The global military and commercial parachutes market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increase in military spending by governments globally.
A parachute is a device that creates drag to reduce the rate of descent of a body in free fall. Modern parachutes are engineered to minimize the user's terminal velocity by 90%. The cloth used to make a parachute is usually light and sturdy. Nylon is the most widely used fabric nowadays. The canopy is usually formed like a dome; however, it can also be rectangles, inverted domes, or other designs. Parachutes may carry a wide range of cargo, including people, food, equipment, space capsules, and explosives. The impact of COVID-19 pandemic on the parachute market is significantly less as the demand for parachutes has remained steady for the defense and other sectors.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand of adventure enthusiasts for aerial sports especially as a recreational activity is one of the key factors driving the market growth.
- Long term military contracts with parachute manufacturing companies are expected to boost the market growth in the coming years.
- Stringent regulatory compliance to be followed by the manufacturers is a key challenge, which is likely to hinder the market growth during the forecast period.
- Considerable amount of risk to life is attached to parachuting is anticipated to hamper the market expansion during the projected period.
- Textile technological advancements and their uses in parachute products have improved the durability and quality of commercial parachutes. This is projected to create a significant growth opportunity for the market in the near future.
Scope of the Report
The report on the global military and commercial parachutes market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Military And Commercial Parachutes Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Deceleration, Troop/Personnel, Emergency, Cargo/Extraction, and Others) and Types (Ram-air, Cruciform, Round, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Zodiac Aerospace; Aerodyne Research, LLC; Airborne Systems; FXC Corp.; BAE Systems; Complete Parachutes Solutions; Mills Manufacturing; Parachute Systems; SPEKON; and Butler Parachute Systems, Inc.
Market Segment Insights
Cargo/extraction segment is expected to grow at a rapid pace
Based on applications, the global military and commercial parachutes market is divided into deceleration, troop/personnel, emergency, cargo/extraction, and others. The cargo/extraction segment is expected to grow at a rapid pace during the forecast period attributed to the vast usage in the wake of natural disasters, such as floods, earthquake, and regional insurgency situations. However, the troop/personnel segment is anticipated to hold a key share of the market in the coming years owing to increasing adoption and attraction of aerial sports, such as parachuting and skydiving among the people.
Technological advancement to drive the cruciform segment
On the basis of types, the market is segregated into ram-air, cruciform, round, and others. The cruciform segment is projected to expand at a considerable CAGR during the forecast period attributed to increasing adoption of technologically advanced parachutes by commercial and military institutions. On the other hand, the round segment is anticipated to account for a major market share during the forecast period due to advancement in parachute type, from T10 to T11, which has good capability for controlled maneuvering and recorded significantly less instances of landing related injuries.
North America is anticipated to constitute a key market share
In terms of regions, the global military and commercial parachutes market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of numerous leading military and commercial parachute providers across several countries in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the growing attraction for aerial sports, such as parachuting and skydiving along with the rise in disposable income in the region.
The global military and commercial parachutes market have been segmented on the basis of
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Zodiac Aerospace
- Aerodyne Research, LLC
- Airborne Systems
- FXC Corp.
- BAE Systems
- Complete Parachutes Solutions
- Mills Manufacturing
- Parachute Systems
- Butler Parachute Systems, Inc.
Key players competing in the global military and commercial parachutes market are Zodiac Aerospace; Aerodyne Research, LLC; Airborne Systems; FXC Corp.; BAE Systems; Complete Parachutes Solutions; Mills Manufacturing; Parachute Systems; SPEKON; and Butler Parachute Systems, Inc. Some of these players are actively engaged in various market development strategies such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
For instance, in 2018, the US Marine Corps announced Airborne Systems a contract for upgraded multi-mission parachute systems. It assisted the company in growing its customer base and build trust in the quality of the product and safety features.
In 2019, the US government approved Mills Manufacturing a 10-year, USD 249 million contract to manufacture T-11 parachutes