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The global offshore helicopter services market size was USD 2,513.4 million in 2018 and is projected to reach USD 3,227.7 million by 2026, exhibiting a CAGR of 3.17% during the forecast period.
Helicopter services play a crucial role in ensuring the viability of the oil and gas industry. Helicopters transfer the majority of the workforce to and from offshore installations in challenging and hazardous open sea environments. Major factors driving the Offshore Helicopter Services Market trends include rising offshore exploration and development activities due to the growing crude oil demand and scope for new discovery in shallow water areas. In December 2019, the Middle East had the highest rig count at 430. Out of these rigs, 115 rigs count were present in Saudi Arabia. The rise in the oil & gas exploration activities in the Middle East would propel the oil & gas helicopter service market growth.
Multirole Helicopters Services with Various Integrated Payloads Propel the Market
Helicopters are widely used for various applications including inspection and monitoring of oil rigs, transportation of goods, passenger transport, and others. Nowadays, multirole helicopters are used for these applications to minimize the overall cost of the service and to improve the operational efficiency of the helicopters. The rise in the number of oil and gas exploration activities across the globe is propelling the demand for multirole helicopter services. In the case of offshore helicopters support services, companies such as Air Charters India, Phoenix Helicopter Charter, LR Helicopters, and others provide services for offshore cargo lifting purposes. Moreover, in case of rig maintenance, helicopters are widely used for pipeline inspection. Various internal and external payloads are attached to the helicopters depending upon the offshore applications.
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Rapid Technological Advancements in Offshore Helicopters Boost the Market Growth
There have been drastic improvements in the technology used in helicopters for offshore applications such as various payloads and external components attached to helicopters for inspection and maintenance of oil and gas rigs. Moreover, the use of helicopter minimizes overall operational time. Thus, this has led to the rise in the usage of helicopters for oilfields in the past few years. There has been a rise in the adoption of different types of drilling for oil and gas extraction such as horizontal and directional drilling. This, in turn, has resulted in the increased usage of various types of helicopter services.
Moreover, nowadays, oil companies are outsourcing helicopter services to helicopter service providers; this will create the demand for new helicopters. These factors will propel the growth of the market during the forecast period.
Increasing Oil and Gas Drilling Activities Propel the Market Growth
Due to the high demand for fossil fuels around the world and depletion of oil and gas resources, the focus has shifted towards unexplored reservoirs in order to provide oil and gas to meet the growing demand. According to the report of international oil and rig count, in December 2018, there was a total of 1,025 oil rigs across the globe. Whereas, in December 2019, there were 1,105 oil rigs. Thus, there was a rise of 80 oil rigs across the globe, with major rise seen in the Middle East and Africa. The rise in the oil rigs will create demand for offshore helicopter services. The offshore helicopter service providers are focusing on establishing strong partnerships with major oil and gas exploration companies such as Exxon Mobil Corporation, Petro China Company Limited, and Chevron Corporation. This will drive the growth of the market during the forecast period.
Stringent Regulatory Norms for Helicopter Service Providers May Restraint the Growth of the Market
Helicopter service providers need certification from the Federal Aviation Administration (FAA) to offer offshore services. FAA has put in place various safety and operating norms for offshore helicopter services such as inspection and monitoring, cargo transport, passenger transports, and others. The service providers follow stringent regulations described by government authorities of various regions and countries. FAA provides certification to new service providers only if they fulfill the required certification norms. This may restrain the entry of new entrants in the market, hampering the growth of the market.
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A rise in the Demand for Medium Weight Helicopters for Cargo and Passenger Travel Will Boost the Growth of the Market
Base on type, the market has been segmented into a lightweight, medium weight, and heavyweight. The medium-weight helicopters are mostly suitable for offshore applications. As medium weight helicopters have features such as easy operability in remote locations, high load carrying and passenger carrying capacity, and low operating and maintenance costs. Owing to such advantages, in 2018, the medium weight helicopter segment accounted for the largest share in oil & gas helicopter services market. The medium-weight helicopter segment is expected to be the fastest-growing segment during the forecast period. In the case of inspection and monitoring application of oil rigs, light weight helicopters are more commonly used.
Search and Rescue Operations to Dominate Market Growth
In terms of application, the market is segmented into inspection, monitoring and surveying, passenger transport, goods transport, search and rescue (SAR), and others. The search and rescue segment is anticipated to be the fastest-growing market segment. Companies across the globe are investing in the services related to search and rescue operations during oil and gas exploration activities. Goods and passenger transport segments are also expected to grow significantly during the forecast period owing to the rise in exploration activities in the Middle East & Africa and Europe. In 2018, the inspection, monitoring, and surveying segment was estimated to be the largest segment in offshore helicopter services market.
North America Offshore Helicopter Services Market Size, 2015-2026 (USD Million)
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The offshore helicopter services market size in North America stood at USD 707.43 million in 2018. The market in the region is characterized by the high activity of oil and gas rigs in the last few years. Moreover, the presence of major companies in the region is responsible for the dominant share of the region in the global offshore helicopter services market. The market in Europe and Asia-Pacific is projected to register a comparatively higher CAGR during the forecast period. An increasing number of FAA-certified helicopter service providers in 2018 and 2019is anticipated to drive the demand for helicopter services in Europe during 2019-2026. Owing to favorable policies and investments in Asia Pacific there is rise in the oil and gas processing activities in countries such as China, Indonesia, Australia, Malaysia and others. The market in Latin America is currently at the nascent stage. However, developing oil and gas industry infrastructure in this region and growing outsourcing of these services by major companies in the region is projected to fuel the oil and gas helicopter services market demand during the forecast period.
Diverse Service Offering and Wide Portfolio by Bristow Group Inc., to Propel the Company to a Leading Position
Competitive landscape of the offshore helicopter services market depicts a dominant position of Bristow Group Inc., well diversified product portfolio of offshore helicopter services, along with constant innovations by the company leading to cost-effective services, are prominent factors responsible for the dominance of the company.
However, regional and domestic offshore helicopter companies such as CHC Helicopters, Era Group Inc., PHI Inc., Babcock International, Abu Dhabi Aviation, and Courag Helicopters Inc., have entered the monopolistic market competition. This is projected to positively impact the global market as these companies are anticipated to gain stride in the Offshore Helicopter Services Market share during the forecast period.
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The Offshore Helicopter Services Market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
An Infographic Representation of Offshore Helicopter Services Market
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Value (USD million)
Fortune Business Insights says that the market size was USD 2,513.4 million in 2018 and is projected to reach USD 3,227.7 million by 2026.
In 2018, the market value stood at USD 2,513.4 million.
Growing at a CAGR of 3.17% the market will exhibit steady growth in the forecast period (2019-2026).
Search and rescue segment is expected to be the leading segment in this market during the forecast period.
Rapid technological advancements and increasing oil and gas drilling activities are expected to drive the market.
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