Global Parachute Market to Grows Steadily at a CAGR of 5.58%

Introduction

A parachute is a device for slowing the descent of a person or object through the air that consists of a fabric canopy beneath which the person or object is suspended. The skydiver experiences air resistance due to the main parachute, which lowers their speed of descent to the ground to about ten mph. A parachute behaves more like an airplane wing when someone falls since it receives the same forces (weight, drag, shape, etc.). A typical parachute's glide ratio and vertical drop rate are 1:1 and around 17 mph, respectively.

Market Dynamics

Increasing Interest in Extreme Sports Involving ParachutesDrives the Global Market

The extreme sports category is expected to contend with team sports and other professional sports for the title of the most-watched category in the years to come. Extreme sports like skydiving and parasailing have undergone considerable technological and performance-related changes. The use of parachutes for those activities has expanded due to the number of people engaging in these sports. Today, several parachuting businesses control the practice of parachuting-related activities to give devotees a secure extreme sport environment. This has increased the confidence of people of all ages to engage in these activities in a controlled setting. The growth of travel and tourism has also given extreme sports the necessary boost.

Increasing Employment of Parachutes in the Defense and Military Industries Creates Opportunities

The expanding use of parachutes in the defense and military sector for personnel transportation, training, and distribution is one of the key factors driving the market share. Parachutes are also utilized in hang gliders, microlights, and light aircraft for ballistic purposes. Due to this and the growing use of drogue chutes in airplanes to provide control and a secure landing on snowy and slick runways, the market is growing. The demand for parachutes is fueled by the rising popularity of adventure sports like skydiving, paragliding, paramotoring, and para-jumping among people looking to decompress and boost confidence. Parachutes are being used by uncrewed aerial vehicles (UAVs) more frequently to reduce their kinetic energy during descent and landing. Additionally, key market participants are investing a lot of money in research and development (R&D) activities to create better product iterations that will satisfy end users' expectations.

Regional Analysis

North America is the most significant shareholder in the global parachute market and is expected to grow at a CAGR of 5.04% during the forecast period. The United States is the nation in the region that makes the most extensive use of parachutes and other flying apparatus. Even two active airborne divisions, the 82nd and 101st are deployed around the country. The administration is keen on enhancing its current para-trooping capabilities, as shown by the US Department of Defense's (DoD) disclosures of the defense budget. The US Armed Forces participate in several joint operations and training exercises to determine operational readiness. A team of highly skilled and specialized troops known as riggers who work for the Canadian Army produce, maintain, and inspect the parachutes used by the Canadian Armed Forces. The nation is home to many renowned parachute manufacturers, making it more straightforward for the armed services to use parachutes.

Europe is expected to grow at a CAGR of 5.7%, generating USD 0.17 billion during the forecast period. Technology is well-known to be strong in Germany. The German Army routinely used airborne infantry for various tasks for several tactical engagements. Speakon is one of the leading parachute manufacturers in the country, producing troop, emergency, cargo, and custom-based parachutes as well. Two M28 Skytrucks will be leased for four years by the German Air Force to be used for parachute jump training. These leased aircraft were to be used for parachute drops by all German units. In the UK, parachutes are utilized more regularly for military and commercial purposes. The British Parachute Association also coordinates and offers recreational athletic events. Due to the UK troops' extensive global deployment as part of their peacekeeping duties in the Ukraine conflict and their use in dropping personnel, equipment, and other supplies right at the front lines, it is projected that the need for parachutes will steadily rise.

The engagement strategy of the Chinese Armed Forces heavily depends on operations involving paratroopers. The country has been spending a lot of money on locally made paratrooper equipment and other technology required to enhance the paratrooper forces' current capabilities. The aircraft is used for parachute drops and aerial command and control activities. Due to the enhanced payload capacity, it is anticipated that the PLAAF will be able to use such aircraft to transport a significantly greater number of paratroopers during training and combat operations. Commercial skydiving is also gaining popularity, and numerous tourism-related companies are broadening their global reach. The Indian Paratrooper Parachute Development Program includes Tandem Combat free-fall Parachute Systems, PTA G2, Controlled Aerial Delivery System (CADS), and numerous other programs.

Key Highlights

• The global parachute market was valued at USD 0.53 billion in 2021. It is projected to reach USD 0.86 billion by 2030, growing at a CAGR of 5.58% during the forecast period (2022-2030).
• Based on type, the global parachute market is bifurcated into round, cruciform, ram-air, and other types. The round segment owns the highest market share and is expected to grow at a CAGR of 5.97% during the forecast period.
• Based on application, the global parachute market is bifurcated into military, cargo, and other applications (civilian, sports, etc.). The military segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.8% during the forecast period.
• North America is the most significant shareholder in the global parachute market and is expected to grow at a CAGR of 5.04% during the forecast period.

 

Competitive Players

Competitive Players

The global parachute market’s major key players are Transdigm Group Inc., Mills Manufacturing Corporation, Precision Aerodynamics, Aerodyne Research LLC, Safran SA, FXC Corporation, Parachute Systems, BAE Systems PLC, NZ Aerosports Ltd, Bourdon Forge Company Inc., and Raytheon Technologies Corporation.

Recent Developments

Market News

• In September 2022,The Rigging Committee of the Parachute Industry Association reported its progress at PIA’s August 11-13 meeting in Madison, Wisconsin on a proposed program to train and evaluate main parachute packers.
• In September 2022,Safran Engineering Services offered its expertise to ArianeGroup, working on the Ariane 5, 6, and M51 programs. The company offers expertise in graphic design for use in both commercial and military space projects.

Segmentation

Global Parachute Market: Segmentation

By Type

• Round
• Cruciform
• Ram-air
• Other Types

By Applications

• Military
• Cargo
• Other Applications (Civilian, Sports, etc.)

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA