The rotorcraft industry looks set to continue its solid upward trajectory, demonstrating its recovery from the economic slowdown in recent years, which resulted in a severe decline in the number of delivered units. Ten years later and research reveals a positive outlook through the number of orders and new aircraft in what continues to be a highly competitive, evolving landscape.
According to the Global Civil Helicopter Market Research Report Forecast to 2023, the helicopter market is on course for continued growth over the next five years, with a projected CAGR of 4.06% growing the current world market from US $10.12bn to $13.3bn by 2023. Key trends driving this success include Helicopters for Emergency Medical Services (EMS), a growing demand from developing countries the increased use of helicopters for commercial applications – supporting activities across a range of different industries and helping operators’ to further grow market share. A growing alliance between helicopter manufacturers and operators will continue to be a key market opportunity supported by new technologies and the continued growth of Unmanned Aerial Vehicles (UAV). The latter of which is projected to see a CAGR rate of 14.15% from £18.14 billion to £52.30 billion by 2025[i].
Commercial UAV applications have already seen great diversification in recent years, with growth noted in education, law enforcement, media and entertainment, personal, precision agriculture, retail, surveying and mapping and inspection and monitoring. Notable trends here mirror that of the wider rotorcraft industry with increased demand from emerging countries, increasing investment in research & development (R&D) as well as recent technological advancements.
Demonstrating the entrepreneurial spirit of the industry, the research also stresses that smaller companies, much like the international players such as Airbus, Bell, Boeing and Leonardo S.p.A, still have everything to play for – growing on the back of an improving global economic scenario, making it an ideal time to launch new products. While this may be the case, the need for continuing, favorable market conditions, government support and industry development will be key for sustained growth moving forward. Innovation will also be a source of both expansion and pressure for manufacturers, who are faced with the challenge of keeping their products at the forefront of technological advancement and encouraging progress, while remaining competitive.
In the coming weeks, we’ll be sharing more industry insights on all the top trends and issues facing the industry to give manufacturers and operators a rounded understanding of the global market and insights on how to respond to the strengths, weaknesses, opportunities and threats that it presents.