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Ultrasonic Testing Market Size, Share & COVID-19 Impact Analysis

The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027, exhibiting a CAGR of 9.43% during the forecast period. The burgeoning startup culture in the non-destructive testing (NDT) domain will play a central role in fueling this market, postulates Fortune Business Insights™in its report, titled “Ultrasonic Testing Market Size, Share & COVID-19 Impact Analysis, By Type (Time-Of-Flight Diffraction, Phased Array, Immersion Testing, Guided-Wave Testing, Acoustography, and Others) By Equipment (Flaw Detectors, Thickness Gauges, Transducers & Probes, Industrial Scanners, Tube Inspection Systems, Bond Testers, Imaging Systems, and Others), By Service (Inspection Services, Equipment Rental Services, Calibration Services, and Training Services), By Vertical (Manufacturing, Oil & Gas, Aerospace, Public Infrastructure, Automotive, Power Generation, and Others) and Regional Forecast, 2020-2027”. Testing and inspection are critical functions that operators and owners of capital have to perform to ensure the safety and reliability of equipment, machinery, and other assets. Startups have been steadily emerging over the past few years to fulfill these functions using NDT and ultrasonic testing (UT) technologies. For example, the Indian startup AAVRTTI has developed RUDI (Radar for Utility Detection and Imaging) to detect, identify, and map buried utilities. The company also offers other services, such as the localized detection of cable faults and underground pipe leakages. Inductosense, a startup domiciled in the UK, has been engaged in developing NDT solutions using ultrasonic testing. The company manufactures ultrasonic sensors to facilitate accurate monitoring of internal corrosion & erosion in pipelines and vessels. These advancements in asset testing technologies, heralded by fledgling startups, will create massive opportunities for this market.

 The report states that the value of the market was estimated to be USD 2,297.2 million in 2019 and also shares the following:

Holistic evaluation of the various market drivers and trends;

Granular understanding of the challenges facing the market;

Unmatched segmentation of the market; and

Microscopic study of the competitive milieu and regional prospects of the market.

Browse Complete Report Summary:

Restraining Factor

Revenue Shortfalls amid the COVID-19 Crisis to Quell Market Growth

With the coronavirus-induced global economic and health crisis unfolding with increasing intensity, the aviation industry is set to experience unprecedented revenue shortfalls. According to the International Civil Aviation Organization (ICAO), in the first half of 2021, airlines are likely to face potential gross passenger operating revenues between USD 163 billion and USD 194 billion. This is in addition to the USD 391 billion worth of losses faced by airliners in 2020. The ultrasonic testing market growth is also expected to suffer setbacks as a result of these financial stresses as the pandemic has severely disrupted investment plans of aircraft manufacturers and aviation technology providers. Furthermore, travel restrictions and the cancelation of flights have delayed the adoption of advanced UT technologies. For example, a recent report by the Organization for Economic Cooperation and Development (OECD) points out that a combination of supply shocks and negative demand has created widespread uncertainty in the aviation industry, thus delaying the deployment of next-generation technologies, such as ultrasonic testing, by airline companies. As a result of these developments, this market will display a negative CAGR of -14.9% in 2019 and reach a value of USD 1,954.4 million in 2020.

Regional Insights

North America to Register Sterling Growth; Asia Pacific to Progress Promisingly

In 2019, the North America market size stood at USD 893.7 million, and the region is expected to bolster its growth trajectory during the forecast period on account of the rising employment of UT methods in the inspection of railway infrastructures. In addition, growing adoption of advanced testing technologies in the region’s robust aerospace industry will further boost the regional market.

Asia Pacific is anticipated to showcase the fastest growth in the ultrasonic testing market share in the forthcoming years owing to the huge investments in ramping up public infrastructure in India and the rapid expansion of the manufacturing industry in China. In Europe, the regional market growth will be aided by the increasing demand for these ultrasonic type of testing solutions in the automotive industry in Germany.

 Competitive Landscape

Lucrative Collaborations to Characterize Market Competition

The competitive landscape of this market is experiencing a period of prolific dynamism due to the increasing number of lucrative partnerships between aviation industry giants and key players in the UT market. These collaborations are aimed at developing inventive testing solutions for aircraft components, which in turn will entrench the market position of the collaborating entities.

Industry Developments:

September 2020: Element Sheffield announced the bagging of approval from the aircraft engine maker, Safran, for destructive testing services. The agreement follows the recent clearance from Safran to Element to deploy ultrasonic testing techniques for Safran’s components and materials.

January 2020:Novosound, a Scottish startup, secured a USD 4.3 million investment to develop and launch its first flexible thin-film ultrasound sensor for inspecting curved surfaces in June. The startup will be targeting the field of inspection and maintenance of aircraft with the introduction of this device.

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Bulletproof Vest Market Size, Share and Covid-19 Impact Analysis by Material

The global bulletproof vest market size is expected to reach USD 1,998.1 million by 2027, exhibiting a CAGR of 7.23% during the forecast period. The increasing security concerns coupled with cross-border conflicts will fuel demand for bulletproof vests, which, in turn, will foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Bulletproof Vest Market Size, Share and Covid-19 Impact Analysis by Material (Kevlar, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), and Graphene) By Type (Level IIA, Level II, Level IIIA, Level III, and Level IV) By Product (Flexible Ballistic, Hard Armor Plate) By End User (Military, Law Enforcement, and Civil) and Regional Forecast, 2023-2027.” The market size stood at USD 1,271.1 million in 2023.

The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

Source : https://www.fortunebusinessinsights.com/bulletproof-vest-market-104752

The report on the bulletproof vest market features:

Wide-ranging analysis of the market

Crucial facts about prominent players

Main regions in the market

Key drivers and trends

Significant developmen

Market Driver:

Increasing Military Expenditure to Augment Growth

The increasing terrorist activities, geopolitical tensions, and cross border conflicts around the world can have an excellent impact on the market during the forecast period. The rising military spending will spur opportunities for the market in the forthcoming years. According to SIPRI, the United States, China, India, Russia, and Saudi Arabia's defense budget was USD 732 billion, USD 261 billion, USD 71.1 billion, USD 65.1 billion, and USD 61.9 billion, respectively. Furthermore, the expansion of military forces in developing nations will have a tremendous impact on the demand for bulletproof vests. For instance, in 2020, the number of active military personnel in China, India, the U.S., and North Korea were 21,83,000, 14,44,000, 14,00,000, and 12,80,000, respectively. Hence, the increasing number of army personnel can contribute positively to the bulletproof vest market growth.

Delayed Deliveries of Products to Hamper Business amid Coronavirus

COVID-19 pandemic had a severe impact on the global market. The reduced demand and delayed deliveries of products have dramatically affected the scenario of the industry. The postponement in the production of defense products is expected to retard the development of the market. For instance, the department of Indian Military Affairs asked all of its armed forces to hold their capital acquisitions because of budget cuts due to the effect of COVID-19. Moreover, South Korea planned to cut USD 245 million from the country’s defense budget. Hence, declined defense budget and halt on production activities will hinder the market amid coronavirus.

Regional Analysis: 

Growing Terrorism to Stimulate Growth in Asia Pacific

The market in Asia-Pacific is expected to hold the largest bulletproof vest market share during the forecast period owing to political conflicts and cross-border issues. The growing terrorism in the Asian countries and increasing investments in next-generation body armors will aid growth in the region. For instance, in 2018, the Indian Army signed a worth of USD 98.31 million with SMPP Private Limited to procure 1,38,138 bulletproof jackets. Europe is expected to account for the largest share due to the presence of key players such as EnGarde Body Armor, VestGuard UK Ltd., MARS Armor, and others. The increasing spending by military forces and law enforcement agencies will contribute significantly to the market's growth. For instance, in 2018, Rheinmetall AG signed a three-year contract worth USD 11 million with the German police to supply ballistic inserts for protective vests. 

Key Development:

April 2020: planarTECH, a global leader in providing process and analytical equipment based in the UK, signed a contract with IDEATI, a Thailand based company for distributing its 2AM line of graphene-enhanced bullet-proof vest and ballistic plate products for body armor.

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Military Robots Market Size, Share & Industry Analysis

The global military robot market size is expected to reach USD 25.66 billion by 2027, exhibiting a CAGR of 12.2% during the forecast period. The growing adoption of advanced aerial robots in military operations, including attacking, rescue activities, surveillance, and others will have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Military Robots Market Size, Share & Industry Analysis, By Platform (Airborne, Land, Naval), By Mode of Operation (Semi-Autonomous and Autonomous), By Mode of Propulsion (Manual, Electric, and Hybrid), By Application (Intelligence, Surveillance, and Reconnaissance, Search and Rescue, Combat Support, Transportation, and Others), and Regional Forecast, 2023-2027.” The market size stood at USD 13.87 billion.

The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

The Report Lists the Key Companies in the Military Robots Market:

Northrop Grumman Corporation (The U.S.)

Thales Group (France)

FLIR Systems, Inc. (The U.S.)

Clearpath Robotics Inc. (Canada)

Cobham Limited (The U.K.)

QinetiQ (The U.K.)

AeroVironment, Inc.

BAE Systems. (The U.K.)

Elbit Systems Ltd. (Israel)

Raytheon Technologies (The U.S.)

Browse In-depth Summary of This Research Insight:

Market Driver:

Combination of Cutting-edge Technologies in Military Robots to Aid Growth

The amalgamation of technologies such as artificial intelligence, real-time data monitoring, and the Internet of Things (IoT) has accelerated the demand for military robots in modern warfare, thus aiding the market. These robots can track, record, and perform required counter-attacks on the targets located far away from the soldiers, hence easily identifying enemies on the ground sea, or air. The increasing utilization of robots for intelligence, surveillance, and reconnaissance (ISR) activities will bolster the healthy growth of the market. Furthermore, the growing focus of companies towards designing and developing small robots capable of transmitting images and videos to the ground-based station for assisting soldiers to make real-time decisions on battlefields will subsequently augur well for the global market during the forecast period.

COVID-19 Pandemic: Suspended Deliveries of Military Robots to Restrict Market Growth

The pandemic has considerably affected the production and delivery of military robots, which, in turn, will diminish the growth of the market. Stringent government norms have disrupted the import and export of robots, resulting in delayed deliveries. The halt on operations has critically thwarted the production in manufacturing processes. The prominent companies situated in the U.S., the U.K., Germany, and France have experienced enormous loss due to the outbreak. However, companies are implementing strategies to recover the financial damage caused by the coronavirus, which, in turn, can improve the market scenario. 

Regional Analysis:

Presence of Major Manufacturing Companies to Boost Development in Europe

Europe is expected to experience a rapid growth rate during the forecast period owing to the presence of prominent manufacturers in the region. According to The World Robotics 2019, 700 service robot manufacturing companies are identified across the globe, out of which 307 companies are operating in Europe. The increasing trend for advanced robots with features such as speech and haptics-based human-machine interface, navigation and collision avoidance, motion, and task planning will further propel the growth of the market in Europe. The increasing military expenditure coupled with robust homeland security will have an excellent impact on the market in the region.

Key Development:

October 2019: BAE Systems, a British multinational defense, security, and aerospace company developed Robotic Technology Demonstrator (RTD) as a program to showcase the latest in robotic combat systems.

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Drone Surveillance Market Size, Share

The global offshore Drone Surveillance Market size is projected to reach USD 415.8 billion by 2027, exhibiting a CAGR of 19.6% during the forecast period. Rising deployment of drones for maritime monitoring operations will be a distinct trend driving this market, shares Fortune Business Insights™ in its report, titled “Offshore Drone Surveillance Market Size, Share & COVID-19 Impact Analysis, By Type (Multirotor, Fixed Wing, and Hybrid), By Application (Pipeline Monitoring and Inspection, Offshore Platform Inspection, Wind Turbine Inspection, Power Plant Inspection, Solar Panel Inspection, and Others), and Regional Forecast, 2023-2027”. Drones, or unmanned aerial vehicles (UAVs), have proven to be a highly efficient and cost-effective technology for conducting surveillance activities in offshore settings for various industries. The considerable benefits offered by these devices has induced governments and companies to deploy them to perform a range of functions such as gathering data for inspection, security & surveillance, and maritime search & rescue. For example, the UK Royal Navy has been utilizing drones to detect defects in ships so that the issues can be resolved while at sea. On the other hand, the European Maritime Safety Agency (EMSA) is employing UAVs to pollution monitoring, border control, and capturing illegal activities such as drug trafficking. Offshore drone surveillance technology is, thus, being widely applied for a variety of purposes, which bodes well for this market.

Market Driver

Increasing Reliance on Drones by Oil & Gas Companies amid COVID-19 to Propel Growth

Even as the coronavirus outbreak ravages the global economy, the offshore drone surveillance market growth is likely to gain momentum amid the pandemic as oil & companies show increasing dependence on UAVs for managing their rigs in the open seas. In the US, for example, the North Carolina-based drone service specialist SkyScopes is providing its state-of-the-art, LiDAR-powered UAVs to oil & gas companies in the region for the inspection of pipelines and other critical infrastructures. In Europe, Italy-domiciled energy company Snam has been testing ‘beyond the visual line of sight’ (BVLOS) unmanned aircraft systems (UAS) to test its vast network of pipelines. The main factor pushing the adoption of drones in the hydrocarbon industry is the sudden drop in on-site workforce due to the social distancing measures imposed to contain the coronavirus. More importantly, drones are a much safer option to conduct offshore surveillance activities as they eliminate the need to put workers’ lives in danger and can in fact boost efficiency.

Regional Insights

Rapid Adoption of UAVs to Foster Healthy Growth of the North America Market

North America commanded the offshore drone surveillance market share in 2019, showcasing a market size of USD 69.3 billion, on account of the speedy adoption of drones by utility companies and government agencies in the region. Besides this, growing intensity of exploration and production activities by oil & gas companies in the region will also stimulate the regional market during the forecast period.

While North America will lead the overall market, Asia Pacific is predicted to register the highest CAGR on account of the proliferation of UAV service providers in India and China. The market in the Middle East & Africa is expected to enjoy lucrative prospects owing to the large presence of oil & gas companies in the region.

Competitive Landscape

Launch of Cutting-Edge, Cost-Effective Solutions by Key Players to Spur Competition

Key players in the market for offshore drone surveillance systems are concentrating their energies on developing and introducing drone solutions that are not only top-of-the-line but are also cost-effective for end-users. Apart from this, companies are also investing in new market entrants to leverage their ideas and innovations.

Industry Developments:

August 2020: Equinor, the energy company based in Norway, announced the completion of the world’s maiden logistics operation using drones to an offshore construction. Manufactured by Schiebel, the drone carried a 3D-printed component for the lifeboat system on the Troll A platform in the North Sea.

July 2020: Texo DSI announced the successful delivery 3D digital twins of four offshore platforms – Tern Alpha, Cormorant Alpha, North Cormorant, and Eider Alpha – for its client, TAQA in the North Sea. Texo deployed UAVs to collect survey data from all four assets and the operation was completed in one week.

Source: https://www.fortunebusinessinsights.com/industry-reports/drone-surveillance-market-100511

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Urban Air Mobility Market share 2028

The urban air mobility market size was USD 2.90 billion in 2020. The market is projected to grow from USD 3.01 billion in 2021 to USD 8.91 billion in 2028 at a CAGR of 16.77% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Urban Air Mobility Market, 2021-2028.” Factors such as increasing urbanization and degrading traffic conditions will boost the market during the forecast period. Also, the rising demand for creating faster, cleaner, safer, and interconnected transportation will fuel the growth of the market. 

COVID-19 Impact

COVID-19 Pandemic to Usher Unparalleled Challenges for the Market Leading to Limited Growth

The ongoing COVID-19 pandemic has significantly harmed the supply chain of the urban air mobility sector. Constant lockdowns and volatility in raw material pricing have hampered the development cycle for UAMs, further delaying the launching of new products. Many dominant players have lost gross business revenues due to lockdowns and restrictions on people’s movements. These measures have led to delays in development and lower revenue generation for the prominent players.

List of Key Players Present in the Market

Textron Inc. (U.S.)

Uber Technologies Inc. (U.S.)

Airbus SE (Netherlands)

Ehang (China)

Safran SA (France)

Volocopter (Germany)

Lilium Aviation GmbH (Germany)

Carter Aviation (U.S.)

AIRSPACEX (U.S.)

Aurora Flight Sciences (U.S.)

Segments

Vehicle Type, Range, Operation, End User, and Region are studied for the Market

Based on vehicle type, the market is segmented into air taxis, air metro, air ambulance, last-mile delivery, and others.

By range, the market is divided into intercity and intracity.

In terms of operation, the market is broken down into including piloted, hybrid, and autonomous.

By end user, the market is fragmented into ride-sharing companies, scheduled operators, e-commerce companies, hospitals and medical agencies, and private operators.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage

The report focuses on providing a detailed insight into the inner working of the urban air mobility sector by uncovering the segments and subsegments for the market. Factors such as R&D capabilities and optimization of the manufacturing process for the dominant players are covered. Besides, ongoing market trends and upcoming industry developments are noted. The report also focuses on several growth factors that have contributed for the growth of the market over the past years.

Drivers & Restraints

Rising Demands for Green Solutions to Bolster Market Growth

Rising demand for alternative modes of transport and rocketing road traffic is expected to boost the urban air mobility market growth during the forecast period. Also, the growing urban population and increasing growing urban population will fuel the growth of the market. Additionally, utilization of autonomous UAMs is expected to bore lower pollution, short travel times, and decrease demand on current transportation infrastructure. These factors will boost market growth.

However, factors such as rising security concerns, high initial investment, and limited government support in terms of the regulatory framework will limit the market during the forecast period.

Regional Insights

North America to Hold Largest Market Share Due to Presence of Dominant Players

North America will capture the largest urban air mobility market share during the forecast period, owing to the increasing presence of dominant players coupled with rising adoption measures. Also, rising air traffic among residents will fuel the demand for air taxis and airport shuttle services. Factors such as last-mile and freight services coupled with eVTOL aircraft will boost the market growth.

Europe will register the fastest-growing market during the forecast period due to the region being the breeding ground for a majority of technology innovations. Rising investment opportunities, as well as the presence of prominent players, will foster growth for the market.

Competitive Landscape

Product Development to be at the Forefront for Developing a Sustainable Market

The market for urban air mobility is still at a budding stage with the dominant players competing for capturing a larger consumer base. The market is expected to grow at a steady rate by strategies such as collaboration, mergers & acquisitions, and developing and launching novel products to capture an attentive audience. For example, in May 2021, Volocopter revealed the Voloconnect. It is an electric vertical take-off and landing aircraft (eVTOL), which is designed for connecting suburbs and cities. This product will integrate with Volocopter’s existing intra-city aircraft series.

Industry Development

July 2021: Klein Vision Flying Car completed its maiden intercity trip. The ride was recorded at 35 minutes and took around 3 minutes to transform from a car to an aircraft.

Information Source-

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EVTOL Aircraft Market share 2028

The global eVTOL aircraft market size was estimated to be worth USD 1.11 billion in 2020. The market value is expected to increase from USD 5.41 billion in 2023 to USD 23.21 billion in 2028 at a CAGR of 23.13% during 2023-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward. Fortune Business Insights presents this information in its report titled “EVTOL Aircraft Market, 2023-2028."

Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air mobility, growing awareness regarding carbon footprint, and the need to cut aircraft operating costs.

COVID-19 Impact:

Diminished Aviation Operations to Impact Developments in eVTOL Technology

The aviation sector suffered significant disruption during the COVID-19 pandemic. Supply chain disruptions, workforce shortages, and stricter protocols caused a major slowdown in the development and testing of eVTOL technology. Numerous R&D projects were also affected amid the pandemic. These factors have affected the aircraft market growth during the COVID-19 pandemic.

However, investments in the eVTOL space remained strong in several regions. Data provider Pitchbook reports that North America and Europe invested USD 1.3 billion in air mobility firms despite COVID-19 disruptions in 2020. With the gradual recovery of the aviation sector, the market will start to gain momentum in the forthcoming years.

List of Key Players Profiled in the EVTOL Aircraft Market Report:

Kitty Hawk (U.S.)

Lilium (Germany)

Ehang (China)

Volocopter (Germany)

Bell Textron Inc. (U.S.)

Airbus S.A.S (Netherlands)

Beta Technologies (U.S.)

Joby Aviation (U.S.)

Urban Aeronautics Ltd. (Israel)

Market Segments: 

Based on lift technology, the market is divided into

vectored thrust

lift plus cruise

multirotor

By mode of operation, the market is segmented into

Autonomous

semi-autonomous

Piloted.

In terms of range, the market is bifurcated into

0-200 km

200-500 km

On the basis of maximum take-off weight (MTOW), the market is classified into

<250 kg

250-500 kg

500-1500 Kg

>1500 kg

By propulsion type, the market is split into

Battery-electric

hydrogen-electric

 hybrid-electric

In terms of application, the market is broken down into

Commercial

Military

emergency medical service

Geographically, the market is segmented into

North America

Asia Pacific

Europe

rest of the world

Drivers & Restraints:

Need for Smarter & More Sustainable Transportation to Augment the Product Adoption

With growing urbanization, traffic congestion is emerging as a major concern. In addition, the rising amount of air pollution is giving rise to the need for smarter and more sustainable transportation solutions. The growing concept of urban air mobility solutions, such as air taxis, is anticipated to create favorable opportunities for eVTOL aircraft companies.

Major aircraft makers, such as Airbus SE, Boeing Company, and Bell Helicopter, are accelerating ongoing eVTOL development programs. Automotive giants are also entering the space which will further heat up the market competition. In January 2020, Toyota invested USD 400 million in eVTOL startup Joby Automation.

Despite constant developments in the market, grow could be affected due to the lack of suitable infrastructure and strict regulations enforced by aviation agencies.

Regional Insights:

North America is expected to dominate the global eVTOL aircraft market share during 2021-2028. The regional trends will be influenced by the presence of major market players including Bell Textron Inc., Kitty Hawk, Joby Aviation, and others in the U.S.

The market in Asia Pacific will grow on account of growing investments by eVTOL companies, such as Ehang, in urban air mobility. Europe will record notable gains driven by government initiatives such as the Urban Air Mobility (UAM) Initiative.

Detailed Table of Content:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships

Latest technological Advancements

Porters Five Forces Analysis

Supply Chain Analysis

Quantitative Insights-Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

Steps Taken by Industry/Companies/Government to Overcome the Impact

Key Development in the industry in Response to COVID-19 Pandemic

Potential opportunities due to COVID-19 Pandemic

Global eVTOL Aircraft Market Analysis, Insights and Forecast, 2017-2028

Segment Definitions

Market Analysis, Insights and Forecast – By Lift Technology

Vectored Thrust

Multirotor

Lift Plus Cruise

TOC Continued…!

Notable Industry Development:

June 2021 – Vertical Aerospace received a pre-order contract worth USD 1 billion from American Airlines to supply about 250 eVTOL aircraft to fly passengers in urban regions.

Browse Detailed Summary of Research Report:

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Space Launch Services Market size, share 2030

The global space launch services market size was valued at USD 8.07 billion in 2022 and is expected to reach USD 9.15 billion in 2023. The market is projected to touch USD 20.54 billion by 2030, recording a CAGR of 12.2% during the forecast period of 2023-2030.

Space launch services help launch cargo, satellites, humans, and other payload into the earth’s orbit or in deep space to conduct exploration activities. The market has many public and private companies that provide these services at varying costs. There is a considerable rise in the number of modernization contracts between the National Aeronautics and Space Administration (NASA) and other key organizations companies to modernize rockets and their components.

3D printed rocket engines and other modifications in launch vehicles are a few of the examples of such agreements. The market is predicted to showcase consistent growth due to the introduction of emerging economies in the Asia Pacific region such as South Korea, Japan, and India. The space market in the Middle East is also estimated to grow at a steady rate due to the development of new spaceports to promote space launches in the region.

Fortune Business Insights™ displays this information in a report titled, "Space Launch Services Market, 2023-2030."

List of Key Players Profiled in the Space Launch Services Market Report:

Antrix Corporation Limited (India)

ArianeGroup SAS (France)

Lockheed Martin Corporation (U.S.)

China Great Wall Industry Corporation (China)

United Launch Alliance (U.S.)

Space Exploration Technologies Corp. (Space X) (U.S.)

Mitsubishi Heavy Industries, LTD. (Japan)

Northrop Grumman Systems Corporation (U.S.)

Spaceflight Industries (U.S.)

Roscosmos (Russia)

NASA (U.S.)

Jaxa (Japan)

CNSA (China)

Browse Detailed Summary of Research Report with TOC:

Segments:

LEO Segment to Hold Dominant Market Share Owing to Extensive Research in Low Earth Orbit

Based on orbit type, the market is divided into LEO, MEO, GEO, and others. The LEO segment might capture a dominant market share during the forecast timeframe. This growth can be attributed to the rising frequency of spaceflights to transport cargo to the International Orbital Station (ISS) and the launch of small satellites in space. These factors are expected to boost the LEO segment growth.

Small Lift Launch Vehicles to be Widely Used due to Rising Number of Small Satellite Constellations

By launch vehicle, the market is segmented into small lift launch vehicle, medium lift launch vehicle, and heavy lift launch vehicle. The small lift launch vehicle segment held a dominant position in the market in 2022. These vehicles are being widely used due to increasing number of small satellites mission.

Growing Need for Small Communication Satellites and Surveillance Systems to Bolster Deployment of Satellites

In terms of payload, the market covers satellite, human spacecraft, cargo, and testing probes. The satellite segment captured a large market share in 2022 and is expected to register the highest CAGR during the forecast timeframe. This is primarily due to the high global demand for earth observation and communication satellites.

Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Report Coverage:

The research report offers a detailed study of the market. It also looks into various key aspects, such as R&D capabilities and optimization of the production process. The market research report also provides valuable insights into the market trends and highlights key industry developments. Apart from the above-mentioned factors, the report also focuses on other factors contributing to the global market growth.

Drivers and Restraints:

Rising Public and Private Space Missions to Boost Market Growth

Many space launch services industry verticals are increasing their investments in space research. Government agencies across the globe are also taking initiatives to make heavy investments in R&D to create efficient and advanced technologies for space applications. For example, Space Capital LP, a U.S.-based venture capital company that invests in space-based technologies, added USD 7.2 billion to its 3% share of the total global venture capital flows during the first quarter of 2022. Such developments have boosted the number of satellites launches across the world for different purposes. As per a report published by the Satellite Industry Association (SIA), in 2021, 44% more satellites were launched as compared to 2020. These aspects will increase the global space launch market share.

Abandoned launcher stages, mission-related junk, non-functioning spaceships, and fragmented debris are some of the classic examples of orbital debris. The traveling speed of this debris can touch 17,500 miles per hour, which is fast enough for small particles to damage spacecraft and satellites. Rising volumes of space debris in deep space can threaten the functioning of all spacecraft, including the International Space Station. These factors are expected to hinder the market growth.

Regional Insights:

North America to Dominate due to Rising Adoption of Private Launch Services

North America dominates the space launch services market share and was valued at USD 3.53 billion in 2022. The regional market is growing rapidly due to the rising adoption of private launch services for commercial applications. Blue Origin and SpaceX are some of the key private players in North America operating in the market.

Competitive Landscape:

Growth in Joint Ventures by Key Players to Boost Market Growth

The global market growth is being positively impacted by the presence of top space launch services players such as Antrix Corporation Limited, Ariane Group, United Launch Alliance, SpaceX, and Ros cosmos. The per-kg launch cost is a crucial aspect in this market to help companies gain competitive advantage. Other factors, such as technological innovations and partnerships, will help firms reduce their overall cost and acquire more ride share missions.

Key Industry Development:

July 2022 – Virgin Orbit signed a deal to perform a launch operation in Brazil. The company aimed to launch its Launcher One system, a two-stage orbital launch vehicle from the Alcantara launch center.

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Directed Energy Weapons Market share 2029

The global directed energy weapons market size was valued at USD 8.54 billion in 2021. The market is projected to grow from USD 9.24 billion in 2023 to USD 17.43 billion by 2029, exhibiting a CAGR of 9.48% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Directed Energy Weapons Market, 2023-2029.”

COVID-19 Impacts:

Average Market Growth During the Pandemic Was Driven by High Development Costs and Lack of Significant Budgetary Allocation

The COVID-19 pandemic's effects caused the global market to expand on average over the study period. This development is the result of worldwide high-energy laser technology programmes' modernization and technological advancements over the course of history. However, the global expenditure allotted by nations to combat the raging pandemic throughout 2020–2021 had been impacted by the pandemic.

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Russia-Ukraine War Impact

Increase in Military Operational Requirements Due to Conflict in Russia and Ukraine to Spur Market Growth

The conflict between Russia and Ukraine has had seismic effects, including a refugee crisis, sanctions against Russia, a shift in the geopolitical landscape, and a reenergized NATO. Global investments and defense spending on hypersonic and directed energy weapons are rising as a result of the Russia-Ukraine War as nations attempt to protect themselves from a variety of perceived threats.

Segments:

High Energy Laser to Record Heightened Demand Due to Burgeoning Operational Requirement by Armed Forces Worldwide

By technology, the market is divided into high energy laser technology, high power microwave technology, particle beam weapons, plasma weapons, and sonic weapons.

High Adoption Rate of Lethal DEW Across All Platforms to Drive Segmental Market Growth

Based on lethality, the market is classified into lethal and non-lethal. Lethal segment is estimated to be the largest segment with the directed energy weapons market share in 2021.

Rise in R&D Investment in Airborne Directed Energy Weapons to Aid Segmental Market Growth

By platform, the market is classified into land-based DEW, airborne-based DEW, ship-based DEW, and space-based DEW. The land-based DEW segment is considered the largest segment with market share in 2021 and during the forecast period.

Rise in Utility of Non-Lethal DEWs to Drive Directed Energy Weapons Market Growth During the Forecast Period

By application, the market is divided into defense and homeland security. Defense segment is considered the largest segment. It is anticipated to be the fastest-growing segment during the forecast period.

Based on region, the global DEW market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Report Coverage:

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.

Drivers and Restraints:

Directed Energy Weapons' High Demand and Adoption Rate Will Fuel the Market Growth

The U.S. Department of Defense claims that DEW can do little to no damage to nearby or in the line of sight physical structures. For urban combat, skirmishes, or powerful air defense systems, this characteristic best suits them. The U.S. CRS Report claims that the U.S. Army's Directed Energy Weapons Programs, which are related to weapons, are in a promising stage.

Regional Insights:

North America to Lead Backed by Major Federal Budget

North America dominated the DEW market in 2021, and it is anticipated that this region will grow at the quickest rate during the forecast period. A significant portion of the federal budget is set aside for modern electronic warfare weaponry that can be used for land, sea, and air defense applications.

During the projection period, Europe is anticipated to have the second-largest market for DEW. On land, at sea, and in the air, member states of the European Union have made investments in the most recent high-energy laser technology.

The market in Asia Pacific is predicted to expand at the greatest CAGR throughout the projection period. The expansion is linked to the exploding R&D expenditure in the technological capabilities for directed energy by international and regional market participants.

Competitive Landscape:

Important Business-related Announcements by Key Players to Influence Market Dynamics

Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.

Key Industry Development:

April 2022: In conjunction with the Israeli Ministry of Defense, Rafael Advanced Defense Systems Ltd. stated that it had finished a number of user trials testing the laser directed energy interception system demonstrator against complicated threat scenarios.

List of Key Players Mentioned in the Report:

Diehl Defense GmbH & Co. KG (Germany)

Elbit Systems Ltd. (Israel)

Honeywell International Inc. (U.S.)

II-VI Inc. (U.S.)

BAE Systems Plc (U.K.)

Kord Technologies (U.S.)

L3Harris Technologies Inc. (U.S.)

Leonardo S.p.A. (Italy)

Lockheed Martin Corporation (U.S.)

Northrop Grumman Corporation (U.S.)

Rafael Advanced Defense Systems Ltd.

Raytheon Technologies Corporation (U.S.)

Rheinmetall AG (Germany)

Thales Group (France)

The Boeing Company (U.S.)

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Air Ambulance Services Market Share 2030

The global air ambulance services market size was USD 5.84 billion in 2022. The market is estimated to surge from USD 6.45 billion in 2023 to USD 9.83 billion by 2030, exhibiting a CAGR of 6.2% over the study period. The rise is driven by the increasing product deployment in the event of medical emergencies such as strokes, respiratory diseases, pregnancy complications, heart attacks, end-of-life cases, traumatic injuries, and others.

Fortune Business Insights™ provides this information in its research report, titled “Air Ambulance Services Market, 2023-2030”.

List of Key Players Mentioned:

Air Methods Corporation (U.S.)

Global Medical Response, Inc. (U.S.)

Acadian Companies (U.S.)

PHI, Inc. (U.S.)

REVA, Inc. (U.S.)

Express Aviation Services (U.S.)

European Air Ambulance (U.K.)

Avincis Aviation Sweden AB (Sweden)

Air Charter Services Pvt Ltd. (U.K.)

Gulf Helicopters (Qatar) 

Browse Detailed Summary of Research Report with TOC:

COVID-19 Impact:

Surge in Industry Value Driven by Escalated Patient Transport Demand from Healthcare Sector

The pandemic led to an increase in product demand driven by the need for transporting COVID-19 patients. This was in light of numerous challenges faced by hospitals, doctors, ambulances, nurses, and healthcare workers. These issues included limited access to airspace, increased measures of infection control, and a shortage of Personal Protection Equipment (PPE).

Segments:

Rotary Wing Segment to Lead Driven by Soaring HEMS Demand

On the basis of aircraft type, the market is fragmented into rotary wing and fixed wing. The rotary wing segment holds a key market share and is slated to grow at the fastest pace over the study period. The rise is propelled by the surging demand for helicopter emergency medical services.

Independent Segment to Hold Major Share Impelled by Increasing Advance Healthcare Services Demand

Based on service operator, the market for air ambulance services is subdivided into government, independent, and hospital-based. The independent segment is poised to register notable growth over the anticipated period. The expansion is driven by the rising demand for advanced healthcare services.

Inter-facility Segment to Record Notable Upsurge Propelled by Soaring Advanced Treatment Demand

On the basis of application, the market is segmented into inter-facility, rescue helicopter service, organ transplant logistics, infectious disease service, neonatal and pediatric transport, and others. The inter-facility segment holds a leading position in the market and is anticipated to expand at a considerable rate over the estimated period. The growth is on account of the soaring specialized care demand.

Based on geography, the market for air ambulance services is segmented into North America, Asia Pacific, Europe, and the rest of the world.

Report Coverage:

The report provides a substantial coverage of the key trends poised to drive the global market scenario over the forthcoming years. It further gives an account of the vital strategies adopted by leading companies for strengthening the positions of their businesses. Additional components include the impact of COVID-19 pandemic on market growth.

Drivers and Restraints:

Surge in Market Share Driven by Soaring Adoption of Helicopter Emergency Medical Services (HEMS)

One of the key factors propelling the air ambulance services market growth is the increasing adoption of helicopter emergency medical services in various countries. The rise is further driven by the growing incidence of natural disasters, accidents, and medical emergencies.

However, the industry growth may be hindered by high costs of operation and lack of insurance coverage. 

Regional Insights:

North America to Lead Propelled by Presence of Major Service Providers

The North America air ambulance services market share held a key position in the industry and is expected to register notable growth throughout the forecast period. The expansion is driven by the presence of key service providers in the region.

The Europe market value is anticipated to record substantial expansion over the projected period. The growth is driven by a greater emphasis on quality of care and patient safety.

Competitive Landscape:

Pivotal Companies Ink Strategic Agreements to Strengthen Industry Footing

Leading market participants are focused on adopting an array of strategic initiatives such as mergers, acquisitions, product development, product launches, and collaborations. These steps are being undertaken for increasing the geographical footprint and the expansion of product reach.

Key Industry Development:

February 2023 – Gama Aviation Plc, a U.K.-based aviation operator, received a contract from Wales Air Ambulance Charity (WAAC). The deal valued at USD 79 million was aimed to provide Helicopter Emergency Medical Services (HEMS) for seven years starting from January 2024.

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5G in Aviation Market Size 2028

The global 5G in aviation market size was USD 0.35 billion in 2020. The market is projected to grow from USD 0.54 billion in 2023 to USD 9.92 billion in 2028 at a CAGR of 47.03% in 2023-2028. This information is published by Fortune Business Insights™, in its report, titled, “5G in Aviation Market, 2023-2028.”

As per our analysts, aviation 5G is a fundamental wireless network and communication system joining the aviation substructure and technologies, which produce and transmit data to their users. The fifth-generation mobile setups largely commercialize wireless communication and interacting technology by substituting 4G LTE hardware and communication infrastructure. The enhancement from the 4G LTE network to 5G connectivity assures to transform the internet to be quicker than the preceding technologies.

Segmentation

Based on platform, the 5G in aviation market is segregated into 5G airports and 5G aircraft. The 5G airport segment holds the maximum market share in the 5G in aviation market. The growth of this section is anticipated to rise owing to the rising demand for improved Wi-Fi connectivity for customers. In terms of region, the market is separated into North America, Europe, Asia Pacific, the Middle East & Africa, and rest of the world.

By technology, the market classified into Massive Machine Type Communications (mMTC) and Ultra-Reliable Low-Latency Communications (URLLC), enhanced mobile broadband segment (eMBB), and Fixed Wireless Access (FWA). Based on communication infrastructure, 5G in the aviation market is bifurcated into a small cell, Radio Access Network (RAN), and Distributed Antenna System (DAS). Based on 5G Services, the market is divided into airport operations and aircraft operations.

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Drivers and Restraints

Budding Demand for Quick Internet Connectivity in Aviation Industry to Thrust Growth

Internet connectivity carries a fundamental part in improvement of aircraft connectivity. 5G embodies a technologically improved seismic change pooled with speedy internet service. This technology can be utilized much quicker than its forerunner, 4G LTE. Additionally, 5G nets have an augmented aptitude, supplying a continuous, assured, and fast-speed connection to travellers. The impacts of improved Wi-Fi connection are a principal feature of the aviation industry. Moreover, travellers can enjoy watching high-resolution videos as per their liking while travelling by air, all while considerably boosting the 5G in aviation market revenue. For example, Seamless Air Alliance, which controls a host of airlines, telecommunications suppliers, and other tech companies, offers Wi-Fi connection in the air as the same quality as on the ground. It targets to craft industry guidelines that empower tourists on any flight to use internet on their own gadgets. This is anticipated to bolster the 5G in aviation market growth during the mentioned timeframe.

Regional Insights

North America held maximum 5G in aviation market share and is projected to dominate the market during the forecast period owing to the development happening in the aviation industry. The market primarily is driven by the rising demand for air travel and improved flight experience.

Asia Pacific is the second-largest market and is contending with North America to emerge as the biggest market. Asia Pacific has also displayed extraordinary growth owing to an upsurge in the budget allotted for the aviation infrastructure sector in leading nations such as India, China, and Japan.

Competitive Landscape

As per the 5G in the aviation market prediction, this market is conquered by some chief companies owing to their principal product collection, learnt tactical conclusions, and market share supremacy. Moreover, these companies have an extensive regional existence and are incessantly financing in R&D, leading in protected supervisory sanctions. Additionally, companies are repeatedly growing their business by implementing tactics such as substantial investments in unions & procurements, ability amplification, combined expansion schemes, design and engineering, and long-lasting bonds & contracts.

Industry Development

May 2021: Anuvu Inc. has signed a conclusive contract with Breeze Airways, which is an US-based company to deliver W-IFE (Wireless Inflight Entertainment) services via its IRIS and Airconnect IFE Pro through its fleets E195 and E190.

List of Key Players Covered in the 5G in Aviation Market

AeroMobile Communications Limited (U.K.)

Cisco Systems Inc. (The U.S.)

Telefonaktiebolaget LM Ericsson (Sweden)

ANUVU Inc. (Global Eagle Entertainment Inc.) (U.S.)

Gogo LLC (U.S.)

Huawei Technologies Co., Ltd. (China)

Inseego Corp. (U.S.)

Intelsat Corporation (U.S.)

Nokia Corporation (Finland)

OneWeb Ltd (U.K.)

Panasonic Avionics Corporation (U.S.)

SmartSky Networks LLC (U.S.)

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Autonomous Ships Market share 2030

The global autonomous ships market size was valued at USD 5.21 billion in 2022. The market is projected to grow from USD 5.61 billion in 2023 to USD 9.87 billion by 2030, exhibiting a CAGR of 8.4% during the forecast period.

Autonomous ships refer to ships that are operated remotely or possess high levels of automation. These vessels incorporate cutting-edge Internet of Things (IoT) technology, data analysis technology, and connect to land-based monitoring centers through broadband networks. The increasing adoption of these advanced technologies is expected to fuel the growth of the market. Fortune Business Insights presents this information in their report titled "Global Autonomous Ships Market, 2023–2030."

Major Players Profiled in the Market Report:

ABB (Switzerland)

ASELSAN A.Ş. (Turkey)

BAE Systems (U.K.)

Fugro (Netherlands)

GE (U.S.)

Honeywell International Inc. (U.S.)

Kongsberg Gruppen Maritime (Norway)

L3 ASV (U.S.)

Northrop Grumman (U.S.)

Rolls Royce plc (U.K.)

Siemens Energy (Germany)

Wärtsilä (Finland)

Marine Technologies LLC (U.S.)

Ulstein Group ASA (Norway)

Mitsui (Japan)

Sea Machines Robotics Inc. (U.S.)

Neptec Technologies Corp. (Canada)

Browse Detailed Summary of Research Report with TOC:

COVID-19 Impact

Stringent Regulations During Pandemic On Sea Trade Activities Affected Market Growth

The market growth during pandemic was impeded by production shutdowns, disruptions in the supply chain, and mandatory quarantine periods for crew and staff. Local authorities-imposed restrictions on cargo and passenger ships, preventing them from entering ports. Consequently, merchant seamen had to remain on board, leading to extended stays in territorial waters and additional costs for ship owners.

Russia-Ukraine War Impact

Naval Forces Embrace Unmanned Ships due to their Autonomous Capabilities

Naval forces are increasingly drawn to the advantages offered by autonomous ships compared to traditional manned vessels. The U.S., in particular, has made substantial investments and formulated a strategic plan to procure medium, large, and extra-large "unmanned vehicles" for surface and undersea operations.

Segments:

Several Advantages of Fully Autonomous Ships Propel Segmental Growth

Based on autonomy, the market is classified into partial automation, remotely operated, and fully autonomous. The fully autonomous segment is projected to experience the most significant growth owing to the advantages it offers, including reduced delivery times, shorter port stays, decreased operating expenses, elimination of accidents caused by human error, and lower freight rates.

Hardware Components Spearhead Growth Due to Increased Adoption

Based on the solution, the market is segmented into hardware and software. The hardware segment dominated the market and is expected to continue its dominance. The growth is primarily driven by the increasing uptake of various hardware components, including sensors, GPS trackers, automated navigation systems, propulsion, auxiliary systems, and other essential elements.

Commercial Sector Takes the Lead due to Rising Tourism and Global Trade

By ship type, the market is classified into commercial and defense. The commercial segment is divided into bulk carriers, tankers, dry cargo, and containers. In 2022, the commercial segment claimed the largest market share, driven by the surge in tourism activities and the expansion of international seaborne trade. The International Chamber of Shipping reported that the global shipping industry's annual trade value reached a staggering USD 14 trillion in 2019.

Line Segment Dominates Owing to Increasing Investments

By end-user, the market is segmented into line fit and retrofit. In 2022, the line fit segment emerged as the frontrunner, capturing the largest autonomous ships market share. The remarkable growth of this segment can be attributed to two key factors: the increasing investments made by naval defense forces and the thriving international maritime trade.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Report Coverage

The comprehensive market analysis report offers a meticulous examination of key factors, including prominent fleet companies, diverse vessel types, innovative solutions, and major application areas. It provides valuable insights into prevailing market trends and highlights noteworthy industry advancements. Furthermore, the report delves into various direct and indirect factors that have exerted a significant influence on the market's growth trajectory in recent times.

Drivers and Restraints

Technological Advancements Drive Market Expansion: Increasing Investments Fuel Growth

The market is experiencing accelerated growth due to the rising investments made by several countries in high technology. For example, in October 2019, South Korea invested a substantial USD 130 million in an autonomous ship project. This initiative focuses on developing an intelligent navigation system, collision and accident prevention capabilities, and an integrated platform for system management, decision-making, and situational awareness.

However, digitization and automation has increased chances of cyberattacks and may pose challenges to the autonomous ships market growth.

Regional Insights

Asia Pacific Drives Growth Due to Rapid Economic Development and Maritime Trade

In 2022, Asia Pacific emerged as the dominant force in the market, capturing the largest market share. This remarkable growth can be attributed to the region's rapid economic development and the thriving maritime trade activities. The expanding economies and increasing trade volumes in countries across Asia Pacific contribute to the region's market dominance.

North America is experiencing significant growth in the market, fueled by the escalating investments made towards the development of advanced commercial and defense vessels.

Competitive Landscape

Industry Players Drive Business Expansion with Next-Generation Ships and Systems

The key players operating in the market prioritize business expansion through the development of next-generation ships and advanced systems. In October 2022, Kongsberg Maritime, a prominent player in the market, made a significant announcement regarding a supply contract. The company was awarded the contract for the HUGIN Endurance Autonomous Underwater Vehicle (AUV) system, collaborating with an undisclosed partner. 

Key Industry Development

February 2022: Kongsberg Maritime was awarded a contract by Holland Shipyards Group to electrify and automate new ferries. Under the contract, Kongsberg Maritime will supply electrification and control systems with automated functions for up to four new all-electric ferries.

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LiDAR Drone Market Share 2028

The global LiDAR drone market size is anticipated to reach USD 455.0 million by 2028 and exhibit a CAGR of 17.98% during the forecast period. The surging adoption of economical 3D imaging sensors is likely to boost market growth. Fortune Business InsightsTM has published this information in its report titled “LiDAR Drone Market, 2023-2028”. The market size stood at USD 129.0 million in 2020 and is predicted to reach USD 143.0 million in 2023.

Additionally, the rising use of LiDAR drones for corridor mapping applications is expected to boost the market growth as this technology has emerged as an effective solution for remote sensing platforms.

COVID-19 Impact-

The swift outspread of the coronavirus pandemic has affected various markets and industries globally. The shutdowns of production plants and manufacturing facilities due to lockdowns and curfews for indefinite time periods have declined the market growth. The disruptions in exploration and detection, cartography surveillance and scheduled mapping, precision agriculture application operations, and others due to the temporary shutdowns have negatively impacted the growth of the market. However, the market is expected to recover swiftly once the market returns to pre-pandemic levels.

Segmentation-

On the basis of product, the market is bifurcated into rotary-wing LiDAR drones, and fixed-wing LiDAR drones. On the basis of LiDAR type, the market is divided into mechanical LiDAR and solid-state LiDAR. On the basis of range, the market is trifurcated into long, medium, and short. On the basis of application, the market is fragmented into precision agriculture, exploration and detection, environment, surveillance, mapping cartography, and others. Geographically, the market is classified into Asia Pacific, North America, Europe, the Middle East, and the Rest of the World.

Report Coverage-

Features a comprehensive market analysis.

Emphasizes key factors, such as leading companies, applications, and others.

Provides crucial insights into the market’s regulatory scenarios.

Assesses the impact of the COVID-19 pandemic.

Suggests strategies to capture growth in the coming years.

Drivers & Restraints-

Growing Adoption of Economical 3D Imaging Systems to Drive Market Growth

Drone technology has witnessed immense development and innovation over the past few years. LiDAR technology is vastly linked to airborne laser scanning, and drone using this technology has grown substantially due to developments in laser and sensor components. Mapping has proven effective in producing data about surface features and shapes from georeferenced spatial data. The improvements in sensor and laser components and drone technology have resulted in economical three-dimensional mapping systems. Therefore, the increasing adoption of economical 3D image mapping systems is likely to fuel the global LiDAR Drone Market growth.

Also, UAV LiDAR has proven beneficial in precise data gathering in mountainous terrains and dense landscapes. UAVs are effective in collecting high-resolution imagery. Hence, the growing demand for 3D mapping to acquire precise information for forest monitoring, vegetation monitoring, and archaeological surveys is anticipated to drive market growth.

However, high costs of products and operations, coupled with strict regulations, may hinder market growth.

Browse Summary

Regional Insights-

Favorable Drone Flying Regulations to Boost Growth in North America

North America is projected to emerge dominant in the global LiDAR Drone Market share. The favorable drone flying regulations and swift adoption of modern technologies are anticipated to fuel the market growth. Moreover, the major manufacturers present in the U.S., are expected to complement the regional market growth.

Europe is expected to attain the second rank in the global market. Several manufacturers, including Delair, Yellow Scans, and Leica, present in the region are expected to boost the market growth. Moreover, the increasing infrastructural development and environment monitoring applications are likely to boost the growth of the market.

Asia Pacific is likely to experience rapid growth in the coming years due to increasing commercial drone manufacturers in emerging countries, including India and China.

The Middle East is anticipated to exhibit moderate growth due to increasing investments in infrastructural development.

Competitive Landscape-

Key Players Devise Innovative Growth Strategies

The market comprises Velodyne Lidar inc., RIEGL Laser Measurement Systems GmbH, Teledyne Optech Inc., and Leica Geosystems AG, amongst the top market players. The key players operating in the market emphasize continuous research and development with increased investments. They focus on advanced technology adoption to launch new products. They adopt ingenious growth strategies, including long-term contracts, partnerships, new product launches, and others to augment their growth in the global market. For instance, in October 2020, SZ DJI Technology Co. Ltd. unveiled an integrated LiDAR drone solution. They also launched a full-frame camera payload called DJI Zenmuse P1 and DJI Zenmuse L1. The payloads are designed for its top-notch commercial drone platform, Matrice 300RTK.

Industry Developments-

January 2021: Velodyne Lidar Inc. announced receiving a multi-year contract by Emesent Pty Ltd. The company will provide Puck LITE™ sensors to Emesent Pty Ltd.

List of Key Players in the Market:

Velodyne Lidar Inc. (U.S.)

Teledyne Optech Inc. (Canada)

RIEGL Laser Measurement Systems GmbH (Austria)

Delair SAS (France)

Phoenic LiDAR Systems (U.S.)

Leica Ecosystems AG (Switzerland)

Yellow Scan (France)

LiDARUSA (U.S.)

SZ DJI Technology Co. Ltd. (China)

Benewake (Beijing) Co. Ltd. (China)

RoboSense (China)

Sich AG (Germany)

Microdrones (Germany)

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Airport Information Systems Market share 2028

According to Fortune Business Insights™, the global airport information systems market size is expected to gain momentum by reaching USD 4.20 billion by 2028 while exhibiting a CAGR of 3.89% between 2023 to 2028. In its report titled “Airport Information Systems Market, 2023-2028,” Fortune Business Insight mentions that the market stood at USD 3.17 billion in 2020.

Airport Information Systems (AIS) provide information and messages to all staff members and passengers, it helps in advertising, flight departure updates, and weather updates for an easy flight. The system includes various equipment such as passenger information display systems (FIDS) and baggage handling and management systems to aircraft, provides flight information systems, efficient airport security systems, a system for terminal services, and emergency departments, and passenger information systems. Due to such varied use, the aviation industry is investing in this technology. For instance, in 2019, SITA’s air transport IT insights showed that 88% of both airports and airlines plan major research and development programs with artificial intelligence by 2022. The heavy investment in aviation technologies meets the demands of passengers, with 64% of people wanting a digital travel concierge.

COVID-19 Impact Analysis:

The COVID-19 pandemic adversely affected the aviation industry. The market witnessed a decline in demand AIS due to airport shutdowns, reduced economy, and disruption in the supply chain worldwide. For instance, a report by the International Civil Aviation Organization (ICAO), the international air passenger traffic declined by 60%, and airlines faced revenue loss of approximately USD 371 billion amid pandemic.

Key Insights

Key Industry Developments –Mergers, Acquisitions and Partnerships

Latest technological Advancements

Porters Five Forces Analysis

Supply Chain Analysis

List of Key Players Profiled in Report

ADB SAFEGATE (The U.S.)

Amadeus IT Group SA (Spain)

Collins Aerospace (The U.S.)

Damarel Systems International Ltd. (The U.K)

IBM (The U.S.)

IndraSistemas S.A. (Spain)

INFORM Software (Germany)

Northrop Grumman Corporation (The U.S.)

Siemens (Germany)

SITA (Switzerland)

Thales Group (France)

Report Coverage-

The research report focuses on analyzing the Airport Information Systems technology by taking into consideration contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.

Driving Factor

Increase in Air Traffic to Fuel Market Growth

The increasing air traffic and rising demand for real-time data sharing among passengers is propelling the demand for Airport Information Systems (AIS) market growth. Additionally, the developing airport infrastructure and its modernization is also accelerating the demand. For instance, as per International Air Transport Association (IATA), the number of passengers is expected to double to 8.2 billion by 2037. The report also suggests that China alone will have 1 billion new passengers while the U.S. is expected to have 481 million new passengers in the next 20 years. Therefore, a rising number of people who are preferring air travel will promote the market growth.

Regional Insights

North America to Dominate Backed by Increasing Adoption of Pets in the Region

North America is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to due to the presence of the highest aircraft fleet and a large number of airlines across the United States. Additionally, the presence of a large number of airports and increasing investment on airlines for the modernization of airports is driving the regional market. The region’s market stood at USD 1.00 billion in 2020.

Asia Pacific is expected to show significant Airport Information Systems market share owing to the growing urbanization and rising disposable income. Moreover, rapid expansion of the aviation sector across China and India is accelerating the regional market. For instance, in 2020, the Indian Finance Ministry made an announcement that it will develop 100 new airports by 2024.

Market Segmentation:

By system, the market is divided into airport operation control center and departure control system. By airport, it is segmented into, class A, class B, class C, and class D. By type, it is divided into airside, and terminal side. By end-use, it is segmented into passenger systems and non-passenger systems. By investment, it is divided into brownfield and greenfield. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Rest of the World.

Competitive Landscape

Key Players to Focus on Collaborations & Investment to Strengthen their Market Prospectus

The global market contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions, doing partnerships and collaborations to strengthen their portfolio in the market.

Browse Detailed Research Insights with Impact of COVID-19 Analysis:

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Aerial refueling system Market Share 2028

The global aerial refueling system market size is expected to reach USD 743.8 million by 2028, exhibiting a CAGR of 4.53% during the forecast period. The increasing development of innovative and lightweight military aircrafts such as bombers, fighter jets, and unmanned systems will have a tremendous impact on the aerial refueling system market growth during the forecast period, states Fortune Business Insights, in a report, titled “Aerial refueling system Market, 2023-2028.” The market size stood at USD 535.8 Million in 2020.

COVID-19 Impact

Deferred Military Contracts to Dampen Market amid Coronavirus

COVID-19 has vastly disrupted many industries around the world. The imposition of lockdown in major countries such as the U.S., Germany, UK, France, India, China, and Japan has retarded aircraft procurement, thus dampening the market growth. Moreover, delayed deliveries of aircraft have resulted in a massive loss for the aerial refueling system market. However, emphasis on robust military and defense programs has increased military defense expenditure in the U.S., China, Japan, India, Germany, and France. In addition, cross-border conflicts can further enhance the development of the market during the pandemic.

Source: https://www.fortunebusinessinsights.com/aerial-refueling-systems-market-105152

Market Segments:

Autonomous Segment is Expected to Dominate Market

Based on the application, the market is classified into probe & drogue, flying boom, and autonomous. The flying boom segment is likely to be the largest segment. Increasing defense expenditure and procurement of fighter aircraft for the various military operations is expected to drive segment’s growth. The autonomous segment is expected to experience the highest growth during the forecast period owing to the increasing demand for automatic fuel transfer systems.

Based on the application, the market is divided into commercial aircraft, helicopters, military aircraft, and unmanned aerial vehicles (UAV). The military segment is predicted to hold a significant share during the forecast period.

Geographically, the global market is classified into North America, Europe, Asia-Pacific, and the rest of the world.

Driving Factor:

Surging Defense Expenditure to Accelerate Business

The increasing investment in military modernization programs is expected to foster the market's healthy growth in the forthcoming years. In May 2020, according to the Center for Strategic & International Studies (CSIS), China’s defense budget experience substantial growth of 6.6%, i.e., USD 178.2 billion. The recent increase in military spending has cleared the long path of modernization for the People’s Liberation Army (PLA) by 2035. Moreover, the heavy defense spending in the US will have an outstanding effect on the market. For instance, the Department of Defense (DOD) budget in the U.S. was USD 704 billion for the fiscal year 2020-2021 the U.S. Besides, Japan announced over USD 51. Billion for the defense for the fiscal year 2021. Besides, the growing procurement of advanced fighter planes is expected to improve the prospects of the market in the forthcoming years.

Regional Insights:

Presence of Prominent Companies toBoost Market in North America

The market in North America is expected to increase rapidly during the forecast period. The growth is attributed to the high defense expenditure and procurement of advanced aerial refueling systems for different military applications. The presence of renowned companies such as Eaton Corporation, GE Aviation, and Lockheed Martin, and others will bolster growth in the region. Asia Pacific is expected to hold a considerable aerial refueling system market share during the forecast period. Asia Pacific is expected to account for the largest share due to increasing investments in the military and defense sector. The procurement of aerial refueling systems due to the growing border crossing, insurgencies, and terrorism will help expand the market in the region. Europe is expected to experience steady growth during the forecast period due to the existing companies such as Cobham, Safran, Marshal Aerospace and Defense, and others. For instance, in August 2020, Denmark's first F-35 fighter jet started assembling at the Lockheed Martin facility. Denmark will acquire all-new 27 aircraft up to 2026.

Notable Development:

March 2020: The U.S. Air force announced to take aid from commercial aerial refueling services. The Air Force will assess the best aerial refueling services with an evaluation to conduct commercial tank services with support training.

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Aero Wing Market share 2028

The global aero wing market size is projected to reach USD 20.35 billion by 2028, exhibiting a CAGR of 8.98% during the forecast period. According to a new Fortune Business Insights™ in its report, titled “Aero Wing Market, 2023-2028”, the market value was USD 12.52 billion in 2023.

The outbreak of the COVID-19 pandemic has triggered unprecedented upheavals for the aerospace industry, with supply chain uncertainties and trade & travel restrictions choking manufacturing operations in this industry. The aero wing market growth has gotten disrupted as well, registering a CAGR -17.95% and hitting a value of USD 11.14 billion in 2021, as a result of the upheavals created by the pandemic.

Information Source - https://www.fortunebusinessinsights.com/aero-wing-market-105074 

CPI Aerostructures Bags $8.1 Million Wing Contract from Northrop Grumman

In February 2019, US-based CPI Aerostructures announced that it has secured a huge contract worth USD 8.1 million from the aerospace giant Northrop Grumman. Under the contract, CPI will supply outer aero wing panel kits to Northrop for the latter to manufacture complete wings for its E-2D Advanced Hawkeye. The contract will be a continuation of the company’s long-standing partnership with the US Navy, which uses the Hawkeye as carrier-based airborne early warning and control aircraft. This deal will further strengthen CPI’s position as a leading provider of aircraft structural assemblies in the US. 

Rising Procurement of Fighter Jets by Developing Economies to Promote Growth

National security concerns and a fierce ambition to enhance their defense capabilities have pushed developing nations such as India and China to aggressively expand their aircraft fleets. In September 2020, for example, India formally inducted five Rafale fighter jets, delivered by France to the Indian Air Force. Similarly, in November 2020, Airbus announced that it had delivered 39 jets to China in the first nine months of 2020. This growing demand for jets by these rapidly developing economies has, in turn, fueled the adoption of aero wings. Supporting this trend is the heightening military expenditures of India and China, who emerged as two of the top five largest defense spenders in 2019, according to data released by the Stockholm International Peace Research Institute (SIPRI).

Commercial Segment to Headline the Market till 2028

By platform, the market has been segmented into commercial and military. Among these, the commercial segment dominated the market for aero wings in 2020 and is expected to retain its apex position during the forecast period. This is mainly attributable to the speedily expanding utilization of commercial aircraft by low-cost carriers in India and China.

Based on type of build, the market has been divided into conventional skin fabrication and composite skin fabrication.

In terms of material, the market has been segregated into alloys, metals, and composites.

On the basis of geography, the market has been clubbed into North America, Europe, Asia Pacific, and the Rest of the World.

North America to Hold Lion’s Share in the Market, Forecasts Fortune Business Insights

North America is poised to dominate the aero wing market share in the foreseeable future due to the strong presence of aircraft original equipment manufacturers (OEMs) in the US and Canada. The North America market size stood at USD 3.95 billion in 2020.

In Asia Pacific, increasing expenditure on defense technologies and equipment by China and India will create massive opportunities for market players.

On the other hand, rising investments in aerospace technologies and widening operations of aviation giants such as Airbus will accelerate the growth of the market in Europe.

Indigenous Development of Aircraft Solutions to Foster Competition

The key players in this market are engaged in intense competition to engineer innovative aero wing solutions, in a bid to fortify their market position. However, an even more exciting trend emerging in this market is the indigenous development of next-generation aircraft components, particularly in emerging economies. This has spawned enormous opportunities for not just the regional but also global market players, pushing them to develop cost-effective wing products for these countries.

Industry Development:

February 2021: Hindustan Aeronautics Limited (HAL) secured a contract from the Indian Air Force (IAF) worth INR 48,000crore to manufacture 83 Light Combat Aircraft (LCA) Tejas. The deal was formalized at the 13th edition of Aero India held in Bengaluru.

List of Key Players Profiled in the Aero Wing Market Report:

Spirit AeroSystems, Inc. (The U.S.)

Mitsubishi Heavy Industries (Japan)

AVIC XCAC (China)

Sonaca Group (Belgium)

Triumph Group (The U.S.)

GKN Aerospace Services Limited (The U.K.)

Airbus UK (The U.K.)

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Directed Energy Weapons Market share 2029

The global directed energy weapons market size was valued at USD 8.54 billion in 2021. The market is projected to grow from USD 9.24 billion in 2023 to USD 17.43 billion by 2029, exhibiting a CAGR of 9.48% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Directed Energy Weapons Market, 2023-2029.”

COVID-19 Impacts:

Average Market Growth During the Pandemic Was Driven by High Development Costs and Lack of Significant Budgetary Allocation

The COVID-19 pandemic's effects caused the global market to expand on average over the study period. This development is the result of worldwide high-energy laser technology programmes' modernization and technological advancements over the course of history. However, the global expenditure allotted by nations to combat the raging pandemic throughout 2020–2021 had been impacted by the pandemic.

Brouse for more details:

Russia-Ukraine War Impact

Increase in Military Operational Requirements Due to Conflict in Russia and Ukraine to Spur Market Growth

The conflict between Russia and Ukraine has had seismic effects, including a refugee crisis, sanctions against Russia, a shift in the geopolitical landscape, and a reenergized NATO. Global investments and defense spending on hypersonic and directed energy weapons are rising as a result of the Russia-Ukraine War as nations attempt to protect themselves from a variety of perceived threats.

Segments:

High Energy Laser to Record Heightened Demand Due to Burgeoning Operational Requirement by Armed Forces Worldwide

By technology, the market is divided into high energy laser technology, high power microwave technology, particle beam weapons, plasma weapons, and sonic weapons.

High Adoption Rate of Lethal DEW Across All Platforms to Drive Segmental Market Growth

Based on lethality, the market is classified into lethal and non-lethal. Lethal segment is estimated to be the largest segment with the directed energy weapons market share in 2021.

Rise in R&D Investment in Airborne Directed Energy Weapons to Aid Segmental Market Growth

By platform, the market is classified into land-based DEW, airborne-based DEW, ship-based DEW, and space-based DEW. The land-based DEW segment is considered the largest segment with market share in 2021 and during the forecast period.

Rise in Utility of Non-Lethal DEWs to Drive Directed Energy Weapons Market Growth During the Forecast Period

By application, the market is divided into defense and homeland security. Defense segment is considered the largest segment. It is anticipated to be the fastest-growing segment during the forecast period.

Based on region, the global DEW market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Report Coverage:

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.

Drivers and Restraints:

Directed Energy Weapons' High Demand and Adoption Rate Will Fuel the Market Growth

The U.S. Department of Defense claims that DEW can do little to no damage to nearby or in the line of sight physical structures. For urban combat, skirmishes, or powerful air defense systems, this characteristic best suits them. The U.S. CRS Report claims that the U.S. Army's Directed Energy Weapons Programs, which are related to weapons, are in a promising stage.

Regional Insights:

North America to Lead Backed by Major Federal Budget

North America dominated the DEW market in 2021, and it is anticipated that this region will grow at the quickest rate during the forecast period. A significant portion of the federal budget is set aside for modern electronic warfare weaponry that can be used for land, sea, and air defense applications.

During the projection period, Europe is anticipated to have the second-largest market for DEW. On land, at sea, and in the air, member states of the European Union have made investments in the most recent high-energy laser technology.

The market in Asia Pacific is predicted to expand at the greatest CAGR throughout the projection period. The expansion is linked to the exploding R&D expenditure in the technological capabilities for directed energy by international and regional market participants.

Competitive Landscape:

Important Business-related Announcements by Key Players to Influence Market Dynamics

Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.

Key Industry Development:

April 2022: In conjunction with the Israeli Ministry of Defense, Rafael Advanced Defense Systems Ltd. stated that it had finished a number of user trials testing the laser directed energy interception system demonstrator against complicated threat scenarios.

List of Key Players Mentioned in the Report:

Diehl Defense GmbH & Co. KG (Germany)

Elbit Systems Ltd. (Israel)

Honeywell International Inc. (U.S.)

II-VI Inc. (U.S.)

BAE Systems Plc (U.K.)

Kord Technologies (U.S.)

L3Harris Technologies Inc. (U.S.)

Leonardo S.p.A. (Italy)

Lockheed Martin Corporation (U.S.)

Northrop Grumman Corporation (U.S.)

Rafael Advanced Defense Systems Ltd.

Raytheon Technologies Corporation (U.S.)

Rheinmetall AG (Germany)

Thales Group (France)

The Boeing Company (U.S.)

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Air Ambulance Services Market Share 2030

The global air ambulance services market size was USD 5.84 billion in 2022. The market is estimated to surge from USD 6.45 billion in 2023 to USD 9.83 billion by 2030, exhibiting a CAGR of 6.2% over the study period. The rise is driven by the increasing product deployment in the event of medical emergencies such as strokes, respiratory diseases, pregnancy complications, heart attacks, end-of-life cases, traumatic injuries, and others.  

Fortune Business Insights™ provides this information in its research report, titled “Air Ambulance Services Market, 2023-2030”.

List of Key Players Mentioned:

Air Methods Corporation (U.S.)

Global Medical Response, Inc. (U.S.)

Acadian Companies (U.S.)

PHI, Inc. (U.S.)

REVA, Inc. (U.S.)

Express Aviation Services (U.S.)

European Air Ambulance (U.K.)

Avincis Aviation Sweden AB (Sweden)

Air Charter Services Pvt Ltd. (U.K.)

Gulf Helicopters (Qatar) 

Browse Detailed Summary of Research Report with TOC:

COVID-19 Impact:

Surge in Industry Value Driven by Escalated Patient Transport Demand from Healthcare Sector

The pandemic led to an increase in product demand driven by the need for transporting COVID-19 patients. This was in light of numerous challenges faced by hospitals, doctors, ambulances, nurses, and healthcare workers. These issues included limited access to airspace, increased measures of infection control, and a shortage of Personal Protection Equipment (PPE).

Segments:

Rotary Wing Segment to Lead Driven by Soaring HEMS Demand

On the basis of aircraft type, the market is fragmented into rotary wing and fixed wing. The rotary wing segment holds a key market share and is slated to grow at the fastest pace over the study period. The rise is propelled by the surging demand for helicopter emergency medical services.

Independent Segment to Hold Major Share Impelled by Increasing Advance Healthcare Services Demand

Based on service operator, the market for air ambulance services is subdivided into government, independent, and hospital-based. The independent segment is poised to register notable growth over the anticipated period. The expansion is driven by the rising demand for advanced healthcare services.

Inter-facility Segment to Record Notable Upsurge Propelled by Soaring Advanced Treatment Demand

On the basis of application, the market is segmented into inter-facility, rescue helicopter service, organ transplant logistics, infectious disease service, neonatal and pediatric transport, and others. The inter-facility segment holds a leading position in the market and is anticipated to expand at a considerable rate over the estimated period. The growth is on account of the soaring specialized care demand.

Based on geography, the market for air ambulance services is segmented into North America, Asia Pacific, Europe, and the rest of the world.

Report Coverage:

The report provides a substantial coverage of the key trends poised to drive the global market scenario over the forthcoming years. It further gives an account of the vital strategies adopted by leading companies for strengthening the positions of their businesses. Additional components include the impact of COVID-19 pandemic on market growth.

Drivers and Restraints:

Surge in Market Share Driven by Soaring Adoption of Helicopter Emergency Medical Services (HEMS)

One of the key factors propelling the air ambulance services market growth is the increasing adoption of helicopter emergency medical services in various countries. The rise is further driven by the growing incidence of natural disasters, accidents, and medical emergencies.

However, the industry growth may be hindered by high costs of operation and lack of insurance coverage. 

Regional Insights:

North America to Lead Propelled by Presence of Major Service Providers

The North America air ambulance services market share held a key position in the industry and is expected to register notable growth throughout the forecast period. The expansion is driven by the presence of key service providers in the region.

The Europe market value is anticipated to record substantial expansion over the projected period. The growth is driven by a greater emphasis on quality of care and patient safety.

Competitive Landscape:

Pivotal Companies Ink Strategic Agreements to Strengthen Industry Footing

Leading market participants are focused on adopting an array of strategic initiatives such as mergers, acquisitions, product development, product launches, and collaborations. These steps are being undertaken for increasing the geographical footprint and the expansion of product reach.

Key Industry Development:

February 2023 – Gama Aviation Plc, a U.K.-based aviation operator, received a contract from Wales Air Ambulance Charity (WAAC). The deal valued at USD 79 million was aimed to provide Helicopter Emergency Medical Services (HEMS) for seven years starting from January 2024.