Market Overview:
Military Parachute Market Size was valued at USD 0.8 billion in 2022. The Military Parachute market is projected to grow from USD 0.84728 Billion in 2023 to USD 1.195773056 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.91% during the forecast period (2023 - 2030).
According to studies, the majority of the demand for parachutes is driven by their use in a variety of military operations, with the defence industry being the biggest consumer of market goods and services. The rise in wars around the world is likely to spur significant development in the need for parachutes. Additionally, there has been an increase in the usage of UAVs for ISR activities, which is also being driven by an increase in the use of parachutes for recreational activities. Technological innovations and breakthroughs, such as the use of lightweight cloth, followed by the incorporation of GPS systems, drogue chutes, and recovery parachutes, will further support global expansion.
The significant increase in the deployment of parachutes in various types of military operations, coupled with a rising level of developments in parachute technology, will be the primary drivers for military parachute market growth throughout the current forecast period, which will end in. As predicted by specialists and business leaders, this will likely contribute to the global market's great growth over the time that ends in.
The global military parachute market trend has been segmented on the basis of type, component, application, and region.
Key Players:
The Key Players military parachute market trend of are Airborne Systems (U.S.),FXC Corporation (U.S.),Mills Manufacturing (U.S.),Butler Parachute Systems (U.S.),CIMSA Ingenieria (Spain),Spekon (Germany)
Market Segmentation:
Based on type, the market has been divided into round parachutes, ram-air parachute, square or parafoil parachute, and others. In 2017, the round parachutes segment accounted for the larger market share. However, the square or parafoil parachute segment is estimated to be the faster-growing market during the forecast period as these types of parachute has higher demand due to its material and design advantages, thus the parafoil parachute would be in high demand in the forecast period.
Based on application, the market has been categorized as combat and training. In 2017, the combat segment accounted for the larger market share. However, training is estimated to be the faster-growing during the forecast period. An increase in the number of military training across the globe is propelling the growth of the segment.
Based on component, the market has been divided into canopy, cords, tapes, webbings, and metal. The canopy segment is expected to be the fastest-growing segment during the review period. The cords segment is projected to register the highest CAGR during the review period. This can be attributed to the increased demand for lightweight nylon kernmantle cords.
In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period.
Regional Analysis:
The military parachute market trend is home to the matured domestic and international regions like the North American region and the European countries that are investing heavily in the large-scale development and procurement of a variety of technical textiles for processes like recovery and troop parachutes. The emerging markets have been facing issues like slower recognition of parachutes and further, their potential benefits are at stake due to lack of funds and awareness. However, the development in these domestic markets, as a part of the global market is expected to speed up during the forecast period that will be ending in as they offer several untapped and unexplored opportunities. Hence, the North American market is likely to enhance its operations with funding and investment in the research and development departments and hence, emerge as the prominently growing region.
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