Report : Rescue Hoists and Cargo Winches Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Hoists, Winches, and Ground Support Equipment), Application (Search and Rescue, MedEvac, Utility, and Law Enforcement and Firefighting), and End Users (Military Forces, Law Enforcement Agencies, Fire Fighters, and Medical Evacuation Crews)
According to the new research report titled “Rescue Hoists and Cargo Winches Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2734.50 million by 2028, registering a CAGR of 7.3% from 2021 to 2028.
There is a continuous demand for advance and capable SAR helicopter and rescue hoist and winches from military forces of developing countries. The UK, one of the prominent countries in Europe, is investing on the procurement of the second-generation or 2G SAR service. The UK’s Maritime & Coastguard Agency (MCA) is looking for helicopters that are equipped with emerging technologies such as UAVs or even high-altitude pseudo-satellites for surveillance. Similarly, Government of India decided to procure 14 Twin-Engine Heavy Helicopters (TEHH), for Indian Coat Guards, in January 2021. These helicopters will be operational by FY 2025–2026. These helicopters will be used for maritime surveillance, SAR, medical evacuation, casualty evacuation, and logistics support to ships as well as pollution response sorties. In March 2019, the Rescue and Salvage Bureau (CRS) of the Chinese Ministry of Transport (MOT) expanded its medium class search and rescue helicopter fleet with the Airbus H175. These new H175 were procured to perform SAR mission in busiest areas for marine traffic (seven of the 10 busiest container ports in the world are in China) as well as various offshore areas such as the Bohai Sea and the Yellow Sea. These instance of continuous procurement of new and advance SAR helicopters has created immense opportunity for component manufacturers of such helicopters including rescue hoists and cargo winches manufacturers to develop innovative products with enhanced capabilities.
The rescue hoists and cargo winches market is segmented into type, application, and end users, and geography. Based on type, the rescue hoists and cargo winches market is further segmented into hoists, winches, and ground support equipment. In 2020, the hoists segment accounted for a significant share in the global rescue hoists and cargo winches market. Based on application, the rescue hoists and cargo winches market is further segmented into search and rescue, medevac, utility, and law enforcement and firefighting. In 2020, the search and rescue segment accounted for a significant share in the global rescue hoists and cargo winches market. Based on end-users, the rescue hoists and cargo winches market is further segmented into military forces, law enforcement agencies, fire fighters, and medical evacuation crews. In 2020, the law enforcement agencies segment accounted for a significant share in the global rescue hoists and cargo winches market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the North America segment accounted for a significant share in the global rescue hoists and cargo winches market.
The recent outbreak of the COVID – 19 has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft (both fixed wing aircraft and helicopters) manufacturers; the global aviation industry witnessed a significant rise in the number aircraft procurement (both commercial and military), as well as rise growth in MRO activities. Unfortunately, the COVID – 19 outbreak has decimated the demand for aircraft (both fixed wing aircraft and helicopters) globally, which reflected significantly lower volumes of orders among the airframe manufacturers, which resulted in a lower number of airframe production. The decline in production volumes adversely affected the businesses of various component manufacturers. Thus, FY2020 has turned the aviation industry upside down as the aircraft manufacturer (both fixed wing aircraft and helicopters) refrained from procuring various components during the first two quarters of 2020. Thus, the rescue hoist and cargo winches market players' businesses have been severely affected by destabilization in aircraft (both fixed wing aircraft and helicopters) production.
Key Findings of Study:
The global rescue hoists and cargo winches market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM).
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on January 2020, The company announced the launch of Pegasus hoist, which is completely digitally operated for enabling pilotless helicopter rescue operation to its clients.
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