Military And Commercial Parachutes Market Analysis Report By Type, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global military and commercial parachutes market size was valued at USD 617.2 million in the year 2018. It is projected to witness a 6.1% CAGR over the forecasted years, 2019 to 2025. The rising investments across the defense and military sectors are anticipated to drive market growth for parachutes across the globe.

The usage of military parachutes to drop payloads such as equipment, relief aids, and soldiers is projected to gain traction over the forecasted period. Also, other rescue operations make use of parachutes on account of their features like swift and efficient landing.

The investments in the development of military systems and equipment are increasing rapidly across the U.S. For example, the U.S. defense department has awarded a contract of USD 249 million to a company named Mills Manufacturing for providing parachute systems. Also, an increase in preference for recreational and aerial activities is driving growth across the commercial sector.

The majority of the key players end up signing long-termed contracts with military and defense departments. Also, technological advances for developing the enhanced quality of harnessing tools and fabrics are projected to positively impact the market growth for parachutes. However, strict rules imposed for the manufacturing of these parachutes are anticipated to hinder market growth.

Type Insights

In 2018, the cruciform segment held the largest share across the global commercial and military parachutes market. The rapid technological advances undertaken for the development of technologically advanced parachutes are projected to fuel up its demand. For instance, the launching of chutes for applications like cargo drop, emergency ejection, and troop landing are anticipated to boost the demand for cruciform parachutes.

The segment of ram-air is projected to witness the highest growth during the forecasted years, 2019 to 2025. While the growth of round-type parachutes is anticipated to get hampered on account of injuries during the landing and its low capability of maneuvering.

Application Insights

The cargo/extraction segment held the largest share across the global market in 2018. It is also projected to hold a significant share across the global market in the upcoming years. This can be attributed to the rising need for cargo chutes during calamities like floods, earthquakes, and situations of the regional insurgency.

The segment of Troop/Personnel is anticipated to register the highest growth from 2019 to 2025. This can be associated with the increasing inclination and attraction towards aerial sports like parachuting and skydiving. Also, a significant reduction in the number of fatalities occurring due to enhanced safety and security norms is anticipated to drive the market growth for this segment.

Regional Insights

In 2018, North America held the largest share across the global commercial and military parachute market. This can be associated with the rising presence of many key players like Mills Manufacturing and Airborne Systems across this region. Also, huge investments across the defense sector coupled with the surging adoption of fabric technologies like smart textiles are projected to drive market growth.

The Asia Pacific is anticipated to witness the highest CAGR over the forecasted years, 2019 to 2025. The rising adoption of adventurous activities and aerial sports like parachuting and sky-diving across countries like New Zealand, China, and India are projected to drive the demand for such products. Also, the promotion of skydiving competitions by associations such as the Australia Parachute Federation and Asiana Parachute Federation is further anticipated to fuel up the market growth.

COVID-19 Impact Insights

The market has been impacted on account of the ongoing COVID-19 crisis. This can be associated with the reduction in several aerial sports activities due to the imposition of lockdown and governmental restrictions. Also, curtailments in expenses for tourism and entertainment activities are projected to hamper the growth. Moreover, shifting preference from defense towards healthcare is further anticipated to negatively impact the growth.

However, the market is anticipated to witness substantial growth in the post-pandemic period owing to the need for ensuring international safety and security. Also, rapid developments for launching good quality fabrics are projected to drive many manufacturers to invest in product development and innovation.

Military & Commercial Parachutes Market Share Insights

The market includes players like Airborne Systems; FXC Corporation; BAE Systems; Aerodyne Research, LLC; SPEKON; Zodiac Aerospace, and Parachute Systems. These players are constantly engaged in product development and innovation to gain a competitive advantage.

They are also securing contracts from the defense departments across various countries for providing advanced parachute systems. For example, a contract for providing multi-mission parachutes is awarded to Airborne Systems in 2018 by the U.S. Marine Corps. This contract will also help in enhancing the customer base and widening of product portfolio and geographical reach.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global military and commercial parachute market on the basis of type, application, and region:

• Type Outlook (Revenue, USD Million, 2014 - 2025)
    • Round
    • Cruciform
    • Ram-air
    • Others

• Application Outlook (Revenue, USD Million, 2014 - 2025)
    • Troop/Personnel
    • Cargo/Extraction
    • Deceleration
    • Emergency
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • France
        • Germany
    • The Asia Pacific
        • China
        • New Zealand
        • India
    • Latin America
        • Mexico
        • Brazil
    • Middle East & Africa