The global military & commercial parachutes market size is projected to value USD 930.4 million until 2025. It is expected to register a CAGR of 6.1% over the forecasted years, 2019 to 2025. The rapid technological advances being carried out for enhancing international securities and shifting inclination towards aerial sports is anticipated to drive the market growth.
The cruciform type segment dominated the global market in 2018 owing to rapid technological advances being carried out for the development of technologically advanced parachutes. While the ram-air segment accounted for the highest CAGR over the forecasted years, 2019 to 2025 across the military and commercial parachutes.
In 2018, the segment of cargo/extraction dominated the global market owing to increasing demand for cargo chutes during calamities like floods, earthquakes. On the other hand, troop/personnel segment is expected to witness highest CAGR in the upcoming years on account of increasing inclination and attraction towards aerial sports like parachuting and skydiving.
North America dominated the global market in 2018 due to surging investments across the military and defense sector in countries like the U.S. and Canada. While, the Asia Pacific is expected to register the fastest growth over the forecasted years on account of increasing adoption of adventurous activities and aerial sports among the millennial population.
The commercial & military parachute market includes players such as FXC Corporation; BAE Systems; Airborne Systems; SPEKON; and Zodiac Aerospace. They are constantly engaged in product development and innovation. They are also signing contracts with security and defense departments across several countries.
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Further key findings from the report suggest:
• The ram-air segment is projected to register highest CAGR from 2019 to 2025.
• The application segment of cargo/extraction dominated the global market in 2018.
• In 2018, North America dominated the global market.
• The key players in this market are FXC Corporation; BAE Systems; Airborne Systems; SPEKON; and Zodiac Aerospace.
Million Insights has segmented the global military & commercial parachutes market on the basis of type, application and region:
Military and Commercial Parachutes Type Outlook (Revenue, USD Million, 2014 - 2025)
Military and Commercial Parachutes Application Outlook (Revenue, USD Million, 2014 - 2025)
Military and Commercial Parachutes Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• New Zealand
• Latin America
• Middle East & Africa