 150 units of armed MD 530 helicopters that will include support services, program management, maintenance, delivery support, and pilot training.
Browse key industry insights spread across 300 pages with 531 market data tables & 22 figures & charts from the report, “Helicopter Market Size By End-Use (Commercial [Transport, Medical Services/Search & Rescue, Offshore Sector], Military [Reconnaissance, Maritime Surveillance]), By Component (Aerostructures/Airframes, Rotary System, Engine, Undercarriage, Avionics, Cabin Interiors, Environmental Control System), By Sales Channel (OEM, Maintenance, Repair and Overhaul [MRO]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The rapid increase in the adoption of environmental control system in aircraft
The North America environmental control system segment valued at over USD 200 million in 2020 owing to its increasing usage to maintain aircraft conditions. The helicopter environmental control system comprises an arrangement of indicators, controls, equipment that distribute and supply heating and cooling of the occupied compartments dehumidified conditioned air for ventilation, and cooling of the avionics. The acceptance of these systems in helicopters to maintain the temperature will propel the helicopter market expansion.
Growing demand for Maintenance, Repair, and Overhaul (MRO) will drive the market revenue
The Europe Maintenance, Repair, and Overhaul (MRO) segment is estimated to expand rapidly at 5% CAGR during 2021 to 2027. Market factors, such as increasing demand for air travel coupled with postponements in fleet renewal, will provide several opportunities for the growth of the MRO market segment.
The rapid increase in the infrastructural developments at airports in Europe
The Europe helicopter market revenue is forecast to witness steady growth of around 4% CAGR through 2027. The high demand for helicopters in several countries including France, Germany, Spain, the UK, Poland, and Italy is anticipated to support the market. The rapid increase in investments by government and airport authorities for the development of airports will spur the market size. For instance, in 2020, Marseille Provence International Airport in France announced its plans for terminal expansion that is expected to conclude by 2023. The expansion of airport terminals will augment the demand for helicopters for commercial and military purposes.
The presence of several prominent players including Airbus S.A.S., Babcock International Group PLC., Leonardo S.p.A, Lilium GmbH, and Russian Helicopters, JSC will positively contribute to the accelerating market statistics in the region. These players are focusing majorly on strategic partnerships to enhance their business operations.
The companies are focusing on strategic partnerships and collaborations to gain a competitive edge. For instance, in October 2020, Tech Mahindra (TM) and Hindustan Aeronautics Limited (HAL) signed a contract, which was valued at over USD 54 million in Bengaluru for implementing Enterprise Resource Planning (ERP) to support Project Parivartan of HAL. The Project Parivartan is a complete business transformation initiative, which was initiated by HAL through centralized ERP and technology enhancement.
The key players operating in the helicopter market include Vietnam Helicopter Corporation, Babcock International Group PLC, Lockheed Martin Corporation, Robinson Helicopter Company, Airbus Helicopters SAS, Hindustan Aeronautics Limited (HAL), Kawasaki Heavy Industries, Bell Helicopter, Mitsubishi Heavy Industries, Ltd., Md Helicopters, Boeing, and Universal Helicopters.