The global helicopter MRO services market size is set to gain traction from advanced composite materials and has been instrumental in driving the growth, shares Fortune Business Insights in its report, titled “Helicopter MRO Services Market, 2021-2028”. Helicopter maintenance and repair is an essential part of helicopter operations. It ensures that rotorcraft are maintained in predetermined airworthiness conditions to ensure the safety of operations, passengers, and crew. Each year, advanced composite materials surface on an increasing number of aircraft. In particular, the amount of components made of fibreglass, biomass, or aramid fibres has increased dramatically in helicopters.
The global helicopter MRO services market size was USD 7.21 billion in 2020. The market is projected to grow fro USD 7.48 billion in 2021 to USD 10.23 billion in 2028 at a CAGR of 4.57% during the 2021-2028 period. The study provides in-depth reviews of existing companies that are reshaping the market’s dynamics. This report offers a detailed analysis of numerous factors affecting the market. It analyses many tactics strategically and offers crucial insights such as the prevalence of major diseases in key countries, a patent snapshot, pipeline research, key mergers and acquisitions, joint ventures, and more.
List of Key Players Profiled in the Helicopter MRO Services Market Report
- Honeywell International
- Rolls-Royce Plc.
Increased Need for Helicopters in Healthcare Industry to Drive the Market
The number of smart city projects is increasing in developing countries like China and India. As a result, governments are taking steps to improve medical services. Several private hospitals are following in the footsteps of the government and investing significant amounts in the development of healthcare facilities. These helicopters are being used as air ambulances by major healthcare providers. It’s because air travel has numerous advantages, including secure and quick transportation to any remote area. Furthermore, the rate of human organ transportation is increasing on a daily basis. Over the forecast period, it is likely to improve the outlook for helicopters.
The need to upgrade military and commercial helicopters is being driven by technological advances in the aerospace and defence industry, as well as demand for improved helicopter power output. Manufacturers are attempting to reduce the total weight of helicopter engines in order to reduce fuel consumption and improve cost-effectiveness. For instance, in 2018, over 1300 light helicopters were delivered in 2018. Light single-engine helicopters are the most desirable type of helicopters, according to Honeywell’s 20th Turbine-Powered Civil Helicopter Purchase Outlook published. Because of the risks associated with flight operations, the aerospace industry is heavily regulated. Manufacturers of helicopters and their components are bound by a plethora of bilateral, state, and international regulations and standards.
North America Region Grows to be the Most Rapidly Growing Market for Helicopter Services
In the helicopter MRO services industry, North America has the largest helicopter MRO services market share. The demand is growing due to an increase in helicopter deliveries and the use of helicopters in civil and commercial operations throughout North America. The demand in Asia Pacific is expected to expand significantly. The increase is due to an increase in the number of helicopters used in a range of applications, including EMS, search and rescue, oil and gas, and corporate services.
April 2019: AirMed International, a U.S.-based fee-for-service air ambulance company, has acquired Air Medical, a provider of emergency air and ground ambulance services. According to AirMed officials, the acquisition would enable the company to meet the growing demand for critical care transportation. It would also improve emergency transport and area military assistance, as well as meet Texas’ healthcare needs. By having Air Medical’s fleet on board, the acquisition would also help AirMed expand its operations.