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Helideck monitoring system market worth 240.1 million USD by 2023

Industrial Market Research

The helideck monitoring system market is projected to grow from an estimated USD 192.8 Million in 2018 to USD 240.1 Million by 2023, at a CAGR of 4.49 % from 2018 to 2023. This growth can be attributed to the increasing number of commercial vessels and ships globally. The growth in global vessel traffic and short replacement cycles of hardware components are the key factor driving the demand for helideck monitoring systems.

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The report "Helideck Monitoring System Market by Vertical (Oil & Gas (Fixed and Mobile Offshore Rigs) and Marine (On-Board & On-Shore)), System (Hardware (Motion, Wind, Meteorology, GPS Sensors) and Software), End Use, Application, and Region - Global Forecast to 2023", The helideck monitoring system market is estimated to be USD 192.8 Million in 2018 and is projected to reach USD 240.1 Million by 2023, at a CAGR of 4.49% from 2018 to 2023. Factors such as increase in vessel traffic and rise in ship deliveries are expected to drive the helideck monitoring system market during the forecast period.

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The marine segment is projected to witness a higher CAGR during the forecast period.

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Based on vertical, the marine segment of the helideck monitoring system market is projected to witness a higher growth rate as compared to the oil & gas segment during the forecast period. This higher growth can be attributed to the increasing maritime trade and vessel traffic globally.

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The hardware segment is projected to witness a higher growth rate during the forecast period.

Based on system, the hardware segment of the helideck monitoring system market is projected to witness a higher growth rate than the software segment during the forecast period, as every helideck monitoring system needs various sensors, which require replacement at regular intervals.

The aftermarket segment is projected to witness a higher growth rate during the forecast period.

Based on end use, the aftermarket segment of the helideck monitoring system market is projected to witness a higher growth rate than the OEM segment during the forecast period, as every helideck monitoring system needs various sensors which need to be replaced at regular intervals. The replacement of system components and upgradation of software increase the demand for helideck monitoring systems.

The commercial segment is expected to grow at a higher CAGR during the forecast period.

Based on application, the commercial segment of the helideck monitoring system market is projected to grow at a higher CAGR than the defense segment during the forecast period. The year-on-year increase in commercial vessel traffic and increasing deliveries, especially in regions such as North America and Europe, are expected to contribute to the growth of the commercial segment.

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The Asia Pacific helideck monitoring system market is projected to witness the highest growth during the forecast period.

Asia Pacific is one of the fastest growing market for helideck monitoring systems due to an increase in the number of ships and seismic vessels in the region. Countries such as Japan and China have witnessed tremendous increase in vessels and ships, as the economy of these countries continuously increases, which subsequently lead to a rise in demand for helideck monitoring systems.

The increase in vessel traffic and delivery of new ships & vessels are expected to drive the demand for helideck monitoring systems in the Asia Pacific region during the forecast period.

Major players in the helideck monitoring system market include ABB (Switzerland), Kongsberg Gruppen (Norway), Fugro (Netherlands), Vaisala (Finland), and Dynamax (US).

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