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Rescue Hoists and Cargo Winches Market 2021 International Continuous Demand with 7.3% of CAGR by 2028

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Rescue Hoists and Cargo Winches Market 2021 International Continuous Demand with 7.3% of CAGR by 2028

May 05
21:40 2021
Rescue Hoists and Cargo Winches Market 2021 International Continuous Demand with 7.3% of CAGR by 2028

Rescue Hoists and Cargo Winches Market Analysis
According to our latest market study on “Rescue Hoists and Cargo Winches Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by type, application, and end users,” the market was valued at US$ 1638.42 million in 2020 and it is projected to reach US$ 2734.50 million by 2028; it is expected to grow at a CAGR of 7.3% from 2021 to 2028.

R&D is a crucial component of innovation and a key factor in developing new competitive advantages. To effectively compete in the market, OEMs of rescue hoists and cargo winch manufacturers are significantly investing in research and development (R&D) to effectively cater the growing requirement in the market. For instance, Collin Aerospace has been continuously developing its Goodrich rescue hoist portfolio. The company offers ~40 models of rescue hoists and cargo winches utilized by civil and military operators worldwide. The company has been continuously investing in R&D to enhance its hoist technology, thereby providing the best-in-class products.

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Impact of COVID-19 Pandemic on Rescue Hoists and Cargo Winches Market

From the rescue hoists and cargo winches market player’s perspective, the situation has been worsened by the substantial disruption in component supply chain. Since, the rescue hoist and cargo winches are electro-mechanical products, the disruption in electronics and mechanical parts supply chain due to border closures have negatively impacted the production volumes of rescue hoists and cargo winches. This factor has hindered the growth of rescue hoists and cargo winches market. The lower production of helicopter volumes resulted in less than usual demand for rescue hoists and cargo winches among the helicopter manufacturers. According to General Aviation Manufacturers Association (GAMA), the helicopter shipment dropped by 19.2% from 2019 to 2020. Further, several fixed wing aircraft such as Boeing C17 and Embraer KC-390 and others that use cargo winches also experienced lower production in 2020. Thus, lower output of fixed wing aircraft and helicopters resulted in a drop in demand for rescue hoists and cargo winches, thereby negatively impacting the growth of the market in 2020.

Continuous Demand from Military Forces Fuels the Market Growth

There is a continuous demand for advance and capable SAR helicopter and rescue hoist and winches from military forces of developing countries. The UK, one of the prominent countries in Europe, is investing on the procurement of the second-generation or 2G SAR service. The UK’s Maritime & Coastguard Agency (MCA) is looking for helicopters that are equipped with emerging technologies such as UAVs or even high-altitude pseudo-satellites for surveillance. Similarly, Government of India decided to procure 14 Twin-Engine Heavy Helicopters (TEHH), for Indian Coat Guards, in January 2021. These helicopters will be operational by FY 2025–2026. These helicopters will be used for maritime surveillance, SAR, medical evacuation, casualty evacuation, and logistics support to ships as well as pollution response sorties.

Strategic Insights

The players operating in the rescue hoists and cargo winches market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In March 2021, Dart Aerospace with Talon Helicopters have received approval from the Canada transport department to perform night hover refill operations. this operation of firefighting through air will also increase the demand for its rescue hoists across the country.

In February 2018, VINCORION launched an innovated version of Skyhoist 800 with its sophisticated capstan technology, dead weight of maximum 50 kilograms, hoisting capacity of up to 350 kilograms, cable length of 120 meters, and maximum hoisting speed of 2 meters per second.

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Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
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Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/reports/rescue-hoists-and-cargo-winches-market


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