Rescue Hoists and Cargo Winches Market is expected to reach US$ 2734.50 million by 2028

Investment in Research & Development by Manufacturers to Provide Growth Opportunities for Rescue Hoists and Cargo Winches Market

According to our latest market study on “Rescue Hoists and Cargo Winches Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by type, application, and end users,” the market was valued at US$ 1638.42 million in 2020 and it is projected to reach US$ 2734.50 million by 2028; it is expected to grow at a CAGR of 7.3% from 2021 to 2028.

R&D is a crucial component of innovation and a key factor in developing new competitive advantages. To effectively compete in the market, OEMs of rescue hoists and cargo winch manufacturers are significantly investing in research and development (R&D) to effectively cater the growing requirement in the market. For instance, Collin Aerospace has been continuously developing its Goodrich rescue hoist portfolio. The company offers ~40 models of rescue hoists and cargo winches utilized by civil and military operators worldwide. The company has been continuously investing in R&D to enhance its hoist technology, thereby providing the best-in-class products. For instance, the company introduced the 44316 and 44318 model hoists, which remain the only hoists approved by the Federal Aviation Administration and European Union Aviation Safety Agency for human external cargo (HEC) operations. Collins Aerospace’s Goodrich 44318 hoists were recently (2020) chosen by three of California’s premier firefighting agencies as the rescue hoist aboard new helicopters. Like Collin Aerospace, there are other manufacturers who are focusing extensively on R&D to effectively cater the growing requirement. This will help them to strengthen their position in the market along with increasing their overall revenue.

The rescue hoists and cargo winches market is segmented into type, application, and end-users, and geography. Based on type, the rescue hoists and cargo winches market is further segmented into hoists, winches, and ground support equipment. In 2020, the hoists segment accounted for a significant share in the global rescue hoists and cargo winches market. Based on application, the rescue hoists and cargo winches market is further segmented into search and rescue, medevac, utility, and law enforcement and firefighting. In 2020, the search and rescue segment accounted for a significant share in the global rescue hoists and cargo winches market. Based on end users, the rescue hoists and cargo winches market is further segmented into military forces, law enforcement agencies, fire fighters, and medical evacuation crews. In 2020, the law enforcement agencies segment accounted for a significant share in the global rescue hoists and cargo winches market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the North America held a significant share in the global rescue hoists and cargo winches market.

Impact of COVID-19 Pandemic on Rescue Hoists and Cargo Winches Market

From the rescue hoists and cargo winches market player’s perspective, the situation has been worsened by the substantial disruption in component supply chain. Since, the rescue hoist and cargo winches are electro-mechanical products, the disruption in electronics and mechanical parts supply chain due to border closures have negatively impacted the production volumes of rescue hoists and cargo winches. This factor has hindered the growth of rescue hoists and cargo winches market. The lower production of helicopter volumes resulted in less than usual demand for rescue hoists and cargo winches among the helicopter manufacturers. According to General Aviation Manufacturers Association (GAMA), the helicopter shipment dropped by 19.2% from 2019 to 2020. Further, several fixed wing aircraft such as Boeing C17 and Embraer KC-390 and others that use cargo winches also experienced lower production in 2020. Thus, lower output of fixed wing aircraft and helicopters resulted in a drop in demand for rescue hoists and cargo winches, thereby negatively impacting the growth of the market in 2020.

Breeze-Eastern, LLC; Dart Aerospace; KubanAviaService; Lift-It Manufacturing Company, Inc; VINCORION; Zephyr International; Collins Aerospace, a Raytheon Technologies Corporation Company; Honeywell International Inc.; Sika Interplant Systems Limited; and Lite Flite ApS are among the few major companies operating in the rescue hoists and cargo winches market.

Rescue Hoists and Cargo Winches Market - by Geography

The report segments the global rescue hoists and cargo winches market as follows:

By Type

• Hoists
• Winches
• Ground Support Equipment

By Application

• Search and Rescue
• MedEvac
• Utility
• Law Enforcement and Firefighting

By End-Users

• Military Forces
• Law Enforcement Agencies
• Fire Fighters
• Medical Evacuation Crews

By Geography

• North America
  • US
  • Canada
  • Mexico

• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)
  • Brazil
  • Rest of SAM