Increase in use of aircrafts to extinguish wildfire and rise in fire-related incidents in the oil & gas industry drive the global firefighting aircraft market.
PORTLAND, Ore., Nov. 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Firefighting Aircraft Market by Type (Fixed Wing and Multi-Rotor), Service Provider (Firefighting Organizations and Military), Max. Takeoff Weight (Below 50,000 kg and Above 50,000 kg), and Water Capacity (Less Than 5,000 Ltr, 5,000–10,000 Ltr, and More than 10,000 Ltr): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global firefighting aircraft industry was pegged at $8.84 billion in 2020, and is expected to reach $16.46 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Major determinants of the market growth
Rise in use of aircrafts to extinguish wildfire and surge in fire-related incidents in the oil & gas industry have boosted the growth of the global firefighting aircraft market. However, high capital requirement and delayed delivery of aircraft hinder the market growth. On the contrary, integration of new technologies to extinguish fire and rise in contract and agreements for long-term business are expected to open new opportunities for the market players in the future.
The multi-rotor segment to manifest the highest CAGR through 2030
By type, the multi-rotor segment is expected to register the highest CAGR of 7.3% during the forecast period, as they are used for attacks, training, and surveillance purposes. However, the fixed wing segment held the lion's share in 2020, accounting for more than two-thirds of the global firefighting aircraft market, due to wide use of fixed wing aircraft in the civil sector and surge in number of air passenger.
The firefighting organizations segment held the lion's share
By service provider, the firefighting organizations segment dominated the market in 2020, contributing to nearly two-thirds of the global firefighting aircraft market, due to rise in fire incidents at Amazon and Indian forests. However, the military segment is expected to register the highest CAGR of 7.0% during the forecast period, owing to several rescue & firefighting operations and surge in investment toward strengthening the military power of countries.
Asia-Pacific, followed by North America, to contribute the highest revenue by 2030
By region, the market across Asia-Pacific, followed North America, held the largest share in 2020, accounting for nearly one-third of the market, owing to introduction of new airports and domestic and international air travel routes. However, the global firefighting aircraft market across LAMEA is projected to portray the highest CAGR of 8.1% during the forecast period, due to rise in presence of oil & gas and mineral mining industries that leads to accidents and fire incidents.
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