The MEA rescue hoists and cargo winches market is expected to grow from US$ 72. 95 million in 2021 to US$ 100. 17 million by 2028; it is estimated to grow at a CAGR of 4. 6% from 2021 to 2028. Escalating investment in research & development by manufacturers is expected to accelerate the MEA rescue hoists and cargo winches market.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East and Africa Rescue Hoists and Cargo Winches Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Application, and End Users" - https://www.reportlinker.com/p06103236/?utm_source=GNW
R&D is a crucial component of innovation and a key factor in developing new competitive advantages. To effectively compete in the MEA market, OEMs of rescue hoists and cargo winch manufacturers are significantly investing in research and development (R&D) to effectively cater the growing requirement in the market. For instance, company across MEA region such as Collin Aerospace has been continuously developing its Goodrich rescue hoist portfolio. The company offers ~40 models of rescue hoists and cargo winches utilized by civil and military operators. The company has been continuously investing in R&D to enhance its hoist technology, thereby providing the best-in-class products. For instance, the company introduced the 44316 and 44318 model hoists. Like Collin Aerospace, there are other manufacturers who are focusing extensively on R&D to effectively cater the growing requirement. This will help them to strengthen their position in the MEA market along with increasing their overall revenue.
In case of COVID-19, MEA region is highly affected especially Saudi Arabia.The MEA rescue hoists and cargo winches market is majorly affected by the disruption in the supply chain.
Pertaining to the closure of countries’ borders, the supply chain of several components and parts has been disturbed.The demand for aircraft and helicopter components, including rescue hoists and cargo winches for line fitting and retrofitting activities on military aircraft fleet and general aviation fleet among the aircraft manufacturers, military forces, and MRO service providers, has weakened over the past couple of months.
This has resulted in a loss of business among the rescue hoists and cargo winches market players offering their products to respective customers in the MEA region.Saudi Arabian government spends substantial amounts toward its military force, law enforcement teams, and firefighting teams, thereby continuously supporting the teams with upgraded technologies in order to remain mission ready.
However, the COVID-19 outbreak in the country has decimated the demand for general aviation and military helicopters, which reflected limited demand for rescue hoists and cargo winches among the retrofitters in the country and OEMs present internationally.
Based on type, the winches segment is expected to be fastest growing during forecast period for MEA region.Winches are used to wind a cable or a rope in or out, so that the subsequent tension pulls the object/person.
The winch drum is powered by air, electricity, or hydraulics, or manually.Large number of winch drums are constituted of fabricated steel and constructed for a specific load capacity.
A manual winch comprises a rope or cable wrapped around a drum or barrel.The complicated winches, such as electric winches, are used in search and rescue operations.
The complicated winches, such as electric winches, are used in search and rescue operations. Collin Aerospace; Breeze-Eastern, LLC; and Honeywell International Inc. are among the key players providing advance and effective winches for rescue operations. Collin Aerospace, a well know winch system providers offers the product that has class II level wind system and has hydraulically released brake. Advantages of winches such as easy to operate, different variants availability, fast and efficient etc. are expected to increase its demand, thereby driving the MEA rescue hoists and cargo winches market during the forecast period.
The overall MEA rescue hoists and cargo winches 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 MEA rescue hoists and cargo winches market.
The process also serves the purpose of obtaining overview and forecast for the MEA rescue hoists and cargo winches market with respects to all the segments pertaining to the region.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 who typically take part in such a 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 MEA rescue hoists and cargo winches market. Breeze-Eastern, LLC; Collins Aerospace; Honeywell International Inc.; Lite Flite ApS; and Zephyr International are among a few players operating in the MEA rescue hoists and cargo winches market.
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