Hovercraft Market garnered a revenue of USD 263.82 million in the year 2019 globally and has been foreseen to yield USD 651.17 million by the year 2029 at a compound annual growth (CAGR) of 8.9% over the forecast period. In several nations throughout the world, hovercrafts have become one of the most comfortable and cost-effective modes of transportation. Hovercrafts, sometimes known as air cushion vehicles, are widely employed for both military and commercial purposes. A hovercraft is a vehicle that is designed to be entirely or partially supported by a thin cushion or film of gaseous fluid, usually air, at least some of the time while travelling over the surface. The air is continuously supplied at a pace sufficient to sustain the supporting pressure of the air cushion retained underneath the hovercraft's surface. For operation, the hovercraft requires both propulsion and lift power.
The report " Global Hovercraft Market, By Fuel (Diesel Power Product, Gas Power Product, and Other), By Application (Civil and Military), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
· LOS ANGELES – NASA scientists on Feb. 2021 presented the first-of-its-kind home video of the daring Mars Rover landing last week, vividly depicting its supersonic parachute inflation over the red planet and a rocket-powered hovercraft lowering the science lab on wheels to the surface.
· On May 20, 2021, Hindustan Aeronautics Limited and Rolls Royce signed a Memorandum of Understanding to develop packaging, installation, marketing, and service support for Rolls Royce MT30 marine engines in India.
Analyst View:
The big hovercraft's huge load carrying capabilities allows the military to transport personnel, military supplies, and Application for humanitarian help, rescue, and disaster relief missions. The market's growth might be aided by the increasing number of hovercraft applications throughout the forecast period. The ability of hovercraft to traverse over shallow waters and terrains regardless of water current direction, as well as the economic savings of not having to create separate harbours for these vehicles, are important factors driving hovercraft demand in the forecast.
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Key Market Insights from the report:
Hovercraft Market garnered a revenue of USD 263.82 million in the year 2019 globally and has been foreseen to yield USD 651.17 million by the year 2029 at a compound annual growth (CAGR) of 8.9% over the forecast period. The Global Hovercraft Market is segmented based on the fuel, application, and region.
· By Fuel, the Global Hovercraft Market is segmented into Diesel Power Product, Gas Power Product, and Other.
· By Application, the Global Hovercraft Market is segmented into Civil and Military.
· By Region, the Global Hovercraft Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America regional market is projected emerge as the fastest-growing regional market.
Competitive Landscape:
The key players operating in the Global Hovercraft Market includes Technolution B.V., Universal Hovercraft, Meyer Neptun Group, Aerohod, Airlift Hovercraft, Almaz Shipbuilding, Bland Group, Garden Reach Shipbuilders & Engineers (GRSE), Hovertechnics.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
