The global helideck monitoring system market size is expected to reach USD 355.80 million by 2032, according to a new study by Polaris Market Research. The report “Helideck Monitoring System Market Share, Size, Trends, Industry Analysis Report, By Vertical (Marine, Oil & Gas, Port, and Naval Base); By System; By End-Use; By Application; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
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.
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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
Polaris Market Research has segmented the Helideck Monitoring System market report based on vertical, system, application, end-use, and region:
Helideck Monitoring System, Vertical Outlook (Revenue - USD Million, 2019 - 2032)
Helideck Monitoring System, System Outlook (Revenue - USD Million, 2019 - 2032)
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)