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The global helicopter services market size was valued at USD 35.01 billion in 2019 and is projected to reach USD 39.89 billion by 2027, exhibiting a CAGR of 3.83% during the forecast period (2020-2027).
Helicopter service providers are focusing on expanding their business in specific regions, namely, North America and Asia-Pacific. It is estimated that there are over 2,500 helicopters in helicopter emergency medical services (HEMS) service across the globe; among these, around 1,250 helicopters are in North America. Helicopter models such as H125, H135, H145, H130, AS365, and H155 range are widely used for HEMS services.
Impact of COVID-19 Pandemic on the Global Market of Helicopter Services
The COVID-19 pandemic has changed the dynamics of the market for the forthcoming years. To overcome this pandemic, the following developments have been seen in various countries:
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Innovation and Development of Electric Vertical Takeoff and Landing (eVTOL) to Boost the Market
The helicopter domain is witnessing strong growth over the past few years owing to increasing demand for numerous military and commercial applications. The rise in the research and development capabilities by companies in the eVTOL concept is likely to lead to significant growth in the next few years. Moreover, there is the rising use of electric propulsion in helicopters as this new technology is reliable, user-friendly, faster, and efficient in terms of the overall operation.
Many companies are looking forward to investing in the development of eVTOL, which is a combined version of drones and helicopters. New companies are entering the competition with innovative service offerings with concepts such as air taxis. Companies providing helicopter services are also focusing on autonomous technology services to gain an advantage over other competitors.
Implementation of Autonomous Technology and Real-time Data Tracking Software Propel the Market Growth
Rising demand for accurate real-time data and safety measures has propelled the growth of the helicopter software providers, specifically meteorological software providers. The rising accident cases and safety norms described by Federal Aviation Administration (FAA) are also the major reasons for the implementation of real-time data management software. The real-time data tracking assists the pilot to take the required decisions during flight. Moreover, the information related to the helicopter system and software is provided by the flight management software installed in the helicopter.
The rise in dependency on the avionics and related software has minimized the accident rate and improved the overall maneuverability of the helicopter. The use of artificial intelligence (AI) and the internet of things (IoT) in helicopter services have simplified the overall operational activities for the pilot. Companies such as Airbus SAS and Honeywell Corporation Inc. are actively involved in the design and development of lightweight and highly autonomous helicopters, which will further propel the rotorcraft services market growth in the coming years.
Rising Demand for Helicopter Emergency Medical Service (HEMS) to Drive Growth
Factors such as the rising smart city projects in the U.S., India, Singapore, and China, increasing government initiatives for improving medical services and facilities, and rising investment by private hospitals in infrastructure development is creating a huge h demand for helicopter services.
Hospitals in urban areas prefer air ambulance services over roadway transportation owing to benefits such as the fast and safe transportation of patients to the hospital. In addition, the rise in human organ transportation through air ambulance is also supporting the growth of the HEMS. These factors will drive the rotorcraft service market growth in the coming years.
Uncertainty of Helicopter Orders Restrains the Growth of the Market
The impact of the COVID-19 pandemic has drastically changed the dynamics of the aviation industry and specifically the helicopter domain. The slowdown in the operation of helicopter services has significantly changed the demand for new helicopters. In the first quarter of 2020, global helicopter deliveries were around 78, and it is expected to drive that in the rest of the year, the deliveries will decline by 75% and gradually will improve in by the end of 2021.
Moreover, the use of drones for aerial imaging and surveying has hampered the helicopter services market growth. Furthermore, the unscheduled orders from end-users, such as private players and helicopter service operators, have also hampered the growth of the market.
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Light Weight Helicopter Type to Grow at a Fast Pace
On the basis of type, the lightweight segment is expected to grow at the fastest growth rate during the forecast period due to the rising demand for commercial helicopters applications in the U.S. The segment also held a dominant share of the market in 2019. The dominance is on account of the comparatively lower cost and high demand for these rotorcraft from the on-demand service providers. The medium-weight segment is majorly used for oil and gas rigs applications, search and rescue operations, and firefighting. Similarly, heavy helicopters are used for aerial photography and surveillance.
Air Ambulance Segment Dominated the Market in 2019
Based on application, the market is segmented into the offshore helicopter, air ambulance, business/corporate travel, disaster and humanitarian aid, leisure charter, transport, media and entertainment, and surveying and others. The business/corporate travel segment accounted for the largest helicopter services market share in 2019, owing to a large number of infrastructure projects in urban areas in developed countries. The air ambulance segment is anticipated to project a significant CAGR during the forecast period owing to the increasing number of investments by the healthcare industry due to the COVID-19 pandemic.
North America Helicopter Services Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 16.76 billion in 2019. The dominance of this region is attributable to the presence of major players in the market and the rising demand for helicopter services for medical emergencies and demand for on-demand service for helicopters in the U.S.This, along with the presence of favorable government policies and required infrastructure facilities in the U.S. and Canada, is responsible for the dominance of North America in the rotary-wing aircraft services market share.
The market in Europe is expected to grow at a significant CAGR owing to the rising awareness regarding advanced technology-based private services and leasing facilities. The market in Asia Pacific is expected to exhibit healthy growth owing to the increasing development of smart cities and investment infrastructure by countries such as China, India, and Singapore. The development of helicopter maintenance facilities drives the growth of the market. In the Rest of the World, the Middle East and Africa accounted for a larger share due to the presence of oil and gas rigs and demand for offshore maintenance activities.
Key Players to Gain Market Share by Introducing Advanced Rotary Wing Aircraft Services
The key players are involved in designing and developing advanced, cost-effective, and user-friendly rotorcraft services with the incorporation of advanced technological systems. Companies are focused on developing technologically advanced helicopter meteorological software and establish a strong partnership with other companies in developed and emerging economies. These companies are also adopting strategies such as developing next-generation all-electric helicopters and geographic expansion to establish their strong presence in the market.
This market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, helicopter types, and leading applications of these services.
An Infographic Representation of Helicopter Services Market
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Besides this, the market report offers insights into the helicopter services market trends and highlights key industry analysis by type and developments. Moreover, the report encompasses various key factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
Fortune Business Insights says that the global helicopter services market size was USD 35.01 billion in 2019 and is projected to reach USD 39.89 billion by 2027.
In 2019, the North America market value stood at USD 16.76 billion.
Growing at a CAGR of 3.83%, the market will exhibit steady growth in the forecast period (2020-2027).
The air ambulance segment is expected to be the leading segment in this market during the forecast period.
Rising demand for helicopter emergency medical service (HEMS) is the key factor propelling the growth of the market.
Air Methods Corporation, Alpine Helicopters Inc., Bristow Helicopters Limited, and Gulf Helicopters are the major players in the global market.
North America dominated the market share in 2019.
The key companies are adopting expansion strategies by establishing strong partnerships with foreign companies and governments. In addition, service providers are also involved in designing and developing cost-effective helicopter services and services on demand for various commercial applications.
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