Helicopter Services Market Size, Share, Growth Analysis, By Type(Light Helicopters, Medium Helicopters, Heavy Helicopters), By Application(Defense and Military, Civil and Commercial, Offshore Oil and Gas, Emergency Medical Services), By Region - Industry Forecast 2024-2031

Global Helicopter Services Market size was valued at USD 14.2 Billion in 2022 and is poised to grow from USD 15.12 Billion in 2023 to USD 25.03 Billion by 2031, at a CAGR of 6.50% during the forecast period (2024-2031).

The helicopter services market is vulnerable to global economic conditions, which, in turn, affect capital investments and consumer spending levels. Economic downturns and global pandemics can lead to reduced investments, changes in government spending, restricted access to credit for both customers and suppliers, reduced consumer confidence, and a greater preference for cost-effective alternatives in specific applications. This was particularly evident in the past two years during the COVID-19 pandemic, which exacerbated economic constraints, reduced travel and tourism activities, and dampened industrial output. Consequently, demand for helicopter services across associated sectors experienced a decline.

Nevertheless, the helicopter services market is expected to demonstrate resilience in the coming decade, primarily due to its diverse mission segments. While some end-users may witness reduced demand, others are projected to generate increased demand for helicopter services in the years ahead. As the world emerges from the pandemic, several countries are instituting national development plans and focusing on diversifying their economies, particularly by enhancing tourism-related revenues. Consequently, substantial growth is anticipated in the tourism and travel sector over the medium to long term.

Over the past decade, the helicopter services industry has faced a growing threat of substitution in certain applications. Drones are gradually replacing helicopters in various roles due to their lower operational costs and reduced risks to human operators. Drones are now adept at tasks such as land surveys, inspections, aerial observation, monitoring, photography, and videography, delivering high-resolution data quickly and close to the ground. The development of larger drones with advanced flight capabilities, combined with challenges faced by helicopter OEMs in overcoming existing technological limitations, may lead to continued substitution of helicopter services by drone services in several non-transport applications in the foreseeable future. This factor could pose challenges to market growth during the forecast period.

US Helicopter Services Market is poised to grow at a sustainable CAGR for the next forecast year.