The global rescue hoist system market size is set to be valued at US$ 569.8 Mn in 2022 and is estimated to grow at a CAGR of 3.7% from 2022-2032. The market is likely to reach a valuation of US$ 822.3 Mn by 2032. Hoist systems are renowned for being used in emergency and disaster rescue missions around the globe. Defense, utility operators, homeland security, coast guards, training schools, and aerial crane service providers, among others, use rescue hoist systems on helicopters.
Combat helicopters use a sizable portion of hoist systems. Rescue hoist system market players in the South Asia and Pacific will have new opportunities as a result of increased defence spending in the region, which is primarily driven by security and geopolitical concerns. The market for rescue hoist systems in South Asia and the Pacific is anticipated to grow at a rate of 5.2% over the course of the forecast period (2022-2032).
With more frequent natural disasters that frequently affect both land and sea, sales of hoist systems are anticipated to increase. These catastrophes also contribute to an increase in the loss of property and lives around the world. The global market for rescue hoist systems is predicted to benefit financially from these factors.
In addition to this, demand for hoist systems is rising on account of significant growth in the use of emergency rescue and response operations by disaster response and rescue assistance groups around the world. The rescue hoist system market holds around 3-8% of share in the global hoist system market.
India is one of the key defense superpowers in the Asia Pacific region and defense remains one of the prominent end users of the market. Expansion of the defense sector is anticipated to create lucrative opportunities for key players in the India market. The country is anticipated to grow at a CAGR of 5.6% in the forecast period, says FMI.
Increasing number of natural disasters in India is also expected to drive the market. As per Unicef India, it is among the world’s most disaster-prone countries with seven union territories and 27 of its 29 states exposed to recurrent natural hazards, including droughts, cyclones, floods, landslides, and earthquakes.
The U.S. accounted for around 91.9% of the North America rescue hoist system market in 2022, says FMI. During the projection period, the country is anticipated to lead the North America rescue hoist system market.
- Air Rescue Systems.
- Breeze Eastern
- Collins Aerospace
- Lifesaving Systems
- Survival Systems Limited
- Zephyr International