Market Research Future Insights:
According to MRFR analysis, the global Military Parachute Market is expected to register a CAGR of ~5.91% from 2022 to 2030 and hold a value of over USD 1.20 Billion by 2030. A parachute is a device that slows down a thing's motion which is falling through an atmosphere by creating a slog. It contains a fabric canopy beneath which the individual or object is suspended. The parachute works through air resistance by compelling air to the front of it, which makes a structured ‘wing’ below where the canopy pilot can fly. Militaries have cast-off military parachutes to deliver soldiers and supplies into action as initial as the Second World War. Large military aircraft often drop cargo and supplies over military bases in remote areas use of parachutes. Essentially, there are different types of parachutes cast-off by the military, such as round parachutes, square parachutes, ram-air parachutes, and others. During the Covid-19 pandemic, the demand for parachutes remained stable in the defense sector, and numerous limitations on the export & import of raw materials and military equipment had an adverse impact on the global Military Parachute Market Size. However, as the global situation started getting back on the path, the market for military parachutes also recovered fast.
Regional Analysis:
North America accounts for the largest share of the global market in terms of revenue and is predictable to witness significant growth over the estimated period. Accessibility of technologically advanced military parachutes owing to the existence of major players in the region is anticipated to drive the growth of the market in North America.
The Europe market is anticipated to register a moderate growth rate shortly, due to an upsurge in the investment in parachute manufacturing companies in this region.
In 2020 Asia Pacific recorded the highest growth rate of 32.52% among the other regions. Therefore, the commercial and military parachute market in the Asia Pacific is anticipated to gain significant business opportunities for the vendors during the estimated period.
Market Segmentation:
The Global Military Parachute Market has been segmented into the Application, Components, and Type.
Based on the Application, The Global Military Parachute Market has been segmented into Military, Cargo, Sports, Rescue, Recovery, and Break Chutes.
Based on the Components, The Global Military Parachute Market Overview has been segmented into Canopy, Cords, Tapes, Webbings, and Metal.
Based on the Type, The Global Military Parachute Market has been segmented into Round Parachutes, Ram-air Parachute, Square or Parafoil Parachute, and Ring or Ribbon Parachutes.
Key Players:
Some of the key market players are Airborne Systems (U.S.), Butler Parachute Systems (U.S.), CIMSA Ingenieria (Spain), Speakon (Germany), FXC Corporation (U.S.), and Mills Manufacturing (U.S.).
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The global military and commercial parachutes market size is expected to reach USD 930.4 million by 2025, growing at a CAGR of 6.1% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc.
The increasing expenditure of governments in the defense sector across the world and the growth of adventurers pursuing skydiving/parachuting as a leisure activity are the major driving forces for the growth of the market.
Moreover, advancements in the fabric technology amid smart textiles’ evolution and its application in parachute manufacturing is likely to propel the utility of parachutes in military and commercial applications.The application of parachutes for the deployment of troops and supplies during military action and rescue operations in the wake of natural calamities is likely to boost the market for military chutes in the long run.
The growth of commercial chutes in aerial sports like parachuting and skydiving has immense growth potential among the adventure seekers, particularly millennials.
As per the U.S. Parachuting Association (USPA) records, in 2018, the association had exceeded 40,000 members for the first time in its history of 72 years, corroborating the trend that people are increasingly pursuing the sport.The rise in number of aerial sports institutes and skydiving schools across the globe has been instrumental in attracting the parachutists and promoting the growth of the skydiving community.
Various international skydiving associations such as U.S. Parachute Association, British Parachute Association, Australia Parachute Federation, and New Zealand Parachute Federation promote the culture of parachuting by setting standard rules and regulations and organizing competitions across the regions.The occurrence of accidents and reports of deaths during parachuting activities, have raised concerns over the safety of the existing chutes.
