Global Parachute Market - Segmented by Type (Round Parachute, Cruciform Parachute, Ram Air Parachute, Others), Application (Military, Cargo, Sports, Others), and Geography - Growth, Trends Progress and Challenges (2018 - 2023)
With growing terror attacks in regions, like Middle East, nations associated with UN are deploying their soldiers for critical missions. Such missions usually require air-drop of troops and military cargo. This will generate the need for military parachutes that can carry huge loads as the troops themselves carry several ammunitions and communication systems with them. Due to such factors the global parachute market is expected to grow at a CAGR of 7.99% during the forecast period.
Demand For Round Parachutes
Round parachutes were the most preferred type during the study period. This large share could be accounted to their growing application in the ejection seats, aircraft recovery systems, parasailing, and emergency landing system for small aircraft, among others. The market for ram air parachutes is poised to register a higher CAGR over the next five years, owing to their greater control benefits and wide spread application for military troops, sky diving, and other extreme adventure activities.
Growing Demand for Recreational Purposes
The growth in parachute market will be led by North American and European region, where the population is gaining awareness and has resources to engage in sports activities. The round air parachute segment is expected to witness the highest growth rate in Asia-Pacific, as the number of high networth indiviuals increases in the region. Japan, India, and China are anticipated to be the leading countries in the region for parachutes market in sports application.
Major Players -Airborne Systems, AZodiac Aerospace,Mills Manufacturing, Precision Aerodynamics ,and NZ Aerosports among others.
Key Developments in the Market
- Jan 2018- Indoor skydiving introduced in mall centers in Malaysia.
- Nov 2017- Mars 2020 mission performs first supersonic parachute test. Parachute testing is set to have new applications in the Mars rover mission.
- Oct 2017- Property investors bet on the mall culture in emerging markets. Mall centers in emerging markets are keen on having a skydiving area and surf arena among the entertainment attractions.
Reasons to Purchase the Report
- To understand the parachute market in the perspective of what drives the market and what restrains it
- To identify the geographic regions that will dominate the parachutes market sales
- To understand the factors affecting the parachutes market at the global level
- To identify the biggest military spenders on parachutes and other new market opportunities
- To understand how is the emergency parachute landing system for aircraft going to be affected during 2018-2023
- 3 months analyst support on the study scope provided along with market estimate sheet (in Excel).
Customization of the Report
- This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs
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