The amphibious aircraft industry was valued at $164.4 million in 2021, and is estimated to reach $502 million by 2031, growing at a CAGR of 12.1% from 2022 to 2031.
An amphibious aircraft or seaplane is a type of aircraft that can take-off and land on solid surfaces and waterways. These aircraft are used for numerous civil & military applications. They are also known as seaplanes that can perform search-and-rescue operations, firefighting, patrolling in the maritime economic zone, environmental monitoring, military, special tasks, and cargo and passenger operations. Fixed-wing amphibious aircraft are seaplanes equipped with retractable wheels, at the expense of extra weight and complexity, plus diminished range and fuel economy compared to planes designed specifically for land-only or water-only operation. Some amphibians are fitted with reinforced keels which act as skis, allowing them to land on snow or ice with their wheels up.
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Moreover, the market is witnessing suitable growth in recent years, owing to the increase in contracts and aircraft deliveries across the globe. Moreover, the key manufacturers operating in the industry have been inclined towards developing superior quality efficient amphibious aircraft which can be used in all conditions and can take-off & land in water as well as ice and land. For instance, in March 2020, Dornier Seawings developed the prototype SN1003, new generation of the Dornier Seastar amphibious aircraft successfully performed its first flight at Oberpfaffenhofen EDMO airport, Germany. The new generation Seastar is significantly improved from the original Seastar. Similarly, in April 2020, Norwegian start-up Equator Aircraft announced that it has developed a small family of all-electric amphibians to provide sustainable alternative to the noisy and costly types serving the owner-flyer and commercial passenger transport markets. Such developments create a wider scope for the growth of the market across the globe.
Amphibious aircraft offers connectivity to areas that do not have landing runways. Launching the amphibious aircraft services will have a number of benefits such as boosting tourism. It will not only be an attractive option for tourists to try but will also help in generating employment opportunities in the region, which will consequently contribute to the country’s GDP. Seaplane service will make the journey easier and save time by providing air connectivity to numerous remote, religious, tourist places and unexplored locations near the water bodies time. Several countries are boosting their country’s tourism sector by developing seaplane services. For instance, in June 2021, The Ministry of Ports, Shipping and Waterways signed a memorandum of understanding (MoU) with the Ministry of Civil Aviation to develop seaplane services in India. The MoU will play a major role in boosting tourism and enhancing seamless connectivity across the country. The launch of the seaplane services in India will have a number of benefits such as boosting tourism, generating employment opportunities in the region, and making the seaplanes project a reality in the country. Thus, tourism will further increase the demand for the amphibious aircraft market.
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Moreover, the factors such as increase in tourism, increasing demand for commercial applications and growing defense budget & procurement of next-gen seaplanes. However, rise in aircraft accidents and high capital costs hamper the growth of the market. On the contrary, growing focus of transportation companies on aircraft acquisition to increase air transportation and advancement in technology to foster growth are the major factors that are expected to provide lucrative opportunities for the market growth during the forecast period.
For the purpose of analysis, the global amphibious aircraft market is segmented into aircraft type, engine type, end-use, and region. By aircraft type, the market is classified into fixed wing, and rotary wing. On the basis of engine type, it is segregated into turboprop, and turbine. Depending on end-use, it is bifurcated into Civil Aviation, general aviation and military aviation. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis:
According to the International Civil Aviation Organization (ICAO), there was a 60% drop in passenger traffic in 2020 than in 2019. In addition to that, approximately $271 billion loss of gross passenger operating revenues for airlines was encountered during the COVID pandemic. Moreover, substantial disruption in the supply chain, a slow production rate, a slowdown in the economy, and others impacted the growth of the market.
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KEY FINDINGS OF THE STUDY In Amphibious Aircraft Industry
- By aircraft type, the fixed wing segment is projected to dominate the global market in terms of growth rate.
- By engine type, the turboprop segment is projected to dominate the global amphibious aircraft market in terms of growth rate.
- By end use, the general aviation segment is projected to dominate the global market in terms of growth rate.
The key players operating in the amphibious aircraft market are. Aero Adventure LLC., Airtime Aircraft Inc., Atol Aviation, BERIEV Aircraft Company, China Aviation Industry Corporation, Dornier Seawings GmbH, Equator Aircraft AS, ICON Aircraft Inc, Lisa Airplanes and ShinMaywa Industries.
