Global market to have 3.4% CAGR growth by 2023
According to a new market research report entitled “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.
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, the 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.
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 defence 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.
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 Sikorsky Aircraft, Bell Helicopter, Airbus Group, Leonardo, Russian Helicopters, The Boeing Company, Hindustan Aeronautics Limited, Kaman Corporation, MD Helicopters, Inc., and Robinson Helicopter Company.
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