Pune, India, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The global helicopter market share is expected to showcase exponential growth by reaching USD 69.20 billion by 2028 while exhibiting a CAGR of 4.1% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Helicopter Market, 2021-2028.” The report further mentions that the market stood at USD 50.42 billion in 2020. The growing adoption of a single-engine operative mode to save fuel is expected to favor the product’s demand during the forecast period. Moreover, the increasing demand for advanced technologies in the production of the machines will drive the growth of the market.
Manufacturing & Supply Chain Disruption Leads to Market Exhibiting Lower Growth of 2.0% in 2020
The pandemic has adversely affected the market owing to significant disruption in manufacturing and supply chain. The lockdowns announced by the government agencies to control the spread of the disease had a negative impact on the economies of several countries. Halted industrial operations and reduced workforce impacted the market, exhibiting a lower growth rate of 2.0% in 2020. However, proactive government measures and the resumption of activities in a phased manner will aid the market to return to pre-pandemic levels in the near future.
MARKET SEGMENTATION:
Based on the platform, the market is bifurcated into commercial and military. On the basis of application, the market is classified into corporate services, search & rescue operations, oil & gas, defense, homeland security, and others. Moreover, based on the system, the market is segregated into airframe, engine, avionics, landing gear system, and cabin interiors. Based on the point of sale, the market is segmented into OEM and aftermarket. On the basis of weight, the market is trifurcated into lightweight, medium-weight, and heavyweight.
Based on weight, the medium-weight segment held a global helicopter market share of about 25.85% in 2020 and is projected to showcase considerable growth during the forecast period. The increasing preference for middle-weight machines owing to benefits such as improved fuel efficiency and stability compared to heavyweight machines will boost the segmental growth. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World.
List of the Top 11 Companies Operating in the Global Helicopter Market:
- Airbus SAS (the Netherlands)
- Bell Helicopter Textron (The U.S.)
- The Boeing Company (The U.S.)
- Leonardo SPA (Italy)
- Lockheed Martin Corporation (The U.S.)
- Russian Helicopters, JSC (Russia)
- Kawasaki Heavy Industries, Ltd. (Japan)
- M.D. Helicopters, Inc. (The U.S.)
- Korea Aerospace Industries, Ltd. (South Korea)
- Hindustan Aeronautics Limited (HAL) (India)
- Robinson Helicopter Company (The U.S.)
What does the Report Include?
The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Adoption of Single Engine Operative Mode to Augment Growth
The aerospace industry is witnessing significant evolution with the adoption of advanced technologies. The OEMs are focusing on developing machines that provide better fuel efficiency and reduced noise capabilities. This has surged the demand for single-engine operative mode in flying machines. This mode aids in shutting down one of the engines in a twin-engine machine while saving fuel and ascending rapidly. Moreover, such machines are equipped with advanced smart functions such as auto trimming that will boost its adoption worldwide.
Several OEMs are developing advanced components to reduce the weight of the machine. For instance, eliminating horizontal stabilizers and tail rotor aid in significant weight reduction and lower maintenance costs. Therefore, these factors are anticipated to bode well for the global helicopter market growth in the forthcoming years.
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REGIONAL INSIGHTS
North America – The region is expected to remain at the forefront and hold the highest position in the market. North America stood at USD 19.89 billion in 2020. The regional growth is attributable to the presence of major companies such as Lockheed Martin Corporation, Boeing Company, and Bell Textron. Moreover, the increasing adoption of machines for security and surveillance activities across the defense sector will propel the growth of the market during the forecast period.
Europe – The market in Europe is anticipated to experience exponential growth in the forthcoming years. This is ascribable to factors such as the increasing focus by the OEMs to develop advanced machine components to cater to the growing demand from the defense services in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Market Players Focus on Merger and Acquisition to Intensify Industry Competition
The global market is consolidated by the presence of major companies striving to maintain their presence. These companies are strategically acquiring other smaller companies to expand their product portfolio and gain a competitive edge over their rivals. Other key players in the market are striving to maintain a stronghold by adopting strategies such as partnerships and collaboration during the forecast period.
KEY INDUSTRY DEVELOPMENT:
June 2021 - Lockheed Martin is expected to provide the first of three multi-role helicopters to the Indian Navy. Besides, the U.S. and India signed a deal worth USD 169.2 million that involves purchasing the company’s 24 MH-60 Romeo machines.
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SOURCE OF INFORMATION:
https://www.fortunebusinessinsights.com/industry-reports/helicopter-market-101685
