North America Rescue Hoists and Cargo Winches Market
The US, Canada, and Mexico are among the major economies in North America. This region contributes a significant share to the global rescue hoists and cargo winches market owing to increasing investment by the government organizations coupled with growing need to replace old rescue hoist and winches with advance ones. This trend is prominent due to change in government policies and change in consumer behavior. A rescue hoists and cargo winches are used in search and rescue (SAR) helicopters by military and rescue personnel for evacuation during emergencies. For instance, the California Department of Forestry and Fire Protection, in 2020, procured rescue hoist technology to be used on a fleet of S-70i Firehawk helicopters. Military forces have been investing in procuring advanced SAR helicopters that have pre-installed rescue hoist and cargo winches. Therefore, the processes of procuring new SAR helicopters by respective governments of North American countries has propelled the growth of the North America rescue hoists and cargo winches market. For instance, in 2020, the US air force invested in a brand-new combat rescue helicopter- the Sikorsky HH-60W. Similarly, in 2020, Canada government decided to upgrade its helicopters that is used for air-sea rescue. The Royal Canadian Air Force (RCAF) has been operating the AW101/CH-149 Cormorant since 2001, commencing thousands of critical search and rescue (SAR) missions. As a part of the Cormorant Mid-Life Upgrade (CMLU) Project, the helicopter will be upgraded with advance communication, navigation system, and other such component. Rescue hoists will also be upgraded during this project.
In case of COVID-19, the US is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions across the country. The US is the highest military spender across the globe and has a substantial number of defense contractors across its borders. During Q2 and Q3 of 2020, the majority of the manufacturing plants were either temporarily shut or operating with minimum staff; the supply chain of equipment and related components are disrupted; these are some of the critical issues in the country. In addition, the demand for defense equipment has been showcasing a slowdown since the outbreak of the virus in the country. The US has a substantial number of rescue hoists and cargo winches manufacturers; however, the emergence of the pandemic has resulted in slower than usual growth in procurement of hoists and winches on helicopters and fixed wing aircraft. The US and Canada have notable general aviation aircraft manufacturers involved in manufacturing helicopters for law enforcement agencies, firefighting teams, and medevac teams. The helicopter manufacturers witnessed significant lower volumes in terms of production, thereby limiting their procurement volumes of rescue hoists and cargo winches, which ultimately hampered the rescue hoists and cargo winches market.
Strategic insights for the North America Rescue Hoists and Cargo Winches provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 648.37 Million |
| Market Size by 2028 | US$ 992.18 Million |
| Global CAGR (2021 - 2028) | 6.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Rescue Hoists and Cargo Winches refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America rescue hoists and cargo winches market is expected to grow from US$ 648.37 million in 2021 to US$ 992.18 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. Rising investment in research & development by manufacturers is expected to drive the market growth. 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 across North America 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. The company has been continuously investing in R&D to enhance its hoist technology, thereby providing the best-in-class products. For instance, the company introduced the 44316 and 44318 model hoists, which remain the only hoists approved by the Federal Aviation Administration across North America. Collins Aerospace’s Goodrich 44318 hoists were recently (2020) chosen by three of California’s premier firefighting agencies as the rescue hoist aboard new helicopters. Like Collin Aerospace, there are other manufacturers who are focusing extensively on R&D to effectively cater the growing requirement. This will help them to strengthen their position in the North America market along with increasing their overall revenue.
In terms of type, the hoists segment accounted for the largest share of the North America rescue hoists and cargo winches market in 2020. In terms of application, the search and rescue segment held a larger market share of the North America rescue hoists and cargo winches market in 2020. Further, the law enforcement agencies segment held a larger share of the North America rescue hoists and cargo winches market based on end users in 2020.
A few major primary and secondary sources referred to for preparing this report on the North America rescue hoists and cargo winches market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Breeze-Eastern, LLC; Collins Aerospace; Dart Aerospace; Honeywell International Inc.; LIFT-IT MANUFACTURING COMPANY, INC; VINCORION; and Zephyr International.
The North America Rescue Hoists and Cargo Winches Market is valued at US$ 648.37 Million in 2021, it is projected to reach US$ 992.18 Million by 2028.
As per our report North America Rescue Hoists and Cargo Winches Market, the market size is valued at US$ 648.37 Million in 2021, projecting it to reach US$ 992.18 Million by 2028. This translates to a CAGR of approximately 6.3% during the forecast period.
The North America Rescue Hoists and Cargo Winches Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Rescue Hoists and Cargo Winches Market report:
The North America Rescue Hoists and Cargo Winches Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Rescue Hoists and Cargo Winches Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Rescue Hoists and Cargo Winches Market value chain can benefit from the information contained in a comprehensive market report.
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