Global helicopter market to reach $11.5bn by 2032
The global commerical helicopter market is expected to reach a value of $11.5bn by the end of 2032, predicts a new report from Future Market Insights (FMI). The forecast is based on a compound annual growth rate (CAGR) of 6.4% over the next 10 years.
Valued at $6.2bn last year, five factors will fuel market growth, according to the report. Those are: rising demand for helicopters in emergency services, VIP transport, military and defence activities, and oil and gas rigs plus the replacement of older fleets.
“Rising need for replacement of older fleets along with a demand for advanced models of the target product will drive the global growth of the commercial helicopter market over the forecast period,” said an FMI analyst.
The largest single market of the US is predicted to lead growth with a CAGR of 5.5%. The market is forecast to reach a value of $3.9bn by 2032.
The European region will achieve a CAGR of 6%, following a surge in defence and emergency service spending. “Increasing political tensions and the need to replace the aging fleet further aid the growth of the target market in this region,” according to the report. By the end of 2032, the European commercial helicopter market is forecast to reach an estimated value of $ 2.8bn.
Categorised by type, the light commercial helicopter segment is expected to lead growth with a CAGR of 6% during 2022-2032. These types of helicopters are of great need in police operations, surveillance, aerial inspections, and archaeological or geographical surveys, said the report.
Based on application, the public safety and law enforcement segment will lead the market with a CAGR of 5.5% during the forecast period.
The report also forecast a bright future for hybrid electric aircraft. “Hybridised helicopters, which utilise the benefits of electric power along with capitalising on the advantages of traditional aircraft, exhibit strong market potential, which, in turn, boosts the market prospects of commercial helicopters,” according to the report. “These hybrid helicopters are good for the environment as they improve fuel economy and assist with emission reduction. All of these factors foster an atmosphere of growth for the commercial helicopter market during the forecast period.”
Meanwhile, more information is available from Future Market Insights’ report Global Commercial Helicopter Market.
Global helicopter market by 2032 – at a glance
- Expected to reach value of $11.5bn
- Forecast CAGR of 6.4%
- Market valuation of $6.2bn last year
- Growth fuelled by emergency services, VIP transport, military and defence activities, and oil and gas rigs plus the replacement of older fleets
- US predicted to lead growth with a CAGR of 5.5%
- US market forecast to reach value of $3.9bn
- European region to achieve CAGR of 6%, following a surge in defence and emergency service spending
- Bright future predicted for hybrid electric aircraft.
Source: Future Market Insights