According to a new market research report “Global Helicopter Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Type (Civil Helicopter, Military Helicopter)” published by P&S Market Research, the global helicopter market is expected to grow at a CAGR of 3.4% during 2017 - 2023.
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Global helicopter market is growing at a CAGR of 3.4% during 2017 - 2023
According to the study, the global helicopter market is likely to grow at a CAGR of 3.4% during 2017 – 2023. Technological advancements, ageing helicopter fleet, and increasing usage of helicopters in disaster relief are driving the global helicopter market. The market is further expected to gain revenue due to the increasing customer compliance for more equipped and sophisticated avionics and flight safety. Although, there has been a drop in the number of new fleet during 2013 – 2016, increased demand from developing nations would create ample opportunities for the global helicopter manufacturers.
GLOBAL HELICOPTER MARKET, BY TYPE, $M (2013 – 2023)
Insights on market segments
As per the findings of research, military helicopter held the larger share in the global helicopter market in 2016, primarily due to high value to volume ratio and increased demand from emerging economies in Asia-Pacific and increased need for advanced defense equipment. Civil helicopters market is expected to witness higher growth during 2017 – 2023. The highest growth of civil helicopter is attributed to the increasing demand in law enforcement, tourism, medical services, general utility and firefighting. However, the ongoing crisis in the oil and gas industry may lead to slower adoption of new fleet, especially large and heavy helicopters.
North America stands as the largest helicopter market
Geographically, North America has been the largest market for helicopter, with the U.S. being the larger contributor to the regional market, compared to Canada. Retirement of old generation helicopters is expected to create opportunities for the North American helicopter market. Majority of operators in North America are planning to increase the use of helicopters, especially civil helicopters; leading to a steady growth of the market in the region. The emerging economies of Latin America and Asia-Pacific, especially Brazil, China and India, are expected to witness high demand for civil helicopters for various applications such as law enforcement, tourism, medical services, general utility and firefighting. Latin American civil helicopter market is expected to witness the highest growth during 2017 - 2023.
Advancement in combat helicopter technology expected to have significant impact on the helicopter market
There have been many technological innovations and advancements taking place in the helicopter market. The latest advancements in combat helicopter technology have enabled adoption of helicopters in harsh environmental conditions. The innovation in engine, airframe, performance, responsiveness, mission systems have enabled helicopters to operate in harsh environmental conditions. Military forces across the globe, especially in developing economies, are focusing on upgrading and acquiring military helicopters, which are required to have advanced features and are capable or operating in harsh environments. These countries are filling gap in their military operation requirements, which illustrate demand for technologically advanced military helicopters.
Key players focusing on the development of medium helicopters
The global helicopter manufacturers are actively involved in the development of medium helicopters for civil or military purpose with increased focus on security and technology. Operators are specifically showing interest in intermediate and medium civil helicopters in law enforcement, firefighting, and medical services. The global market especially Asia-Pacific and Latin American market exhibit strong purchase intentions for intermediate and medium helicopters. Therefore, helicopter manufacturers are focusing on the medium civil helicopter segment to increase their revenues. In March 2015, Airbus Helicopters introduced H160, a twin-engine medium class helicopter. The company claimed that the H160 represents its strategy to provide the efficient solutions for its customers to safely carry passengers in the demanding environments.
Some of the other key players in the market include Bell Helicopter Textron Inc., Korea Aerospace Industries, Ltd., Airbus SE, Russian Helicopters, Leonardo S.p.A., The Boeing Company, Lockheed Martin Corporation, Robinson Helicopter Company, Hindustan Aeronautics Limited, MD Helicopters, Inc., and Kaman Corporation.
GLOBAL HELICOPTER MARKET