Press release
Helicopters Market Projected Expansion to $39.87+ Billion Market Value by 2031 with a 7.3% CAGR
Helicopters Market
Rise in demand for customized & luxurious helicopters in the transportation sector, increase in adoption of helicopters for military applications, and surge in demand for helicopters in aerial monitoring & disaster management are expected to drive the growth of the helicopter market worldwide. In addition, the market growth is affected by rise in usage of drones and high operational and maintenance cost of helicopters. Moreover, rise in penetration of helicopters for emergency medical services (EMS) and upsurge in gas & oil excretion and exploration activities positively impacts the market growth.
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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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Leading Market Players
Airbus
Bell Textron Inc.
Helicopteres Guimbal
Kaman Corporation
Kawasaki Heavy Industries Ltd.
Leonardo SpA
MD Helicopters Inc.
Mitsubishi Heavy Industries Ltd
Robinson Helicopter Company
The Boeing Company
North America was the highest revenue contributor. The U.S. dominated the global helicopter market share in North America in 2021, owing to increase in R&D activities; technological developments by key players; and rapid adoption of innovative technologies in making advanced, reliable, precise, and efficient helicopter components. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in procurement and development of advanced helicopter systems by several Asian nations, for instance, China, India, Japan, and South Korea.
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