Tiltrotor Market: Introduction
Tiltrotors are mid-sized aircrafts modelled similar to helicopters. The most unique feature of a tiltrotor is the propulsion system, which are housed within movable nacelles. These nacelles can be rotated on its axis rendering the system to generate lift as well as forward propulsion. Tiltrotors are not affected by retreating blade stall problems which were common in helicopters thereby making them a safer option for air travel. Looking into the tiltrotor market in current conditions, tiltrotors are primarily used by military groups for cargo and personnel transportation, however, its usage for commercial applications are limited with handful of operators.
Tiltrotor Market Dynamics
Some of the important factors driving the tiltrotor market in the current scenario includes higher requirement for air travel conveyance in military applications. Speed, manoeuvrability, payload carrying capability makes tiltrotors an attractive investment in the military. These rotorcrafts are easier to operate than fixed wing aircrafts as it requires no runways and can lift off and touchdown with a vertical movement. Apart from military applications, tiltrotors have found its way into recreational segment as well. A handful of localized operators engaged in leisure and tour activities are incorporating tiltrotors in their fleet to pull in more customers.
This trend can be witnessed in economies where tourism industry have thrived for a long period of time. Growth in air travel witnessed from a global perspective is also likely to influence tiltrotor market positively. Additionally, low MRO (maintenance, overhaul and repair) costs of tiltrotors in comparison to fixed wing aircrafts is expected to boost the market growth even further. Though tiltrotors are still in its nascent stages in the market scene, it is highly likely that it will pick up steam in the upcoming forecast period on the backdrop of slew of factors mentioned above.
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Not every product sold in the market is without its restraints. Similarly, tiltrotors also faces some roadblocks in a bid to achieve maximum market potential. Some of the important factors include very high manufacturing costs owing to the fact that tiltrotors requires different manufacturing set ups, parts, components and principles. The rotorcrafts are costly in comparison to helicopters which can dent the growth of the market in the next few years until they are commercialized. Lack of dedicated suppliers and distributors of tiltrotors and its parts can also slow down the growth of tiltrotors market.
Tiltrotor Market: Segmentation
Tiltrotor Market can be segmented as follows;
By Payload Capacity, the market can be segmented as:
- Less than 30 tons
- 30 to 50 tons
- More than 50 tons
By Application, the market can be segmented as:
- Military
- Civil & Commercial
Tiltrotor Market: Regional Outlook
Taking into considerations the advantages and appeal it offers over traditional fixed wing aircrafts and other rotorcrafts, the market for tiltrotors is expected for an above average growth in developed regions than in emerging regions. Both North America and Western Europe offer greater market potential for tiltrotors market to grow in the forecast period owing to greater military funding in some of their major economies.
The market in Asia Pacific is expected to grow with a slower pace owing to lack of funding for military, however, the market in Japan is anticipated for a positive growth due to the fact that its military base have placed orders on new tiltrotors. The market in Middle East & Africa is expected to register similar growth trends on the backdrop of increased tourist activities especially in GCC countries, while the market in Latin America may show a diminished growth in the upcoming forecast period.
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Tiltrotor Market: Market Participants
Below are some of the examples of major players involved in the Global Tiltrotor market in the value chain:
- Leonardo S.p.A.
- Textron Inc.
- The Boeing Company