The global helicopters market expected to grow from US$ 37,355. 5 million in 2021 to US$ 56,597. 5 million by 2028; it is estimated to grow at a CAGR of 6. 1% from 2021 to 2028. The growth of the helicopters market is attributed to the rise in military expenditure on advanced and lightweight helicopters.
New York, June 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Helicopters Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Weight, and Application" - https://www.reportlinker.com/p06099474/?utm_source=GNW
The swift change in modern-day warfare has been urging the governments to allocate higher amounts toward respective military forces.
The budget allocated to military helps the military forces to engage themselves in the development of robust indigenous technologies and procurement of advanced weapons, armaments, vehicles, and other equipment from international manufacturers.There is a rise in modernization of soldiers and military vehicles among most of the military forces in order to keep the personnel and vehicles mission ready.
With an objective to modernize soldiers and vehicles, the defense ministries across the globe are investing substantial amounts in newer technologies, including advanced helicopters.This factor is boosting the growth of the global helicopter market.
According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to US$ 1,917 billion in 2019, which represents 3.6% increase from 2018. The key countries in 2019, which accounted for 62% of expenditure, include the US, China, India, Russia, and Saudi Arabia.
Government of these countries are looking to acquire new and advanced helicopters as a part of their upgrade and renewal process.For instance, in 2019, the UK National Police Air Service (NPAS) started procuring a batch of new helicopters.
Similarly, in 2020, the Indian and US governments entered into a helicopter deal worth US$ 3 billion.The two agreements cover a purchase of six AH-64E Apaches for the Indian Army and 24 Lockheed Martin-Sikorsky MH-60R Romeo multimission naval helicopters for the Indian Navy.
In 2020, Brazil, another important defense country, purchased three Airbus Helicopters H135s for the Brazilian Navy, which will be used for operations in the Antarctic region.
COVID-19 has impacted the production of helicopters across the globe.Starting from March 2020, manufacturers of helicopters faced immense challenges in successfully completing their manufacturing process due to complete lockdown.
In fact, the global helicopter industry has seen a downturn in new aircraft/ helicopter sales, according to an analysis by Airbus Helicopter. Nevertheless, in January 2021, when lockdown started to ease down, it is expected that overall sales figure for helicopter manufacturing will improve in the next financial year.
The global helicopters market is segmented based on type, weight, application, and geography.Based on type, the market is segmented into single rotor, multi rotor, and tilt rotor.
Based on weight, the market is categorized into light weight, medium weight, and heavy weight.Based on application, the helicopters market is segmented into commercial and civil and military.
Geographically, the helicopters market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Key players operating in the global helicopters market and profiled in the market study include Airbus S.A.S., Leonardo S.p.A., Bell Textron Inc., Russian Helicopters, Lockheed Martin Corporation, Boeing, Enstrom Helicopter Corp., Kaman Corporation, MD Helicopters, Inc., and Robinson Helicopter Company.
The overall global helicopters market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the helicopters market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the helicopters market.
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