The world helicopter market is forecast to grow from $30.6 billion in 2022 to $41.2 billion by 2027, according to a new report from the research firm MarketsandMarkets. The expansion translates into a compounded annual growth rate (CAGR) of 6.1 percent.

The growth will be driven by the demand for light helicopters of less than 3.1 tons, greater aftermarket demand, and the commercialization of advanced air mobility and eVTOL aircraft, according to the firm. Europe is predicted to be the fastest-growing region for demand in this market.

As usual, military aircraft will drive a large portion of the market. According to MarketsandMarkets, “Based on application, the transport helicopters of the military segment is expected to grow at the highest CAGR in the helicopters market from 2022 to 2027. Rise in adoption of transport helicopters by military to conduct defense missions will drive the overall demand in the helicopters market,” the company said.