The market size in North America stood at USD 14.41 billion in 2019 and is expected to witness a high growth rate in the forthcoming years. The growth of the region is attributed to the presence of major players in the market. The surge in the defense budget by the U.S. government for the modernization of military helicopters will contribute positively to the growth of the market. Moreover, the growing demand for air ambulance services owing to the increasing COVID-19 patients will further improve prospects of the market in the forthcoming years.
The global helicopter market size is expected to reach USD 68.34 billion by 2027, exhibiting a CAGR of 6.96% during the forecast period.
The rising favorable policies in the U.S and Canada will spur opportunities for the market in the foreseeable future. The market in Europe is expected to witness a rapid growth rate during the forecast period owing to the rising cognizance of technologically advanced helicopters. The market in Asia Pacific is expected to rise tremendously during the forecast period due to the rising investment in R&D by major players. The increasing border disputes between China and India will increase the deployment of military helicopters. The Middle East & Africa is predicted to observe a low CAGR during the forecast period.
The escalation in the defense budget is likely to enable speedy expansion of the market. As stated by the Stockholm International Peace Research Institute (SIPRI), the global military expenditure has increased by 3.6% in 2019 as compared to 2018. The growing emphasis on modernization programs by numerous countries is predicted to have a tremendous impact on the market during the forecast period.
June 2020: Lockheed Martin Corporation signed a contract with the Indian Navy worth USD 375 million. The contract will include the customization of the hardware and software in 24 Sikorsky MH-60R anti-submarine warfare helicopters.
- Airbus SAS (Leiden, the Netherlands)
- Bell Helicopter Textron (Texas, the U.S.)
- The Boeing Company (Illinois, United States)
- Leonardo Spa (Rome, Italy)
- Lockheed Martin Corporation (Maryland, United States)
- Russian Helicopters, LSC (Moscow, Russia)
- Kawasaki Heavy Industries (Tokyo, Japan)
- MD Helicopters, Inc. (Arizona, United States)
- Korean Aerospace Industries, Ltd. (Sachsen, South Korea)
- Hindustan Aeronautics Limited (Bangalore, India)
- Robinson Helicopter Company (California, United States)
- Other Players
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