Commercial Helicopter Market Growth & Trends
The global commercial helicopter market size is projected to reach USD 8.92 billion by 2030, growing at a CAGR of 5.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growth in gas and oil excretion and exploration activities and increased demand for air ambulances for medical purposes are expected to be the market drivers. Furthermore, the increasing popularity of rotorcraft in commercial applications in the Asia Pacific and the Middle East, and the European region is boosting the market growth. The emergence of COVID-19 created a significant impact on the business, specifically in the U.S, Asia Pacific, and Europe region, impacting the demand for helicopters, resulting in, late deliveries, the allowance of minimal staff at production facilities, manufacturing closure, and minimal equipment availability across all markets.
Furthermore, there has been a recent rise in demand for customized and luxurious helicopters in the transportation sphere, which is expected to increase with a growing preference for luxury and enhanced comfort among high-end business travelers. There has also been a noticeable increase in the purchase of new helicopters for activities like training, tourism, Firefighting application, enforcement of the law, and particularly for replacing older fleets and widening the application base. Additionally, an increase in demand for changes in operational requirements, fuel-efficient rotorcraft, and expiring warranties are the key factors anticipated to be drivers of the market over the forecast period for new helicopters.
The North America market is expected to grow significantly during the forecast period due to the growing demand for rotorcraft in the oil and gas and renewable energy industries. The Asia Pacific market was valued at the largest revenue share in 2021 and is expected to grow during the forecast period. Due to the easing of space rules and the rise of the regional aviation sector, countries like India and China are likely to emerge as fast-growing markets.
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Commercial Helicopter Market Report
Commercial Helicopter Market Report Highlights
- Growing adoption of advanced rotorcraft for public safety, law enforcement, and other parapublic uses will likely create several market growth prospects
- Manufacturers intend to expand low-noise and environmentally sustainable rotorcraft as more stringent regulatory standards designed to regulate emissions and noise pollution are adopted in developed economies such as the U.S.
- The government purchases helicopters for military and navy use like passenger transport and cargo, information on the battlefield, anti-aircraft missiles, and anti-submarine mines. For instance, In June 2020, Lockheed Martin Corporation signed a USD 375 Million agreement with the Indian Navy to customize anti-submarine warfare 24 Sikorsky MH-60R aircraft
- Asia-Pacific is anticipated to grow at a higher CAGR of 7.8% from 2022 to 2030. Factors such as investment in indigenous aviation, relaxation of airspace restrictions, rising tourism demand for rotorcraft, and infrastructure development in emerging economies are expected to drive the growth of commercial helicopters in the region
- R&D activities are expected to create significant growth opportunities for companies specializing in advanced rotorcraft development, such as optional rotorcraft, tilt rotorcraft, and co-axial rotors.
