1. Military Helicopter Modernisation,
Upgrade & Retrofit Market 2014-2024
Prospects for Leading Companies
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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
1. Executive Summary
1.1 Global Military Helicopter Modernisation, Upgrade and Retrofit Market Overview 2014-2024
1.2 Global Military Helicopter Modernisation, Upgrade and Retrofit Market Segmentation
1.3 Why You Should Read This Report
1.4 How This Report Delivers
1.5 Key Questions Answered by This Analytical Report
1.6 Who Is This Report For?
1.7 Methodology
1.8 Frequently Asked Questions (FAQ)
1.9 Associated Visiongain Reports
2. Introduction to the Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024
2.1 Market Structure Overview
2.2 Types of Helicopters
2.2.1 Attack
2.2.2 Reconnaissance
2.2.3 Heavy Cargo
2.2.4 Medium Utility
2.2.5 Light Utility
2.2.6 Maritime
2.2.7 Search and Rescue
3. Global Military Helicopter Modernisation, Upgrade and Retrofit
Market Forecast 2014-2024
3.1 Global Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
3.2 Barriers to Entry, Helicopter Modernisation, Upgrade and Retrofit Market
4. Military Helicopter Modernisation, Upgrade and Retrofit Submarket
Forecasts 2014-2024
4.1 What Will Be the Leading Modernisation, Upgrade and Retrofit Submarkets?
4.2 Global Attack Helicopter Modernisation, Upgrade and Retrofit Submarket Forecast 2014-2024
4.2.1 Attack Helicopters Provide High Value to Upgrade Market

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
4.2.2 Global Attack Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.3 Global Medium Utility Modernisation, Upgrade and Retrofit Helicopter Submarket Forecast 2014-2024
4.3.1 Upgrades to Large Medium Utility Helicopter Upgrades Drive Near-Term Demand
4.3.2 Global Medium Utility Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.4 Global Heavy Cargo Helicopter Modernisation, Upgrade and Retrofit Submarket Forecast 2014-2024
4.4.1 Cargo Helicopter Upgrades Priority for Key Operators
4.4.2 Global Heavy Cargo Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.5 Global Reconnaissance Helicopter Modernisation, Upgrade and Retrofit Submarket Forecast 2014-2024
4.5.1 Scout Helicopter Role Being Supplemented or Replaced by UAVs
4.5.2 Global Reconnaissance Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.6 Global Maritime Helicopter Modernisation, Upgrade and Retrofit Submarket 2014-2024
4.6.1 Capabilities of Maritime Helicopters Enhanced by New Sensors
4.6.2 Global Maritime Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.7 Global Light Utility Helicopter Modernisation, Upgrade and Retrofit Submarket 2014-2024
4.7.1 Upgrades Allow Light Utility Helicopters to Assume New Roles
4.7.2 Global Light Utility Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and Restraints
4.8 Global Search and Rescue Helicopter Modernisation, Upgrade and Retrofit Submarket 2014-2024
4.8.1 Search and Rescue Helicopter Upgrades Make Up Smallest Submarket
4.8.2 Global Search and Rescue Helicopter Modernisation, Upgrade and Retrofit Submarket Drivers and
Restraints
5. Leading 15 National Military Helicopter Modernisation, Upgrade and
Retrofit Markets 2014-2024
5.1 US Military Helicopter Modernisation, Upgrade and Retrofit Market
5.1.1 US Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.1.2 US Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.1.3 US Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.2 UK Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.2.1 UK Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.2.2 UK Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.2.3 UK Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.3 German Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.3.1 German Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.3.2 German Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.3.3 German Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
5.4 UAE Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.4.1 UAE Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.4.2 UAE Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.4.3 UAE Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.5 French Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.5.1 French Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.5.2 French Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.5.3 French Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.6 Indian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.6.1 Indian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.6.2 Indian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.6.3 Indian Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.7 Russian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.7.1 Russian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.7.2 Russian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.7.3 Significant Russian Military Helicopter Modernisation, Upgrade and Retrofit Programmes
5.8 Italian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.8.1 Italian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.8.2 Italian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.8.3 Italian Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.9 South Korean Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.9.1 South Korean Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.9.2 South Korean Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.9.3 South Korean Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.10 Polish Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.10.1 Polish Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.10.2 Polish Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.10.3 Polish Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.11 Saudi Arabian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.11.1 Saudi Arabian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.11.2 Saudi Arabian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.11.3 Saudi Arabian Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.12 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.12.1 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.12.2 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.12.3 Significant Brazilian Military Helicopter Modernisation, Upgrade and Retrofit Programmes

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
5.13 Algerian Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.13.1 Algerian Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.13.2 Algerian Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.13.3 Algerian Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.14 Iraqi Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.14.1 Iraqi Military Helicopter Modernisation, Upgrade and Retrofit (in Market Forecast 2014-2024
5.14.2 Iraqi Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.14.3 Iraqi Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.15 Israeli Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.15.1 Israeli Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
5.15.2 Israeli Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.15.3 Israeli Military Helicopter Modernisation, Upgrade and Retrofit Contracts and Programmes
5.31 Rest of the World Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024
5.16.1 Rest of the World Military Helicopter Modernisation, Upgrade
5.16.2 Rest of the World Military Helicopter Modernisation, Upgrade and Retrofit Market Drivers and Restraints
5.16.3 Selected countries in the Rest of the World Military Helicopter Modernisation, Upgrade and Retrofit
Market 2014-2024
6. SWOT Analysis of the Military Helicopter Modernisation, Upgrade
and Retrofit Market 2014-2024
7. Expert Opinion ____
7.1 Elta Systems
7.1.1 Elta’s Key Helicopter Upgrade Solutions
7.1.2 Reasons for Opting to Modernise Helicopters Instead of New Acquisitions
7.1.3 Impact of UAVs on the Helicopter Upgrade Market
7.1.4 Helicopter Payload Upgrades That Will Be in Demand
7.1.5 Main Types of Helicopters to Undergo Upgrades
7.1.6 Key National Markets for Helicopter Upgrades
7.1.7 Constraints to Spending on Helicopter Upgrades
7.1.8 Emerging Technologies in Helicopter Upgrades

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
8. Leading 16 Companies in the Military Helicopter Modernisation,
Upgrade and Retrofit Market
8.1 AgustaWestland
8.2 Airbus Helicopters (formerly Eurocopter)
8.3 Bell Helicopter
8.4 Boeing Defense, Space and Security (BDS)
8.5 Denel (Pty) Limited
8.6 Elbit Systems Ltd
8.7 Israel Aerospace Industries (IAI)
8.8 Lockheed Martin Corporation
8.9 Northrop Grumman Corporation
8.10 Rockwell Collins Inc
8.11 RUAG
8.12 Russian Helicopters
8.13 Safran
8.14 Selex ES
8.15 Sikorsky Aircraft Corporation
8.16 Thales Group
8.17 Other Leading Companies in the Military Helicopter Modernisation, Upgrade and Retrofit Market
9. Conclusions
9.1 Global Military Helicopter Modernisation, Upgrade and Retrofit Market Outlook
9.2 Global Military Helicopter Modernisation, Upgrade and Retrofit Market 2014-2024 Drivers and Restraints
9.3 Global Military Helicopter Modernisation, Upgrade and Retrofit Market Forecast 2014-2024
9.4 Global Military Helicopter Modernisation, Upgrade and Retrofit Submarket Forecasts 2014-2024
9.5 Leading 15 National Military Helicopter Modernisation, Upgrade and Retrofit Market Forecasts 2014-2024

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
4.8 Global Search and Rescue Helicopter Modernisation, Upgrade and
Retrofit Submarket 2014-2024
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 2014-24
Sales $m 70 75 85 85 90 100 105 100 110 100 100 95 1045
AGR (%) 7.1 13.3 0.0 5.9 11.1 5.0 -4.8 10.0 -9.1 0.0 -5.0
2019-24 -2.0
2.4
7.0CAGR (%) 2014-19
CAGR (%) 2014-24
2014 2019 2024
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
0
20
40
60
80
100
120
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR(%)
Sales($m)
Year
Market Value AGR (%)
1.5% 2.2% 2.6%
Source: Visiongain 2014
Table 4.16 Global Search and Rescue Helicopter Modernisation, Upgrade and
Retrofit Submarket Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative)
Figure 4.17 Global Search and Rescue Helicopter Modernisation, Upgrade and
Retrofit Submarket Forecast 2014-2024 ($m, AGR%)
Source: Visiongain 2014
Source: Visiongain 2014
Figure 4.18 Global Search and Rescue Helicopter Modernisation, Upgrade and
Retrofit Submarket Share Forecast 2014, 2019 and 2024 (% Share)

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
5.12 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit
Market 2014-2024
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2014-24
Sales $m 40 35 30 25 25 25 25 40 45 50 50 40 390
AGR (%) -12.5 -14.3 -16.7 0.0 0.0 0.0 60.0 12.5 11.1 0.0 -20.0
2019-24CAGR (%) 2014-19 -6.5 9.9
CAGR (%) 2014-24 1.3
2014 2019 2024
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
0
10
20
30
40
50
60
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR(%)
Sales($m)
Year
Sales AGR (%)
0.7% 0.5% 1.1%
Source: Visiongain 2014
Table 5.35 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit
Market Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative)
Source: Visiongain 2014
Figure 5.23 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit
Market Forecast 2014-2024 ($m, AGR%)
Source: Visiongain 2014
Figure 5.24 Brazilian Military Helicopter Modernisation, Upgrade and Retrofit
Market Share Forecast 2014, 2019 and 2024 (% Share)

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
7. Expert Opinion
7.1 Elta Systems
Elta Systems is a group and subsidiary of Israel Aerospace Industries (IAI) Ltd. The company
produces radar, signals intelligence, communications, self-protection and other systems for
helicopters along with other aircraft and platforms. Boaz Nathan is Senior Consultant to IAI Elta
Systems. Visiongain interviewed Mr Nathan in May 2014 and we are grateful for his contribution.
7.1.1 Elta’s Key Helicopter Upgrade Solutions
Visiongain: Can you tell us briefly about Elta’s main product offerings in the military helicopter
modernization, upgrade and retrofit market?
Elta Systems’ Boaz Nathan: Elta is the electronics group of Israel Aerospace Industries (IAI). We
deal mainly with radar, self-protection, communication and electronic warfare systems. Speaking of
military helicopter upgrade projects with which we’ve been involved with worldwide in past years,
the main systems we provide are maritime patrol radar for navies, radar sensor based self-
protection systems and signals intelligence systems (SIGINT) such as electronic intelligence
(ELINT) and communications intelligence (COMINT). We also provide communications systems
such as satellite communications (SATCOM) specifically designed for helicopter use.
Our best-selling radar for helicopters is the EL/M-2022 which is a maritime patrol radar but which
can also be used for aerial surveillance and ground mapping. We refer to it as a multi-mode radar.
Another system that is very popular is our self-protection systems. The EL/M-2160 missile
approach warning system which is one of the very few systems that provide helicopters with self-
protection via a radar sensor instead of the more prevalent system that uses optical and infrared
sensors to detect incoming threats. So, it works even if it’s a dusty area where optical or infrared
systems don’t work very well. The radar-based system also gives very low false alarm rates.
Another warning system is the RWL (radar warning and locator) system, the advantage of which is
you don’t only get the azimuth of the threat but also its accurate distance. We also have
communications intelligence systems and satellite communications systems installed on
helicopters. One of the newest systems we’re marketing is the phased array radar for maritime
patrol and also for airborne early warning that can be used by helicopters.

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Military Helicopter Modernisation, Upgrade and
Retrofit Market 2014-2024: Prospects for
Leading Companies
8. Leading 16 Companies in the Military Helicopter
Modernisation, Upgrade and Retrofit Market
8.1 AgustaWestland
2013
Total company revenue $bn $5.54bn
Headquarters Amsterdam, the Netherlands
Ticker (Milan Stock Exchange) FNC.MI (parent company Finmeccanica)
Website www.agustawestland.com
Country Programme Details
Italy AW129C G19 Systems upgrade for fleet of attack helicopters
Poland Sokol upgrades Upgrade to Sokol helicopters by AgustaWestland’s
subsidiary in Poland, PZL Swidnik
Poland Mi-2 Upgrades to light helicopters by AgustaWestland
subsidiary PZL Swidnik
UK Lynx AH9A Upgrade of legacy Lynx light helicopters.
UK Merlin Capability
Sustainment Programme
(MCSP)
Enhancements to Royal Navy Merlin ASW helicopters
UK Merlin HC3A upgrades Enhancements to RAF Merlin transport helicopters
AgustaWestland is an Anglo-Italian helicopter company, and wholly owned subsidiary of Italy’s
Finmeccanica, providing a range of solutions across the vertical lift market. AgustaWestland mainly
provides upgrade work for helicopters it produced such as the A129 Mangusta, AW101 large
medium helicopters or even the older AB212 series. The company is headquartered in Milan, Italy.
AgustaWestland employs 13,000 people worldwide. The company increased its reach in 2010
through the acquisition of Polish company, PZL-Swidnik.
Table 8.1 AgustaWestland Company Overview 2013 (Total Revenue, HQ, Ticker,
Website)
Source: Visiongain 2014
Table 8.2 AgustaWestland’s Involvement in Selected Military Helicopter
Modernisation, Upgrade and Retrofit Programmes (Country, Programme, Details)
Source: Visiongain 2014