Offshore Helicopter Service Market Insights, Business Opportunities, Competitive Landscape, Global Share and Forecast by

The global offshore helicopter service market size is projected to reach USD 3,227.7 million by 2026, 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, finds Fortune Business Insights

 

Market Restraint 

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. 

 

Regional Analysis 

North America to Hold a Commanding Market Position; Europe and Asia-Pacific to Grow Healthily 

North America boasted of a market size of USD 707.43 million in 2018 and is poised to lead the offshore helicopter service 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. 

 

Competitive Landscape 

Strategic Collaborations to Aid Players’ Global Expansion 

The offshore helicopter service 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.  

 

Industry Developments: 

  • 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.  

 

Source: https://www.fortunebusinessinsights.com/offshore-helicopter-services-market-102534


Steve Nolan

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