Due to Ever Increasing Demand, the Military Parachute Market is Estimated to Rise from US$ 1.35 Bn in 2022 & It is Expected to Surpass US$ 2.3 Bn by 2032, projects Future Market Insights, Inc.
North America is projected to lead the global military parachute market by 2032. The Parachute Market is likely to grow at a CAGR of 5.8% during 2022-2032. The Commercial Parachute Market is projected to reach a valuation of US$ 1.6 Bn by 2026
NEWARK, Del., Oct. 25, 2022 /PRNewswire/ — The global military parachute market stands at US$ 1.35 Bn as of now and is slated to be worth US$ 2.3 Bn by the year 2032 at a CAGR of 5.5% between 2022 and 2032.
With ever-increasing applications of parachutes in numerous military operations along with advancements regarding parachute technology, the military parachute market is bound to grow on a grand note in the forecast period.
The military parachute vertical is into growing investment in employing fresh developments that would help in the expansion of product portfolio. Also, the fact that countries all over are witnessing an increase in rate of conflicts can’t be ignored. Technical breakthroughs on this count include using lightweight cloth, including GPS systems, recovery parachutes, and drogue chutes. The recent Russia–Ukraine tiff has also prompted nations to go for military parachutes.
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At the same time, restraints may come through in the form of multiple testing methodologies and standards, with flammability requirements not very clearly defined. Along these lines, the US is in adherence with ASTM, NFPA or ISO standards, The EU and UK have BS EN/BS EN ISO standards. The developing economies are onto having different testing processes. As an outcome, the producers do find it tad difficult providing products to military parachute market. Besides, overstocking of the parachute inventories is another factor impeding the military parachute market. Future Market Insights has, with the help of its team of analysts and consultants, walked through these facts with future perspectives in its latest market study entitled ‘Military Parachute Market’.
Key Takeaways from Military Parachute Market
- North America holds the largest market share due to the US being home to significant manufacturers of parachutes like Mills Manufacturing, BAE System Plc, and Airborne Systems.
- Europe holds a noteworthy market share due to the region being subject to substantial investment in production of parachutes.
- The Asia-Pacific is expected to account for more than 30% of the market share in the forecast period due to increasing spending on defense equipment in the upcoming period.
“With two ongoing key applications of military parachutes in cargo and military, the military parachute market is expected to grow on an unstoppable note in the near future”, says an analyst from Future Market Insights.
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Competitive Landscape
- The Airborne Systems (US), in the year 2020, tabled their Multi Mission Parachute System, which comes across as the high performance and advanced parachute system.
- India’s DRDO (Defense Research and Development Organization), in the year 2020, put forth the P7 Heavy Drop System capable of dropping stores close to 7-ton weight, that too, from IL-76 Aircraft. The system is entirely an Indian make. L&T has manufactured the platform systems and Ordinance factory has made round parachutes.
- Lockheed Martin signed a contract worth US$ 62 Mn in July 2021 for supplying drag chute systems and supply parachutes for F-35 Lightning II combat planes. As per the contract, 56 drag chute systems and 190 parachutes are to be procured for FMS (Foreign Military Sales) and non-DOD players.
- The US Airborne and Special Operations Test Directorate (ABNSOTD), in January 2021, tested new T-11R Single Pin Troop reserve parachute from fixed-wing as well as rotary high-performance aircraft. Successful testing did facilitate reserve parachute’s mass induction. Thus, premature reserve activations could be averted.
- The US Army, with the objective of reducing malfunctions, started testing a new-fangled backup parachute since January 2021. As of now, primary static-line of the US Army is T-11 ATPS (Advanced Tactical Parachute System), which is into operations since the year 2007. Test jumpers, to perform 23 risk-reduction jumps with new T-11R Single Pin Troop reserve platform parachute, were employed. This testing happened from fixed-wing as well as rotary-wing aircraft.
- UWF researchers, on July 29, 2020, started working with SoarTech, US Navy for evaluating the parachute training system.
Key Players:
- Airborne Systems
- Butler Parachute Systems
- Cimsa Ingenieria De Sistemas, S.A.
- Complete Parachute Solutions, Inc.
- Fujikura Parachute CO., LTD.
- FXC Corporation
- MAGAM SAFETY Ltd.
- Mills Manufacturing
- Spekon
- VITAL PARACHUTE INC.
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Key Segments Covered in the Military Parachute Market Report
By Product Type:
- Round type Parachute
- Cruciform Parachute
- Ribbon and ring/ Annular
- Ram air parachute
By Application:
- Personnel parachutes
- Cargo Parachutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the military parachute market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
Table of Content
1. Global Military Parachute Market – Executive Summary
2. Global Military Parachute Market Overview
2.1. Introduction
2.1.1. Global Military Parachute Market Taxonomy
2.1.2. Global Military Parachute Market Definition
2.2. Global Military Parachute Market Size (US$ Mn & Volume) and Forecast, 2013-2027
2.2.1. Global Military Parachute Market Y-o-Y Growth
2.3. Global Military Parachute Market Dynamics
2.4. Supply Chain
2.5. Cost Structure
2.6. Pricing Analysis
2.7. Raw Material Sourcing Strategy and Analysis
2.8. Service Provider List
2.9. Key Participants Market Presence (Intensity Map) By Region
3. Global Military Parachute Market Analysis and Forecast 2013-2027
3.1. Global Military Parachute Market Size and Forecast By Type , 2013-2027
3.1.1. Round-type parachutes Market Size and Forecast, 2013-2027
3.1.1.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.1.1.2. Market Share Comparison, By Region
3.1.1.3. Y-o-Y growth Comparison, By Region
3.1.2. Cruciform parachutes Market Size and Forecast, 2013-2027
3.1.2.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.1.2.2. Market Share Comparison, By Region
3.1.2.3. Y-o-Y growth Comparison, By Region
3.1.3. Ribbon and Ring/Annular Market Size and Forecast, 2013-2027
3.1.3.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.1.3.2. Market Share Comparison, By Region
3.1.3.3. Y-o-Y growth Comparison, By Region
3.1.4. Ram-air parachutes Market Size and Forecast, 2013-2027
3.1.4.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.1.4.2. Market Share Comparison, By Region
3.1.4.3. Y-o-Y growth Comparison, By Region
3.2. Global Military Parachute Market Size and Forecast By, 2013-2027
3.2.1. Personnel parachutes Market Size and Forecast, 2013-2027
3.2.1.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.2.1.2. Market Share Comparison, By Region
3.2.2. Cargo parachutes Market Size and Forecast, 2013-2027
3.2.2.1. Revenue (US$ Mn) & Volume Comparison, By Region
3.2.2.2. Market Share Comparison, By Region
3.2.2.3. Y-o-Y growth Comparison, By Region
4. North America Military Parachute Market Size and Forecast, 2013-2027
4.1. Revenue (US$ Mn) & Volume Comparison, By Country
4.1.1. U.S.
4.1.2. Canada
4.2. Revenue (US$ Mn) & Volume Comparison, By Type
4.3. Revenue (US$ Mn) & Volume Comparison, By
5. Latin America Military Parachute Market Size and Forecast, 2013-2027
5.1. Revenue (US$ Mn) & Volume Comparison, By Country
5.1.1. Brazil
5.1.2. Mexico
5.1.3. Argentina
5.1.4. Rest of Latin America
5.2. Revenue (US$ Mn) & Volume Comparison, By Type
5.3. Revenue (US$ Mn) & Volume Comparison, By
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About Industrial Automation at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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