Helicopters Market is projected to grow at a CAGR of 6.1% during the forecast period, from an estimated USD 30.6 billion in 2022 to USD 41.2 billion by 2027. The growth of the market can be attributed to the rise in demand for military helicopters and the replacement of aging helicopter fleets. In this blog post, we will discuss the drivers, restraints, opportunities, challenges, and key players in the helicopter market.
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Driver: Replacement of Aging Helicopters Fleets
The market for military helicopters is projected to grow due to the replacement of aging helicopter components and systems and capacity expansion programs in emerging economies. The development of next-generation compound and tilt helicopters is expected to contribute to a larger share of the helicopter market within the next decade and result in a significant number of helicopter replacements and capability expansions. Traditional surveillance systems are being replaced with active electronically scanned arrays on combat helicopters, owing to their ability to spread signal emissions across a wide range of frequencies. Emerging economies, such as China, India, Brazil, and South Africa, are investing in the development of electronically scanned array radar systems for combat helicopters. These countries have allocated substantial shares of their defense budgets to augment their existing defense power, which involves upgrading their helicopter fleet.
Restraint: Delivery Backlogs by Major OEMs
Airbus Helicopters SAS (France), Bell Helicopter (US), and Lockheed Martin Corporation (US) are the top manufacturers of helicopters. Thus, delivery backlogs from these top players can affect the growth of the overall helicopter market. There has been a significant rise in demand for helicopters in both civil & commercial and military applications. Due to limited production capabilities, the OEMs fail to deliver the required helicopters within the expected timeline. In 2020, Bell Helicopter witnessed a backlog of USD 5.3 billion in 2020 due to an increase in helicopter backlogs. The increasing difference between the number of orders and deliveries hampers the growth of the global market. In 2019, Airbus Helicopters received 369 orders and delivered 332, resulting in a backlog of 37 helicopters.
Opportunity: Commercialization of UAM and eVTOL
Urban Air Mobility (UAM) is a concept that uses the vertical takeoff capabilities of helicopters and combines these with upcoming electric-hybrid propulsion technologies and autonomous flight for inter- and intra-city travel. Electric helicopters, known as electric vertical takeoff and landing (e-VTOL) aircraft, have the capability to take off and land from vertiports built for urban transport in cities. In addition to speeding up urban travel, this aircraft help reduces emissions and noise. Commercialization of this concept is expected to enable passengers to share e-VTOL air services between cities and suburbs and eventually within cities.
Challenge: Rising Fuel Prices
The helicopter market faces the challenge of rising fuel prices, which leads to lower purchases. Customers tend to withhold their purchase as they may not wish to spend excessively on the operation after investing hugely in acquiring the helicopter. The rise in fuel prices results in budget issues, which adversely impact the market growth globally. High fuel prices have made the growth of the helicopter market sluggish in some countries, posing a challenge for the market.
Based on Application, the Military Segment is Projected to Grow at the Highest CAGR in the Helicopters Market During the Forecast Period
Factors such as increasing demand for transport helicopters and increased procurement of attack & reconnaissance helicopters for combat activities are responsible for the growth of the military segment. Military helicopters, often known as combat helicopters, include attack helicopters and combat support helicopters. Military helicopters are used for ground attack missions, air-to-air combat, and maritime/naval attack by defense forces worldwide.
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