Insights on the $1.7+ Billion Tilt Rotor Aircraft Global Market to 2028 - by Type, End-user and Geography - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 2, 2021--
The “Tilt Rotor Aircraft Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type and End User” report has been added to ResearchAndMarkets.com’s offering.
The global tilt rotor aircraft market was valued at US$ 992.61 million in 2020 and is projected to reach US$ 1,766.18 million in 2028. The market it expected to grow at a CAGR of 7.47% during 2020-2028.
A tilt rotor aircraft generates its lift and propulsion with the help of rotors that are mounted at the end of the fixed wing. The rotors are vertically tilted to generate lift and further the aircraft gradually gains forward momentum as the rotors are tilted in horizontal direction. Thus, this enables the aircraft to have vertical take-off and landing capability (VTOL) of a rotary wing aircraft and the range & speed of a fixed wing aircraft.
The tilt rotor aircraft market is experiencing growth owing to increasing year-on-year government budgets for national security. Governments across the world are significantly investing in the procurement of advanced state-of-the-art aircraft fleet. To cater to the dynamic challenges of the defense industry, market players are also investing in the development of robust and innovative aircraft, including tilt rotor aircraft. Additionally, the robust adoption of military unmanned aerial vehicles across the world is fueling the growth of the tilt rotor aircraft market.
Impact of COVID-19 Pandemic
The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak, the defense industry was experiencing substantial growth in terms of production and services. However, the outbreak has disrupted the supply chain. In addition, several governments have deprioritized defense spending; instead, they are investing in technologies to combat the spread of novel coronavirus that causes COVID-19. This factor weakened the production and R&D of various defense equipment during 2020, which hindered the growth of the tilt rotor aircraft market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global tilt rotor aircraft market.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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- Lower Operating Cost of Tilt Rotor Aircraft
- Growing Military Spending for Procurement of Advanced Aircraft
- Limited Adoption by Armed Forces of Major Countries
- Emergence of Unmanned Tilt Rotor Aircraft
- Development of Tilt Rotor Aircraft for Civil Application
- BAE Systems
- Bell Textron Inc.
- Honeywell International Inc.
- Israel Aerospace Industries
- Leonardo SPA
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Aviation Industry Corporation of China Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4uc4m
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INDUSTRY KEYWORD: AIR TRANSPORT OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
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PUB: 07/02/2021 11:57 AM/DISC: 07/02/2021 11:57 AM