Pune, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The global helideck monitoring system market size is predicted to reach USD 290.5 million by 2027, exhibiting a CAGR of 4.72% during the forecast period. The growing application of monitoring system in the oil & gas and marine industry will create lucrative business opportunities for the market, states Fortune Business Insights, in a report, titled “Helideck Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Vertical (Marine, Oil & Gas), System (Hardware (Wind, GPS Sensors, Motion, Meteorology), Software), Application (Commercial, Defense), End-Use (OEMs, Aftermarket) and Regional Forecasts, 2020-2027” The market size stood at USD 214.6 million in 2019.
Market Driver:
Increasing Use of Vessels to Fuel Demand
The growing investments in naval projects are expected to bolster the healthy growth of the market. The increasing utilization of offshore vessels and rigs will demand helideck monitoring systems, in turn, aiding the growth of the market. Moreover, the system provides real-time information to helicopter pilots that can help during potential hazards in offshore operations. Besides, strict safety regulations regarding accidents have led to high demand for such systems, therefore accelerating the growth of the market. However, the cybersecurity concerns about the safety and security of ships and vessels can consequently hamper the growth of the market.
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Massive Loss incurred by Oil and Gas Industry during COVID-19 Pandemic
The coronavirus has disrupted the production, transportation, and distribution in the oil and gas industry. Helicopter OEMs are expected to deliver 25% less helicopter due to disrupted supply chains, production halt, and financial crisis. The massive loss suffered by the OEMs will subsequently lead to reduced contracts and investments in the industry. Energy Information Administration (EIA) estimates that global liquid fuel production averaged 91.8 million b/d, which was in the second quarter of 2020 down 8.6 million b/d year over year.
Regional Analysis:
Procurement of Naval Ships to Aid Growth in North America
The market size in North America stood is expected to lead the global market. The growth in the region is attributed to the surging oil and gas industry in the U.S. and Canada. The presence of the highest number of naval ships will further promote growth in the region. The growing expenditure in the defense sector for the procurement of naval ships is expected to stimulate the growth of the market in the region. The market in Europe is predicted to witness rapid growth during the forecast period owing to the existing large number of helicopter fleet in countries such as the U.K, France, Russia, and Germany. The presence of prominent players such as Fugro, Vaisala, Observator Group, RH Marine will foster growth in the region.
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Key Development:
April 2019: Hensoldt announced the launch of a new flight data recorder for light helicopters. It integrates the latest sensor technology so that it can record flight, audio, and video data. It contains all the sensors for recording data such as temperature, speed, altitude, and direction.
List of the Leading Companies Profiled in the Global Helideck Monitoring System Market are:
- ABB (Switzerland)
- ASB Systems PVT LTD. (India)
- Automasjon & Data AS (Norway)
- Fugro (The Netherlands)
- KONGSBERG (Norway)
- Miros Group (Norway)
- Observator Group (The Netherlands)
- RH Marine (The Netherlands)
- ShoreConnection International AS (Norway)
- SMC (The U.S.)
- Vaisala (Finland)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/helideck-monitoring-systems-hms-market-103537
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Helideck Monitoring System Market
- Global Helideck Monitoring System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vertical
- Marine
- Oil & Gas
- Market Analysis, Insights and Forecast – By System
- Hardware
- Wind
- Meteorology
- GPS Sensors
- Motion
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By End-Use
- OEMs
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
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- Impact of COVID-19 on Global Helideck Monitoring System Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response To COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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