Helicopter Market Growth Drivers and Opportunities by 2031
The helicopters market size is projected to reach US$ 1.29 billion by 2031 from US$ 0.67 billion in 2023. The market is expected to register a CAGR of 8.5% during 2023–2031. Development of unmanned helicopters is likely to remain a key trend in the market.
Helicopters Market Analysis
There are two types of component manufacturers operating in the market. The first ones offer highly specialized components that are developed after huge investment in research and development. These components can be engines, camera systems, and software, among others. These component manufacturers have certain level of moderate bargaining power in the market. Such manufacturers are very few in numbers. Since they offer specialized components, it helps the OEMs to develop advance helicopter systems. However, there are component manufacturers that offer standardized components, and these suppliers are comparatively huge in numbers. As there are too many suppliers in the industry, their bargaining power is diluted as they can easily be replaced by other players.
Helicopters Market Overview
The major stakeholders in the global market ecosystem include component manufacturers, helicopter manufacturers and suppliers and end-users. With the rising need for advanced and efficient helicopter for various application across the globe, the component providers of helicopters are also experiencing a rise in demand. The components of helicopter include airframe, landing gear, tail rotor system, main rotor system, sensors, camera system among others. The component manufacturer work in tandem with the OEMS to offer reliable components that complies with the technical specification. Some of the key component manufacturers of helicopters are LISI AEROSPACE- that works with companies like Airbus S.A.S and Boeing Corporation, Safran- that offered main harnesses for the UH-60M and HH-60M aircraft models, RA Lalli among others
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Helicopters Market: Strategic Insights
Market Size Value in US$ 37,355.5 Million in 2021 Market Size Value by US$ 56,597.5 Million by 2028 Growth rate CAGR of 6.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Helicopters Market: Strategic Insights
| Market Size Value in | US$ 37,355.5 Million in 2021 |
| Market Size Value by | US$ 56,597.5 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Helicopters Market Drivers and Opportunities
Rise in Military Expenditure on Advanced and Lightweight Helicopters
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$ 2,443 billion in 2023 compared to US$ 2158.12 billions in 2022. The key countries in 2023, which accounted for ~60% of global expenditure, include the US, China, India, Russia, and Saudi Arabia. Such investments have been boosting the procurement and orders for military helicopters from across different countries worldwide which is further driving the market growth.
Aging Helicopter Fleet
Many countries are now witnessing an increase in aging helicopter fleet size, which is creating immense demand for new and advanced helicopters. OEMs can effectively use this opportunity to strengthen their market position. For instance, in 2020, in India, The Hindustan Aeronautics Limited received the initial operational clearance for production of the light utility helicopter, which is set to replace the aging fleet of Cheetah and Chetak helicopters of the Indian armed forces. Further, according to a report published in 2018–2019, approximately 25% of the total helicopter fleet size in India is over 20 years old and falls under “fleet renewal pending “category, which is expected to create opportunity for OEMs in the market. In 2021, the UK ministry announced that the country will retire the Airbus Helicopters Puma HC2 rotorcraft by the middle of this decade, as the Ministry of Defence (MoD) is targeting a range of capability updates. South Korea, yet another prominent country in the market, is also planning to upgrade its helicopter fleet. In April 2021, the country announced (under Defense Acquisition Program Administration (DAPA)) that it is looking for more new attack helicopters for the Republic of Korea Army (RoKA) under the second phase of its ongoing helicopter recapitalization programme. All these ongoing upgrade programs taking place in various major countries are expected to create growth opportunity for OEMs.
Helicopters Market Report Segmentation Analysis
Key segments that contributed to the derivation of the helicopters market analysis are type, weight, and application.
- Based on type, the helicopters market is segmented into single rotor, multi rotor, and tilt rotor. The single rotor segment held a larger market share in 2023.
- Based on weight, the helicopters market is segmented into light weight, medium weight, and heavy weight. The medium weight segment held a larger market share in 2023.
- Based on technology, the helicopters market is segmented into commercial & civil and military. The military segment held a larger market share in 2023. Further, the military segment is sub-segmented into attack & reconnaissance, maritime, transport/search & rescue, and training.
Helicopters Market Share Analysis by Geography
The geographic scope of the helicopters market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. The US dominated the North America helicopters market in 2023. The US is the dominant and a mature market for helicopters. The helicopter market in the US is driven by growing procurement of such helicopter for military and commercial use. For commercial use, the US is in the ongoing process of procuring helicopters of search and rescue operation. The country is upgrading and procuring SAR helicopters. In 2021, the country completed the testing of a next generation combat rescue helicopter- the Sikorsky HH-60 W. Developed by Sikorsky Aircraft Corporation, the HH-60W is a highly modified variant of the battle-proven UH-60M Black Hawk. The helicopter is highly capable and reliable over the HH-60G. It better support the full range of combat rescue and other special missions.
Helicopters Market Report Scope
Helicopters Market News and Recent Developments
The helicopters market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the helicopters market are listed below:
- Bell Textron, a Textron Inc. (NYSE:TXT) company, announced today during HAI Heli-Expo that it has appointed Chinook Helicopters as an authorized Bell 505 dealership serving western Canada. (Source: Bell Textron, Press Release, Feb 2024)
- Columbia Helicopters, a leading manufacturer and operator of heavy-lift helicopters, has announced a new partnership with Coulson Aviation, a world leader in aerial firefighting technology, to offer Coulson’s RADS-L Delivery System for operators of Columbia’s Model 234 helicopters. (Source: Columbia Helicopters, Press Release, Mar 2023)
Helicopters Market Report Coverage and Deliverables
The “Helicopters Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Helicopters market market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Helicopters market market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Helicopters market market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the helicopters market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Weight , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The helicopters market is likely to register of 6.7% during 2023-2031.
The estimated value of the helicopters market by 2031 would be around US$ 68.87 billion.
Development of unmanned helicopters is one of the major trends of the market.
Airbus SAS, Leonardo SpA, Bell Textron Inc, Russian Helicopters, Lockheed Martin Corporation, The Boeing Co, Enstrom Helicopter Corp, Kaman Corporation, MD Helicopters Inc, and Robinson Helicopter Company are some of the key players profiled under the report.
Rise in military expenditure on advanced & lightweight helicopters and increased demand for search and rescue (SAR) helicopters are some of the factors driving the growth for helicopters market.
North America region dominated the helicopters market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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