According to the latest report by IMARC Group, titled "Parachute Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global parachute market reached a value of US$ 564.3 Million in 2021. A parachute refers to a piece of dome-shaped equipment that enables a horizontally moving individual or object to descend slowly on the land by increasing air resistance and creating drag during free fall. Apart from this, a parachute reduces a load of an individual sufficiently to avoid injury while reaching the ground, minimizes descending speed, and maintains greater control of airspeed. It is manufactured by sectioning two layers of strong, lightweight silk or nylon fabric material into long-tubular cells. At present, parachutes are commercially available in round-type, cruciform, ram-air, annular, and Rogallo-wing types. These product variants include stabilizers, pilot chute, harness, container, reserve static line, toggles, and ripcord as common components, which ensures a safer jump.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Parachute Market Trends:
With the considerable expansion in the military and defense sector, there has been growing demand for parachutes for distribution, transportation, training, joint-para trooping, and intelligence, surveillance, and reconnaissance (ISR) activities, which is primarily driving the market growth. This is further supported by the extensive utilization of parachute bombs with unmanned aerial vehicles (UAV), microlights, and light aircraft to mitigate kinetic energy while landing. In line with this, the increasing need for a personalized traveling experience, and the emerging trend of adventure sports, such as skydiving, paragliding, and paramotoring, have facilitated the widespread adoption of the parachute. This acts as another growth-inducing factor. Additionally, the introduction of technologically advanced lightweight military parachutes with global positioning systems (GPS), microlights, hang gliders, and drogue chutes to ensure safer landing on uneven surfaces is contributing to the market growth. Moreover, the fueling uptake of drone parachutes across the oil and gas industry to instantly identify leaks and spills with the support of aerial view to reduce downtime is positively stimulating the market growth. Other factors, such as continuous research and development (R&D) activities and strategic collaborations amongst key players to enhance product performance and overall sales, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 809.6 Million by 2027, growing at a CAGR of 5.70% during 2022-2027.
- Based on the type, the market has been categorized into round, cruciform, ram-air parachutes, and others.
- On the basis of the fabric material, the market has been segmented into nylon silk, Kevlar and others.
- Based on the application, the market has been segregated into military, cargo and others
- On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players. Some of these players include Aerodyne Research LLC, Airborne Systems (TransDigm Inc.), BAE Systems plc, Ballenger International LLC, Butler Parachute Systems Inc., Cimsa Ingeniería de Sistemas S.A., Fxc Corporation, Mills Manufacturing Corporation, NH Global Sdn Bhd, Parachute Systems, Precision Aerodynamics and Sachsische Spezialkonfektion GmbH.
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