The global parachute market size is anticipated to expand at a robust CAGR during 2023-2030. The growth of this market is attributable to the increasing demand for military parachutes, due to the rising military and security deployments across the world. Besides the military sector, commercial applications are also generating heavy demand for parachutes. Rising demand in aero sports and technological advances will propel the market forward in the forthcoming years, says Fortune Business Insights™ in its upcoming report titled “Parachute Market, 2023-2030.”
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Based on the product type, the market share is segmented into ram air parachute, Rogallo wing parachute, round wing parachute, cruciform parachute, annular parachute, pull down apex parachute, and ribbon and ring parachute.
In terms of application, the market share is divided into civil aircraft, military, break chutes, rescue and recovery, and cargo.
By component, the market share is segregated into ropes, canopy, cords, metals, and webbings.
Geographically, the market share is broken down into the Asia Pacific, Europe, North America, and the Rest of the World.
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Drivers & Restraints:
Robust Demand from Commercial and Military Sectors to Augment Growth
The global parachute market growth is slated to gain momentum over 2023-2030. This growth is attributable to the increasing demand for military parachutes, due to the rising military and security deployments across the world. Besides the military sector, commercial applications are also generating heavy demand for parachutes. Rising demand in aero sports and technological advances will propel the market forward over the projected timeframe.
However, strict government regulations due to high risk of malfunction and accidents could limit parachute adoption to some extent.
North America to Capture Substantial Market Share over 2023-2030
North America is anticipated to capture the major percentage of the worldwide parachute market share through 2030. The regional dominance is due to the demand and availability of technologically-advanced military parachutes. Major players present in North America will bolster the regional outlook.
The market in Europe is expected to grow at a moderate CAGR during the forecast period owing to growing investments in parachute production. Meanwhile, the Asia Pacific market will gain traction led by strong demand across commercial and military sectors.
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Market Players Focus on New Product Launches to Strengthen Market Position
Leading players are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
Notable Industry Development:
In 2020, Airborne Systems introduced the new Multi mission Parachute System – one of the most advanced and high-performance parachute system.
The Report Lists the Key Players Profiled in the Market Report:
- Airborne system (U.S.)
- Mills Manufacturing (U.S.)
- Spekon (Germany)
- FXC Corporations (U.S)
- Butler Parachutes Systems (U.S.)
- Safran SA (France)
- Raytheon Technologies Corporation (U.S.)
- Zodiac Aerospace (France)
- Aerodyne Research LLC (U.S.)
- Parachute systems (U.S.)
- BRS Aerospace (U.S.)
- CISMA Ingenreria (Spain)
- Ballenger International (U.S)
- NZ Aero-sports (New Zealand)
- Parachutes Australia (Australia)
- VITAL Parachutes (South Korea)
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