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Valued at $25.3 billion in 2016, the global helicopter market is projected to reach $31.8 billion by 2023, witnessing a CAGR of 3.4% between 2017 and 2023.
The Latin American (LATAM) helicopter market is expected to witness the fastest growth during the forecast period, mainly due to the increasing demand for civil helicopters in regional countries for commercial and emergency medical purposes, in addition to their surging use for law enforcement.
Dynamics of Helicopter Market
The growing demand for technologically advanced helicopters is driving the growth of the helicopter market. Various technological enhancements have been implemented in the airframe, engine, and emission system of helicopters, thereby making them more sustainable and resilient and better performing in varying environmental conditions. The market is also witnessing a rising demand for high-performance helicopters from the oil and gas industry, for ferrying personnel between the land and offshore rigs. Therefore, the increasing use of helicopters across various industries has further led to an elevated demand for technologically advanced civil and military helicopters.
The growth of the aviation industry in emerging economies is presenting ample opportunities to the market players. Since the aviation industry is witnessing a positive trend, particularly in countries such as China and India, Western original equipment manufacturers (OEMs) are strengthening their position here. Countries such as Indonesia and Philippines have also shown a strong growth potential, as these countries are witnessing a rise in the demand for new helicopters, in addition to the growing need for replacing the aging fleet. Thus, emerging economies provide ample opportunities for the growth of the helicopter market.
Segmentation Analysis of Helicopter Market
When segmented based on type, the civil category is expected to witness faster growth in the helicopter market, during the forecast period. It is mainly due to the rising demand for helicopters from offshore rigs, the number of which is also surging. Additionally, under the civil helicopter category, light helicopters are expected to contribute the highest revenue during the forecast period.
The attack helicopter category contributed the highest revenue to the military helicopter market in 2016. The medium utility category is expected to witness growth at the highest rate during the forecast period.
Geographical Analysis of Helicopter Market
Globally, North America accounted for the largest share in 2016 in the helicopter market, worldwide, and it is expected to maintain the same trend during the forecast period. The region’s growth is mainly driven by the increasing activities in the oil and gas industry and gradual exclusion of old helicopters.
The Latin American market for helicopters is expected to grow at highest rate during the forecast period, despite challenges related to market access and economic turbulence. Fleet replacement and expansion, especially of civil helicopters (mainly in countries including Mexico and Brazil), are expected to be the key growth drivers for the Latin American helicopter market, during the forecast period.
Competitive Landscape of Automotive Radar Market
The helicopter market is moderately consolidated in nature, with some players including Russian Helicopters JSC, Lockheed Martin Corp., Airbus SE, Leonardo S.p.A., Bell Textron Inc., Textron Inc., and The Boeing Company, accounting for the dominating revenue share in the industry. Some of the other major players are Robinson Helicopter Co., Hindustan Aeronautics Ltd., Kaman Corp., and MD Helicopters Inc.
Recent Strategic Developments of Major Helicopter Market Players
In recent years, the major players in the global helicopter market have taken several strategic measures, such as product launches, successfully scouting for client orders, and collaborations, to gain a competitive edge in the industry. For instance, in April 2017, Airbus Helicopters and IAR Brasov entered into an exclusive cooperation agreement for the H215M helicopter. Under the agreement, IAR would become the primary contractor for the H215M, for any future order by the Romanian Ministry of Defense.
Moreover, in November 2016, Bell Helicopter Textron Inc. received the approval from Transport Canada (TCCA) for the Bell 206 polycarbonate windshield. Van Horn Aviation received the TCCA approval for the 206B composite main rotor blade. Both the products are now available through Bell Helicopter’s Aeronautical Accessories brand for installation on aircraft for Canadian operators.
Key Questions Answered in the Report