PUBLISHER: Grand View Research | PRODUCT CODE: 1147520
PUBLISHER: Grand View Research | PRODUCT CODE: 1147520
The global search and rescue helicopter market size is anticipated to reach USD 2.84 billion by 2030, with an estimated CAGR of 4.1% from 2022 to 2030, according to the latest report by Grand View Research, Inc. A rise in search & rescue operations around the world and increasing deliveries of helicopters are driving the growth of the industry. For instance, in March 2022, China's Ministry of Transport signed a contract with Leonardo S.p.A for six AW189 search & rescue helicopters. The company aims to complete the deliveries of the same by 2023. The rising evacuation missions, surveillance tasks, rescue operations, and other operations, conducted by commercial & civil entities and militaries have augmented the demand for search & rescue helicopters.
Commercial entities, such as oil refineries, create product demand as they operate their own search & rescue helicopter fleets. For instance, in September 2022, Equinor, a petroleum refining company, awarded Bristow Group Inc. the contract to provide SAR services over four years. As per the contract, Bristow Group will provide SAR services with three SAR-ready advanced S-92 helicopters. The Asia Pacific region is expected to grow at the fastest CAGR from 2022 to 2030 due to the rising commercial & civil and military applications for search & rescue helicopters. For instance, in June 2022, the Indian Coast Guard ordered a squadron of Hindustan Aeronautics Ltd.'s MK III for SAR and surveillance purposes along the coastlines.
Moreover, countries in the region are formulating favorable policies to encourage FDI in their country. For instance, China's favorable FDI policies for manufacturers enabled many prominent companies, including Airbus S.A.S. and Sikorsky, to establish manufacturing and assembly facilities in China. For instance, in April 2019, Airbus Helicopters opened its H135 final assembly line in Qingdao, China. The Airbus factory is the first foreign manufacturer-operated helicopter Final Assembly Line (FAL) in China and the first H135 FAL situated outside Europe, which is anticipated to fuel the regional market growth.