Helicopter Market to Garner $31.8 billion by 2023 at 3.4% CAGR, Says P&S Intelligence

Helicopter Market to Garner $31.8 billion by 2023 at 3.4% CAGR, Says P&S Intelligence

Helicopters Market Size, Share, Development, Growth and Demand Forecast to 2023 and Industry Insight
Increasing Number of Orders from Developing Countries for Advanced Helicopters Presents Growth Opportunities

Due to technological advancements, air travel has been made safer, which has further resulted in the growing demand for helicopters. As per the data reported by the U.S. Federal Aviation Administration (FAA), the accident rate reduced from 0.52 accidents per 100,000 flight hours in 2015 to 0.51 accidents per 100,000 flight hours in 2016. The report furthermore stated that the FAA, along with different participants from the helicopter industry, is focusing on training and educating the civil helicopter operators regarding the safety norms, which are to be followed, so that the number of accidents is reduced. Similarly, according to the United States Helicopter Safety Team, a drastic dip in the helicopter accident rates has been observed in the last decade. In addition to this, several initiatives are being taken by the helicopter industry to further the adoption of helicopters.

A study conducted by P&S Intelligence stated that the global helicopter market reached a value of $25,316. 5 million in 2016 and is projected to grow with a CAGR of 3.4% and is projected to surpass $31.8 billion by 2023, during the forecast period (2017–2023). Helicopters are used for various applications including corporate services, law enforcement, defense, medical services, disaster management, and oil & gas. There are two types of helicopters, namely civil helicopters and military helicopters. Among these, the larger demand during 2013–2016 was created for military helicopters, and the situation is going to be the same in the coming years. There are a number of applications of military helicopters: heavy cargo, reconnaissance, search and rescue, attack, medium utility, maritime, and light utility. Out of these, the largest demand for military helicopters was created for the purpose of carrying out attacks. The three types of military helicopters are light, medium, and heavy.

The increasing demand for technologically advanced helicopters a key factor driving the growth of the helicopter market. Technological innovations in engines, mission systems, and airframes of the helicopters are making them more resilient and flightworthy and helping them perform better in tough environments. The demand for civil helicopter has also been rising as they have enhanced capabilities in terms of crime prevention, natural disaster relief, and territorial surveillance. In addition to this, military helicopters are also predicted to witness advancements due to the introduction of tilt rotorcrafts and compound helicopters, which can provide improved operational efficiencies. Some of the advanced technologies that are being observed in the domain include increasing use of additive manufacturing, advanced condition-based maintenance, health and usage monitoring systems, dynamics modelling, fly by wire controls, and advanced turbine engine programs.

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The demand for helicopters is rising in developing countries, which is expected to provide great opportunities to the manufacturers in the near future. China has come across as one of the strongest markets for helicopter manufacturers at the present time. As per a 2017 publication by The International Air Transport Association, it is projected that China will become the world’s largest air passenger market by 2024, surpassing the U.S. in the process. In addition to this, the demand for helicopters from countries such as Indonesia, Russia, and Philippines is also on the rise because of the growing need for replacing the ageing fleet.    

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