According to the report by IMARC Group, “Global Parachute Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global parachute market reached a value of US$ 564.3 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 809.6 Million by 2027 exhibiting a CAGR of 5.70% during 2022-2027.
A parachute is a dome-shaped piece of equipment that delays the descent of a person or object by increasing air resistance and creating drag during free fall. It is made of canvas, kevlar, dacron, and strong and lightweight fabric, such as silk and nylon. It exhibits tear resistance, elasticity, weight, breaking strength, and air permeability properties. Owing to these benefits, parachutes are extensively adopted across the globe for sport skydiving, military uses, drag racing, airplanes, and space travel for slowing a returning space capsule after entering the atmosphere of the earth.
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COVID-19 Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Parachute Market Trends and Drivers:
The market is primarily driven by the increasing adoption of parachutes in the military and defense industry for transportation, training, and troop distribution. In addition, the availability of high-quality technologically advanced military parachutes is contributing to the market growth. Apart from this, the rising applications of drogue chutes in aircraft to provide control and stable landing on icy and wet runways are positively influencing the market growth.
Along with this, the growing trend of adventure sports, such as para jumping, skydiving, paragliding, and paramotoring for stress relief and confidence boost, is escalating the demand for parachutes. Besides this, parachutes are widely employed in unmanned aerial vehicles (UAVs) to lower kinetic energy while descending and landing. This, coupled with extensive research and development (R&D) activities and mergers and acquisitions (M&A) conducted by key players to provide enhanced product variants and increase overall sales and profitability, are also creating a positive market outlook across the globe.
Global Parachute Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key 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
- Sachsische Spezialkonfektion GmbH.
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The report has segmented the market on the basis of region, type, fabric material and application.
Breakup by Type:
- Round Parachute
- Cruciform Parachute
- Ram-Air Parachute
- Others
Breakup by Fabric Material:
- Nylon
- Silk
- Kevlar
- Others
Breakup by Application:
- Military
- Cargo
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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