DUBLIN--(BUSINESS WIRE)--The "Offshore Helicopter Services Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for offshore helicopter services is expected to grow at a CAGR of approximately 1.93% during the forecast period of 2019 - 2024.
Major factors driving the market studied are rising deepwater offshore exploration and development activities, due to the growing crude oil demand and little scope for new discovery in land and shallow water areas. A further decline in offshore oil and gas activities, through re-engineering and cost-cutting measures by offshore oil and gas operators, have resulted in improved viability of offshore oil and gas projects, especially in deepwater regions. The low dayrates of crew transfer vessel, coupled with lack of offshore oil and gas activities, have forced the helicopter service providers to reduce their dayrates, which negatively impacted their annual revenue.
- As the offshore wind power industry is moving toward the deeper and harsher environments, the demand for the wind turbine maintenance activity and in turn, offshore helicopters services for the offshore wind industry is expected to increase.
- The recent discovery and upcoming projects in Mediterranean, Guyana, and East Africa are expected to be relatively new and attractive markets for the offshore helicopter services, creating an opportunity for service providers to expand their market presence.
- Europe dominated the market across the globe with the majority of the demand coming from countries such as the United Kingdom and Norway.
Key Market Trends
Offshore Wind Power Industry Expected to Witness Fastest Growth
- Many of the earlier offshore wind farms were installed close to the land, and are easily accessible by boat. However, the newly built offshore wind farms are located farther from the shore, and helicopters are becoming an economical option for the transportation of crew members to and from the installations. This has created new business areas for offshore helicopter services.
- The offshore helicopter services are mainly used for transferring the crew to the platforms for the maintenance of the wind turbines. As the offshore wind turbines face rougher and more corrosive environments, the offshore wind farms require more frequent maintenance.
- As the offshore wind power industry is moving toward the deeper and harsher environments, the demand for the wind turbine maintenance activity and in turn, offshore helicopters services for the offshore wind industry is increasing.
- Historically, the offshore wind power industry had been dominated by the European countries, such as Denmark, Germany, and the United Kingdom. But Asian countries, such as China, Taiwan, and India have also announced plans to develop the domestic offshore wind sector, which in turn, is expected to drive the geographical expansion of the helicopter services market for wind farms during the forecast period.
- Among the end-user industries, the offshore wind industry is expected to register the fastest growth during the forecast period.
Europe to Dominate the Market
- Europe is estimated to be the largest market among the regions for the market studied. This is mainly due to a large number of offshore oil and gas platforms, severe sea conditions, and strict safety regulations promoting helicopter services for transportation services.
- The Oil & Gas Authority (OGA) of the UK invited applications for the 31st offshore licensing round in July 2018. The round attracted 36 applications covering 164 blocks in frontier areas of the UK Continental Shelf (UKCS). These successful awards are expected to act as a strong platform for future E&P activities across the UKCS, and may help in transforming exploration activity levels, consequently, thus positively impacting the growth of the market studied.
- As of January 2019, only about half of the expected recoverable resources on the Norwegian Continental Shelf (NCS) have been produced. At the same time, many of the facilities on the shelf are approaching the end of their expected lifetime. In the coming years, several of these facilities are likely to be shut down and decommissioned in a responsible manner, which may, in turn, result in creating the demand for offshore helicopter services during the coming years.
- In addition, decommissioning is expected to take place on 349 fields across the North Sea, during 2017-2025, out of which, around 214 fields are in UKCS, 106 fields in the Dutch Continental Shelf, 23 fields in the Norwegian Continental Shelf (NCS), and six fields on the Danish Continental Shelf. The growing offshore decommissioning activities in UKCS and NCS are expected to drive the market growth during the forecast period.
- Bristow Group Inc.
- CHC Group Ltd
- Era Group Inc. (ERA)
- HNZ Group Inc.
- PHI Inc.
- Abu Dhabi Aviation Airways PJSC (Abu Dhabi Aviation)
- Airbus SE
- Leonardo SpA
- Textron Inc.
- Lockheed Martin Corporation
For more information about this report visit https://www.researchandmarkets.com/r/nw8voh