Future Market Insights, a leading ESCOMAR certified market research and consulting firm, has published a comprehensive report on the global rescue hoist system market. According to the report, the market is set to experience a steady growth trajectory, with an average Compound Annual Growth Rate (CAGR) of 3.8% between 2023 and 2033. The market is expected to attain a significant market share of US$ 845 million by 2033, compared to its projected value of US$ 581.9 million in 2023.
Growing Demand for Rescue Hoist Systems in Emergency and Disaster Situations
Rescue hoist systems have gained prominence as vital equipment in emergency and disaster rescue missions worldwide. Their versatile applications make them indispensable for defense operations, utility operators, homeland security agencies, coast guards, training schools, and aerial crane service providers, particularly on helicopters. A substantial portion of these hoist systems is deployed in combat helicopters, indicating their critical role in safeguarding lives and ensuring effective rescue operations.
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Expanding Opportunities in the South Asia Pacific Region
The South Asia Pacific region is emerging as a significant contributor to the global rescue hoist system market growth. The region's rising defense expenditures driven by security concerns and geopolitical tensions are expected to create new avenues for market players. Future Market Insights predicts that the South Asia Pacific rescue hoist system market will experience a robust CAGR of 5.1% throughout the forecast period (2023-2033). This growth can be attributed to the region's increasing demand for advanced rescue equipment.
Rising Popularity of Helicopter Emergency Medical Services (HEMS)
The application of rescue hoists extends beyond military use to encompass a broad range of sectors, including private and medical services. The market is witnessing substantial growth due to the heightened adoption of hoists in applications such as search and rescue missions and helicopter emergency medical services. These hoists play a pivotal role in transporting patients, equipment, and personnel during emergencies, further bolstering their demand.
Dominance of 0.15 to 0.5 Tons Capacity Segment
In terms of capacity, the report highlights that the 0.15 to 0.5 tons segment will continue to dominate the rescue hoist system market during the forecast period. This segment accounted for over 66.2% of the market share in 2022, according to Future Market Insights. The popularity of this capacity range among defense entities, utility operations, and emergency services is expected to drive its sustained growth.
Competitive Landscape and Innovations
Market leaders such as Collins Aerospace, Breeze-Eastern, and VINCORION are strategically focusing on upgrading their rescue hoist systems in compliance with evolving regulations. Additionally, certain companies are forming strong partnerships with key military forces to secure long-term supply contracts.
For example, VINCORION, a prominent rescue hoist manufacturer, secured a substantial contract in July 2021 for the supply of 100 hydraulic rescue hoist systems for military transport helicopters. Valued at approximately 11.5 million Euros, this contract extends until 2028, with deliveries slated to begin in Q3 2021. Lifesaving Systems has also made strides in the industry by introducing the 414 D-LOK helicopter hoist hook with enhanced features for improved one-handed operation.
Key Players:
- Air Rescue Systems.
- Breeze-Eastern
- Collins Aerospace
- Lifesaving Systems
- Standcore
- Survival Systems Limited
- VICTORIAN
- Zephyr International
Key Segments Covered
By Drive Mechanism:
- Electric
- Hydraulic
By Type:
- Chain
- Cable
By Sales Channel:
- First Fit
- Retro Fit
By Capacity:
- Up to 0.15 tons
- 15 to 0.5 tons
- 5 to 1 tons
- More than 1 tons
By End User:
- Defense
- Utility Operations
- Homeland Security
- Emergency Services
- Others