New York, Aug. 26, 2021 (GLOBE NEWSWIRE) — Tilt Rotor Aircraft Market: Key Insights
According to our new research study on “Tilt Rotor Aircraft Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography,” the Tilt Rotor Aircraft Market is projected to reach US$ 1766.10 million by 2028 from US$ 992.61 million in 2020; it is expected to grow at a CAGR of 8.1% during 2021–2028.
Tilt rotor aircraft Market: Competitive Landscape and Key Developments
BAE Systems; Bell Textron Inc.; Boeing; Israel Aerospace Industries; Leonardo; Lockheed Martin Corporation; Northrop Grumman Corporation; ROSTEC; and Aviation Industry Corporation of China, Ltd. (AVIC) are among the key market players in the global tilt rotor aircraft market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2021, ZALA Aero, Russia, unveiled tilt rotor hybrid-power drones. The tilt rotor ZALA VTOL combines the best qualities of an aircraft-type drone and a tilt rotor, and it is capable of changing its configuration, depending upon the task being performed.
Tilt rotor aircraft generate their lift and propulsion with the help of rotors that are mounted at the end of the fixed wings. The rotors are vertically tilted to generate lift, and further, the aircraft gradually gains forward momentum as the rotors are tilted in horizontal direction. Thus, this enables the aircraft to have vertical take-off and landing capability (VTOL) of a rotary-wing aircraft along with the range and speed of a fixed-wing aircraft. This capability eliminates the need of dedicated landing strip in such aircraft. Also, these aircraft are considered more efficient than rotary-wing aircraft for the short-distance transportation of people and goods. The operating cost of rotary-wing aircraft is generally higher than the fixed-wing aircraft, as they are preferably used for short-distance applications. Thus, deploying tilt rotor aircraft for transportation application enables end users to save significant amount of operation cost, without compromising on operational efficiency. These advantages are driving the growth of the tilt motor market.
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North America held the largest share of the tilt rotor aircraft market, followed by Asia Pacific and Europe, respectively. The presence robust well-established aerospace & defense industry, coupled with favorable economic policies, contribute to the strong market performance in North America. Moreover, the US is only country to have a large number of V-22 Osprey deployed in their armed forces. Further, the Textron Inc. and Boeing, which together provide V-22 Osprey, are headquartered in North America.
Rapid changes in modern warfare have been urging governments to allocate higher funds toward respective armed forces, which enables the military forces to support the development and procurement of advanced warfare fleet, including unmanned ariel vehicles (UAVs). The UAV is widely used for intelligence gathering, surveillance, reconnaissance, target acquisition, battle damage management, delivery, transportation; moreover, they are also being used in combat operations, among other applications. Ministries across the world are investing substantial amounts with an objective to modernize armed forces. At present, fleet modernization is among the most common strategies adopted by the aerospace & defense industry. Textron Inc., China Aerospace Science and Technology Corp., and BNA – Nurol BAE Systems Air Systems Inc. are among the companies offering UAVs. A gradual shift in the future of ariel warfare from manned ariel vehicles to UAVs is presenting significant growth opportunities to the tilt rotor aircraft market players to secure growth in the coming years.
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Tilt rotor aircraft market: End user Overview
Based on end user, the tilt rotor aircraft market is segmented into civil and military. The military segment dominates the market and is expected to continue to be the leading shareholder in the market during the forecast period. The Bell-Boeing offers the V-22 Osprey to the US Department of Defense at US$ 75 million per unit. Additionally, several other companies around the world are also investing significantly in the development of military tilt rotor aircraft. This factor is contributing to the dominance of the military segment in the tilt rotor market.
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