According to the new market research report “Offshore Helicopter Services Market Size, Share & Industry Analysis, By Type (Light Weight, Medium Weight, and Heavy Weight), By Application (Inspection, Monitoring and Surveying, Passenger Transport, Goods Transport, Search and Rescue, and Others), and Regional Forecast, 2019-2026“, published by Fortune Business Insights™, The global offshore helicopter services market share is expected to showcase exponential growth by reaching USD 3,227.7 million by 2026, while exhibiting a CAGR of 3.17% during the forecast period. Escalating demand for oil and gas worldwide will be the primary growth factor driving this market
The oil & gas helicopter services market growth is premised on the consistently rising demand for oil and gas as primary energy and power sources. According to the International Energy Agency (IEA), in third quarter of 2019, the global demand for oil rose to 1.1 million barrels a day, more than doubling from 435,000 barrels per day from the preceding quarter of the same year. Similarly, the IEA states that global natural gas consumption rose by 4.6% in 2018 from 2017 levels and by 2030, the demand will spike as natural gas will provide a gateway from oil and coal. Thus, steady rise in offshore oil and gas exploration operations to meet the surging demand will drive the Offshore Helicopter Services Market trends.
As per the report, the value of the market stood at USD 2,513.4 million in 2018. In addition to this, the report contains the following:
- Panoramic overview of the overall industry trends;
- Careful segmentation of the market and detailed study of all segments;
- Comprehensive analysis of the factors driving and restricting the growth of the market; and
- Thorough research into the regional dynamics and competitive landscape of the market.
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Fortune Business Insights profiles some of the prominent companies operating in the offshore helicopter services market. They are as follows:
- Abu Dhabi Aviation
- Babcock International
- CHC Helicopters
- Courag Helicopters Inc.
- Era Group Inc.
- Gulf Helicopters Company
- Heligo Charters Pvt. Ltd.
- Omni Helicopters International
- PHI Inc.
Tight Regulations on Helicopter Services to Stem Growth
Aviation regulatory bodies have framed tough and rigid rules and laws for operators in the aerospace industry. For instance, helicopter operators need to apply for certification from the US Federal Aviation Administration (FAA) to carry out offshore services. These operators need to abide by stringent norms governing safety of pilots and passengers, transportation of cargo, and inspection, among others. Getting nod from the FAA is a time-consuming process, making it difficult for operators to establish themselves. The case is similar in India where the Directorate General of Civil Aviation (DGCA) has set up tight rules and regulations for monitoring aviation services in general and helicopter services in particular. As a result, the smooth growth trajectory of this market is thwarted by regulatory bumps and is likely to restrict its expansion in the coming years.
Strategic Collaborations to Aid Players’ Global Expansion
The offshore helicopter services market analysis indicates that the market is set to experience a highly dynamic period owing to the increasing collaborations and partnerships that companies are entering. These joint ventures are becoming a prominent strategy as players are using the enhanced opportunities to expand their global foothold in this market.
North America to Hold a Commanding Market Position; Europe and Asia-Pacific to Grow Healthily
North America boasted of market size of USD 707.43 million in 2018 and is poised to lead the offshore helicopter services market share during the forecast period. The primary reason for this is the discovery of shale gas in the region, which has spiked the activity of oil and gas rigs. In Europe, on the other hand, the demand for FAA-certified helicopters is rising, fueling the market in the process. In Asia-Pacific, governments are framing supportive policies to encourage exploration operations especially in China, Australia, Vietnam, and India, which bodes well for the market in the region
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Competitive Analysis And Industry News:
Major companies in the global Offshore Helicopter Services Market are increasingly focusing on research and development activities to create new and innovative products to stay ahead of the competition. Staying on top of market trends and drivers is crucial for decision-makers to hold this emerging opportunity. The study provides information on market trends and development, drivers, capacities, technologies, and the changing investment structure of the Offshore Helicopter Services Industry.
Key questions answered in the report:
- What will the market growth rate of Offshore Helicopter Services Market in 2026?
- What are the key factors driving the global Offshore Helicopter Services Market?
- Who are the key manufacturers in Offshore Helicopter Services Market space?
- What are the market opportunities, market risk and market overview of the Offshore Helicopter Services Global market?
- What are sales, revenue, and price analysis of top manufacturers of Offshore Helicopter Services Market?
- What are sales, revenue, and price analysis by types and applications of Offshore Helicopter Services Market?
- What are sales, revenue, and price analysis by regions of Offshore Helicopter Services Market?
- February 2020: The UK-based aviation specialist HeliSpeed and Cobham Aviation Services Australia entered into a search-and-rescue (SAR) agreement. Under the partnership, Cobham will support HeliSpeed’s search-and-rescue operations in the Dutch Caribbean island of Curaçao, with HeliSpeed providing Cobham with more than 1200 expert pilots.
- June 2019: The Canadian helicopter services company CHC Helicopter secured a contract from the German company Wintershall Dea for helicopter services. The award comes in the context of the upcoming drilling program in the Norwegian Sea that Wintershall is slated to head.
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