The Helideck Monitoring System Market is expected to grow at CAGR of 6.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Helideck Monitoring System Market
Helideck Monitoring System Market is likely to witness an impressive CAGR of 6.2% during the forecast period. The escalating number of commercial vessels and ships globally and the surge in global vessel traffic and short replacement cycles of hardware components are the major factors underpinning the demand for the helideck monitoring systems during the forecast period.
In terms of regions, the Asia-Pacific region accounted for the largest share of the helideck monitoring system market in 2018, and is expected to register the highest growth during the forecast period owing to the surge in vessel passenger traffic and military vessel induction in countries such as India, China, and Russia. The market is driven by the countries, such as Argentina, Brazil, Saudi Arabia, and the UAE, which are increasing their defense and commercial marine fleets. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Segmentation
Helideck Monitoring System Market Share: By Application Type
Based on the application type, the market is segmented as commercial and defense. The commercial segment is estimated to register a higher CAGR during the forecast period. The growth can be attributed to the increase in vessel traffic, majorly in regions such as North America and Asia-Pacific, which has immensely contributed to the surge in demand for helideck monitoring systems in the commercial segment.
Helideck Monitoring System Market Share: By Vertical Type
Based on the vertical type, the market is segmented as oil & gas and marine. The marine segment is estimated to command the market in the coming five years, driven by the increasing maritime vessel traffic and growing trade via sea routes.
Helideck Monitoring System Market Share: By System Type
Based on the system type, the market is segmented as hardware and software. The hardware segment is expected to witness a higher growth during the forecast period. The key factor driving the demand for helideck monitoring systems is the early replacement of hardware components, such as motion sensors.
Helideck Monitoring System Market Share: By End-User Type
Based on the end-user type, the market is segmented as OEM and aftermarket. The aftermarket segment is estimated to depict a higher growth during the forecast period. The market is driven by the increase in demand for helideck monitoring systems owing to the short replacement cycle of components, such as motion sensors and rise in vessel traffic, especially in regions such as North America and Asia-Pacific.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.