Tilt Rotor Aircraft Market Outlook 2030 -
The lift and propulsion of a tilt-rotor aircraft are generated by rotors mounted at the end of the fixed-wing. The rotors are vertically tilted to generate lift, and as the rotors are horizontally titled, the aircraft gradually gains forward momentum. As a result, the aircraft has the vertical take-off and landing capability (VTOL) of a rotary wing aircraft as well as the range & speed of a fixed-wing aircraft. This capability eliminates the need for a dedicated landing strip for such aircraft. Furthermore, when it comes to transporting people and goods over a short distance, such aircrafts are considered more efficient than rotary-wing aircraft. As rotary wing aircraft are widely used for a shorter distance travel, their operating costs are generally higher than those of fixed- wing aircraft. As a result, utilizing tilt- rotor aircraft for transportation application allows end-users to save a significant amount of operation cost. Owing to the aforementioned advantages of tilt rotor aircraft, the market is anticipated to experience a steady growth during the forecast period.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant impact on the world and is continuing to affect several countries. Prior to outbreak, the defense industry was experiencing substantial growth in both production and services. Services across the globe have halted due to the ban on transportation. Airlines and ships ceased operations in many countries, which made cargo transportation impossible. This is anticipated to affect the manufacturers. Automobile manufacturers, consumer electronics, and pharmaceuticals in various countries rely on China and other developed countries for the supply of several raw materials. However, this was severely affected, due to the pandemic. In addition, several governments have reduced defense spending; instead, they are investing in technologies to combat the spread of the novel coronavirus that causes COVID-19. The supply chain has been disrupted for a long time as a result of the lockdown and the demand has completely subsided, which is expected to take a very long time to recover. This factor hampered the production and R&D of various defense equipment during 2020, which hindered the growth of the tilt-rotor aircraft market.
Top Impacting Factors
- Rise in military spending for advanced aircraft procurement, increased use of drones for military and civil operations, and surge in R&D activities of civil tilt-rotor aircraft drive the market growth
- Limited adoption by armed forces of major countries is expected to hinder the market growth in the coming years.
- The lower operating cost of tilt-rotor aircraft as well as surge in military spending for advanced aircraft procurement, can be seen as a market investments opportunity.
The Tilt Rotor Aircraft Market Trends are as Follows:
Growing Military Spending for Procurement of Advanced Aircraft
The increase in geopolitical tensions and trade wars among major countries drives significant investments in the defense sector. A substantial portion of the investment is dedicated to the procurement of advanced military aircraft and tilt-rotor aircraft. For instance, deliveries of the bell Boeing V-22 osprey, a military tilt- rotor aircraft, reached 400 in June 2020, with some of the recent deliveries in 2020 going to the armed forces of the U.S. and Japan. Many governments are taking the initiative and supporting companies in developing advanced aerial vehicles. For instance, Russia’s ZALA Aero unveiled tilt-rotor, hybrid-power drones, in 2021. The tilt- rotor ZALA VTOL combines the best qualities of an aircraft-type drone and a tilt rotor and it can change the configuration depending on the task being performed. Furthermore, in 2020, the U.S. Department of Defense awarded Bell–Boeing a US$ 4.2 billion fixed-price multiyear contract modification for the production and delivery of 58 Ospreys, including four for the government of Japan. Thus, the increase in procurement of tilt-rotor aircraft for military application is expected to drive the growth of the market during the forecast period.
Key Benefits of the Report:
- This study presents the analytical depiction of the tilt rotor aircraft market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the tilt rotor aircraft market.
- The current market is quantitatively analyzed to highlight the growth scenario of the tilt rotor aircraft market.
- The report provides a detailed tilt rotor aircraft market analysis based on competitive intensity and the that competition will take shape in coming years.
Questions Answered in the Tilt Rotor Aircraft Market Research Report:
- Who are the leading market players active in the tilt rotor aircraft market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the tilt rotor aircraft market?
- What are the future projections that would help in taking further strategic steps?
Tilt Rotor Aircraft Market Report Highlights
By Rotor Type
Key Market Players
Bell Textron Inc., Leonardo S.p.A, Honeywell International Inc., Northrop Grumman Corporation, Rostec, BAE Systems plc, Boeing, Aviation Industry Corporation of China, Ltd., Lockheed Martin Corporation, Israel Aerospace Industries Ltd