The global helideck monitoring system market size is predicted to reach USD 283.7 million by 2028, exhibiting a CAGR of 4.37% during the forecast period. The growing application of monitoring system in the oil & gas and marine industry will create lucrative business opportunities for the market, states Fortune Business Insights, in a report, titled “Helideck Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Vertical (Marine, Oil & Gas), System (Hardware (Wind, GPS Sensors, Motion, Meteorology), Software), Application (Commercial, Defense), End-Use (OEMs, Aftermarket) and Regional Forecast, 2021-2028.” The market size stood at USD 200.3 million in 2020.
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Increasing Use of Vessels to Fuel Demand
The growing investments in naval projects are expected to bolster the healthy growth of the market. The increasing utilization of offshore vessels and rigs will demand helideck monitoring systems, in turn, aiding the growth of the market. Moreover, the system provides real-time information to helicopter pilots that can help during potential hazards in offshore operations. Besides, strict safety regulations regarding accidents have led to high demand for helideck monitoring systems, therefore accelerating the growth of the market. However, the cybersecurity concerns pertaining to the safety and security of ships and vessels can consequently hamper the helideck monitoring system market growth.
The Report Lists the Key Companies in the Helideck Monitoring System Market:
- ABB (Switzerland)
- ASB Systems PVT LTD. (India)
- Automasjon & Data AS (Norway)
- Fugro (The Netherlands)
- KONGSBERG (Norway)
- Miros Group (Norway)
- Observator Group (The Netherlands)
- RH Marine (The Netherlands)
- ShoreConnection International AS (Norway)
- SMC (The U.S.)
- Vaisala (Finland)
Massive Loss incurred by Oil and Gas Industry during COVID-19 Pandemic
The coronavirus has disrupted the production, transportation, and distribution in the oil and gas industry. Helicopter OEMs are expected to deliver 25% less helicopters due to disrupted supply chains, production halt, and financial crisis. The massive loss suffered by the OEMs will subsequently lead to reduced contracts and investments in the industry. Energy Information Administration (EIA) estimates that global liquid fuel production averaged 91.8 million b/d, which was in the second quarter of 2020 down 8.6 million b/d year over year.
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Procurement of Naval Ships to Aid Growth in North America
The market size in North America stood is expected to lead the global market. The growth in the region is attributed to the surging oil and gas industry in the U.S. and Canada. The presence of the highest number of naval ships will further promote growth in the region. The growing expenditure in the defense sector for the procurement of naval ships is expected to stimulate the growth of the market in the region. The market in Europe is predicted to register a considerable helideck monitoring system market share during the forecast period owing to the existing large number of helicopter fleets in countries such as the U.K, France, Russia, and Germany. The presence of prominent players such as Fugro, Vaisala, Observator Group, RH Marine will foster growth in the region.
April 2019: Hensoldt announced the launch of a new flight data recorder for light helicopters. It integrates the latest sensor technology so that it can record flight, audio, and video data. It contains all the sensors for recording data such as temperature, speed, altitude, and direction.
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