Offshore Helicopter Service Market Worth $3,227.7 Mn at 3.17% CAGR by 2026; Leading Companies Such as Bristow and Babcock to Bolster Their Position Through Partnerships 2
Offshore Helicopter Service Market Outlook 2020: Global Revenue, Sales, Size, Share, Growth and Segmentation Analysis with Forecast Research 2026
Pune, India -- (SBWire) -- 11/19/2020 --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™ in its recent report, titled "Offshore Helicopter Service 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".
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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 service market trends.
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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.
Major Highlights of Report:-
-Extensive analysis on each segment sectors and factors.
-A country-wise analysis of the segments and sub-segments of the market.
-The report consists of a vast amount of data industry research, product demand, sales, size, share and revenue assessment.
-Comprehensive analysis on Growth factors, opportunities, restrains opportunity and drivers.
-Complete assessment of the Porters Five Forces model and SWOT analysis of the industry.
-Drivers and opportunities are evaluated to highlight the top factors responsible for market growth.
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.
List of Companies Covered in the Offshore Helicopter Service Market Report:
-Abu Dhabi Aviation
-Courag Helicopters Inc.
-Era Group Inc.
-Gulf Helicopters Company
-Heligo Charters Pvt. Ltd.
-Omni Helicopters International
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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.
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