Global Parachutes Market - Growth, Trends, and Forecast (2018-2023)
The global parachute market is expected to reach USD 1.14 billion by 2022, registering a CAGR of XX % during 2017-2022 (the forecast period).
A major share of the global parachute market is occupied by military sector, as they are extensively on used on aircraft and by troops. Training of troops, rising conflicts, and wartime scenario across the world are major factors that drive the usage of parachutes in the military.
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.
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 region emerges as one of the highest spenders in defense sector while also accounting for the largest military personnel count, globally (in 2017, as per IISS). Japan, India, and China are anticipated to be the leading countries in the region for parachutes market in military application.
The report has been segmented by parachute type (round, cruciform, ram air), purpose (military, cargo, sports), and geography (North America, Europe, Asia-Pacific, Middle-East & Africa and Latin America).
The Key Players Analyzed during Our Study for the Global Parachute Market Include:
Airborne systems Aerodyne Parachute systems Atair Aerospaceb NZ Aerosports Questions Answered in the Report
What is the future of the parachutes market? Who are the major players in the parachutes market? Which geographic region will dominate the parachutes market sales? What factors are affecting the parachutes market at the global level? Who are the biggest military spenders on parachutes? How is the emergency parachute landing system for aircraft going to be affected during 2017-2022?