The global Helicopter Services Market size is projected to reach a CAGR of 13.9% from 2023-2030.
A helicopter is a type of rotorcraft in which lift and thrust are supplied by horizontally spinning rotors. This allows the helicopter to take off and land vertically, to hover, and to fly forward, backward, and laterally. These attributes allow helicopters to be used in congested or isolated areas where fixed-wing aircraft and many forms of STOL (Short Take-off and Landing) or STOVL (Short Take-off and Vertical Landing) aircraft cannot perform without a runway.
Increasing use of helicopters in Search and Rescue (SAR), Emergency Medical Services (EMS), and usage in law enforcement, public safety, and firefighting operations are expected to propel the growth of the helicopter services market. Factors such as the rising smart projects in the United States, India, Singapore, and China, increasing government initiatives to improve medical services and facilities, and rising investment by private hospitals in infrastructure development create a massive demand for helicopter services globally. The adventure tourism sector has been flourishing for many years now, and helicopter service providers are increasingly utilizing the capabilities offered by these aircraft to ensure a thoroughly engaging experience for tourists. The growing application of helicopters in commercial and military activities, coupled with the ability of the aircraft to operate in a harsh environment, has been augmenting the market demand. The widespread adoption of the Internet of Things (IoT), artificial intelligence, and real-time data in helicopter services to improve safety and aid pilots in making flight decisions is further fuelling the market expansion. Additionally, the development of highly autonomous and lightweight helicopters that provide dependable, quicker, and user-friendly technology positively impacts global market growth.
On the other hand, the helicopter services industry has been witnessing a greater threat of substitution in some applications since the last decade. Drones are slowly substituting helicopters in various roles due to their cheaper cost of operation and reduction of risk to humans. Drones are now performing tasks like land surveys, inspections, aerial observation, monitoring, photography, videography etc, quickly, and close to the ground, delivering high-resolution data in a short timeframe.
Economic downturns and global pandemics can lead to reduced investments, changes in government spending levels, reduced customers' and suppliers' access to credit, hamper consumer confidence, and increased buyers' propensity for cheaper substitutes in specific applications. This was evident in the last two years when the world witnessed the impact of the COVID-19 pandemic, which has increased economic constraints, reduced travel and tourism activities, and decreased industrial output. Consequently, the demand for helicopter services from the associated sectors has also declined.
The rising demand for helicopter services in the various rescue mission in the military operator units. They were extensively utilizing these services for surveillance and transportation. Leading companies are working towards enhancing the flight system by implementing new software to utilize real-time data management that aids in taking effective decisions among the pilots. Further, enhancement in the healthcare sector allows the hospital to improve their medical services and facilities uplifting the demand for the helicopter in a medical emergency service mission. All these advancements and necessities would improve the helicopter service market in the next coming years.
North America to Dominate the Market
