Publication Month: May 2021 |
Report Code: TIPRE00018641
| No. of Pages:
| Category: Aerospace and Defense
| Status: Published
No. of Pages 122
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. This capability eliminates the need for dedicated landing strip for such aircraft. Also, such aircraft are considered more efficient compared to a rotary wing aircraft when it comes to transporting people and goods within short distance. As rotary wing aircraft are widely used for travelling shorter distance, the operating cost of rotary wing aircraft is generally at higher side compared to fixed wing aircraft. Thus, utilizing tilt rotor aircraft for transportation application enables end users to save significant amount of operation cost. Owing to the aforementioned advantages of tilt rotor aircraft, the market is anticipated to witness steady growth during the forecast period.
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.
The increasing geopolitical tensions and trade wars among major countries are driving high investments in the defense sector. A significant portion of the investment is dedicated for the procurement of advanced military aircraft and tilt rotor aircraft. For instance, the deliveries of Bell Boeing V-22 Osprey, a military tilt rotor aircraft, reached 400 in June 2020, and some of recent deliveries of Bell Boeing V-22 Osprey in 2020 were to the US and Japan armed forces. Thus, the growing procurement of tilt rotor aircraft for military application is projected to drive the growth of the market during the forecast period.
Based on type, the tilt rotor aircraft market is bifurcated into unmanned arial vehicle and manned ariel vehicle. Owing to the capabilities of fixed wing aircraft and rotor wing aircraft such as VTOL and long range, the tilt rotor aircraft are anticipated to gain significant traction. At present, companies such as Bell Textron Inc. along with Boeing are offering tilt rotor aircraft V-22 Osprey for military application, and recently Leonardo S.p.A. launched its AW609 for civil and military applications. The tilt rotor aircraft is majorly used for the transportation of goods and people. The V-22 Osprey aircraft is majorly used by the US armed forces. Also, in 2020, the V-22 Osprey aircraft were delivered to Japanese defense forces. Thus, the growing deployment of tilt rotor aircraft is projected to propel the growth of the market.
|Market Size Value in||US$ 992.61 Million in 2020|
|Market Size Value by||US$ 1,766.18 Million by 2028|
|Growth rate||CAGR of 8.1% from 2021-2028|
|No. of Pages||122|
|No. of Tables||42|
|No. of Charts & Figures||46|
|Historical data available||Yes|
|Segments covered||Type and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players operating in the tilt rotor aircraft market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The List of Companies - Tilt Rotor Aircraft Market