Effectiveness in Reaching Remote, High Altitude, and Natural Disasters Affected Areas
The market has witnessed a considerable growth, attributed to its effectiveness in reaching remote, high altitude, and natural disasters affected areas. There has been a major focus on allowing civil helicopters to operate in remote areas and in areas where airports are under development or are completely non-existent. In such areas, helicopters are very useful as they have vertical take-off and landing capabilities. There is a large market for helicopters, which are being revived for public use by the government, such as transport, medical aid and law enforcement.
Increasing Number of Natural Disasters
During any disasters, helicopters are the first to look into the overall affected regions and assist in the evacuation of injured people. With the high-speed wing-borne flights, helicopters assist people by delivering the needed humanitarian aid and providing support to infrastructure and repairs. The growing demand for medium helicopters, shift towards civil helicopters market, increased demand for technologically advanced combat helicopters, increasing upgrade of existing fleet, and tie-ups between helicopters manufacturers and aviation institutions are the key growth drivers for the global civil helicopter market.
The civil helicopter industry has witnessed recent crashes of prototype helicopter models over a few under development programs. These programs include the Bell 525 and the H225 Super Puma fleet programs. This is one of the major factors restraining the growth of the market.
The global civil helicopter market is anticipated to record a CAGR of around 5% over the forecast period i.e. 2019-2027. The increasing demand for offshore transportation and demand for civil helicopters in Emergency Medical Services (EMS) are some of the major factors driving the market growth.
Based on the applications, the civil helicopter market is segmented into airborne law enforcement, fire, forestry & wildlife conservation, Helicopter Emergency Medical Services (HEMS), Search and Rescue (SAR), and others. For example, Bristow Group, a US-based company, has been providing search and rescue services as an essential part of helicopter services in most of the countries, where it operates. The company has carried out more than 20,00o SAR missions. During these missions, this group had saved more than 10,700 people, with the help of its crew and helicopters. The company supplies a dedicated SAR helicopters and crew to cover various projects in remote areas. Also, the company has been a world leader in SAR for years, with skilled pilots and engineers, technical crew, and ground crew to conduct SAR operations safely and reliably. Attributed to such mission across the world, there will be a need for civil helicopters in the upcoming years.
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Our-in depth analysis of the global civil helicopter market includes the following segments:
By Engine Type
By Takeoff Weight
On the basis of region, the civil helicopter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America civil helicopter market is anticipated to witness a fast growth over the forecast period. This growth is on the account of increasing compliance for helicopters in the emerging economies. Similarly, the Asia Pacific market is estimated to witness a moderate growth. Concurrently, the countries such as China, Brazil and India have a huge market potential, as their governments are spending huge capital for developing their civil helicopter fleet. The economy of the developing nations has witnessed significant growth over the past few years. This is expected to result in increased procurement of civil helicopters especially in the developing nations such as China and India.
Global civil helicopter market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz