DUBLIN, July 5, 2023 /PRNewswire/ — The “Helideck Monitoring System Market Share, Size, Trends, Industry Analysis Report, By Vertical, By System, By End-Use, By Application, By Region, Segment Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The global helideck monitoring system market size is expected to reach USD 355.80 million by 2032
Increased investment in oil and gas exploration and extraction in countries drives up demand for offshore helicopters. As per the International Energy Agency, Oil and gas exploration spending has steadily declined in previous years, with only a minor increase in 2019. With investment budgets under additional pressure in 2020, the proportion of overall investment devoted to exploration may fall to record lows.
Also, in January 2023, the Government of India announced by 2023, India is expected to invest USD 58 billion in the exploration and production of oil and gas resources. The government intends to grow the geographic region in exploration and production by 0.5 million square kilometers, or 15%, by 2025, from the current 0.25 million square kilometers.
Furthermore, offshore boats and rigs now rely entirely on helicopters for crew and material transportation to and from operations. An expanding number of ships, increased investment in naval projects, and increased worldwide trade by water are all factors driving the helideck monitoring system market.
For instance, in July 2022, The helideck monitoring system delivered factual info to helicopter pilots, assisting in reducing risks associated with potential dangers in offshore operations. The European Commission confirmed intentions to provide over €1.2 billion in EU funding to 61 cooperative defense research and development projects, including those in the naval defense industry.
Thus, the rising investment in oil and gas exploration and production activities and the investment in maritime projects by the global government are propelling market growth over the forecasted period.
Additionally, strict safety standards to prevent accidents may increase the demand for monitoring systems. For instance, CAP437 Helideck Standards, the SMC Helideck Monitoring System, is as adaptable as many offshore boats. Current industry demands may necessitate a vessel operating in multiple locations worldwide.
The regulations of the governments ensure proper safety and accuracy in the helicopters, which provides benefits and increases demand for monitoring systems in it. Therefore, the strict rules across the nations are boosting the demand for helideck monitoring systems that drive market growth.
Helideck Monitoring System Market Report Highlights
- The commercial segment is anticipated to grow at a significant CAGR over the forecast period. The increase is linked to increased ship and vessel traffic as well as increased sea trade. The sea transports the vast majority of global trade.
- The oil and gas segment accounted for considerable global revenue share. Increased investment in offshore exploration for oil and gas projects has resulted in dominance.
- The military sector will experience significant growth as a result of increased investment in naval forces and increased procurement of naval helicopters by emerging nations.
- Asia-Pacific is expected to grow at a substantial CAGR over the projected period because of the developing oil and gas industries in rising economies. Additionally, the market is anticipated to rise as a result of increasing military budgets in nations and the deployment of technically sophisticated ships for naval forces.
- The global players include ASB Systems, ABB Group, Dynamax, Miros AS, Monitor Systems, Observator Group, RH Marine, Southern Avionics, ShoreConnection International, & Vaisala
Drivers and Opportunities
- Rising introduction of advanced eVTOL technology
- Increasing navy budgets worldwide
Restraints and Challenges
- Fluctuation in oil and gas prices
Porter’s Five Forces Analysis
Helideck Monitoring System Industry Trends
Value Chain Analysis
COVID-19 Impact Analysis
- ASB Systems PVT. LTD
- Automasjon & Data AS
- ABB Group
- Dynamax Inc.
- Fugro N.V.
- Kongsberg Gruppen ASA
- Miros AS
- Monitor Systems Ltd
- Observator Group
- RH Marine
- RigStat LP
- Southern Avionics Co.
- SMC Corporation
- ShoreConnection International AS
- Vaisala Oyj
Scope of the report
Helideck Monitoring System, Vertical Outlook (Revenue – USD Million, 2019 – 2032)
- Oil & Gas
- Naval Base
Helideck Monitoring System, System Outlook (Revenue – USD Million, 2019 – 2032)
- GPS Sensors
- Gyro Sensors
Helideck Monitoring System, Application Outlook (Revenue – USD Million, 2019 – 2032)
Helideck Monitoring System, End-Use Outlook (Revenue – USD Million, 2019 – 2032)
Helideck Monitoring System, Regional Outlook (Revenue – USD Million, 2019 – 2032)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/m2juo0
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SOURCE Research and Markets