According to the latest report by IMARC Group, title “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. 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.
Industry Definition and Application:
A parachute is a dome-shaped device that slows the motion of an object or person through an atmosphere by generating a drag during free fall. Some commonly available parachutes include round, cruciform, annular, rogallo-wing, ram-air, ribbon, and ring parachutes. It is made using dacron, Kevlar, silk, and nylon with strong and lightweight fabric. These materials are selected after analyzing their properties and measuring their elasticity, resistance to tear, breaking strength, air permeability, and weight. Nowadays, parachutes are extensively adopted for sports, skydiving military uses, drag racing, and space travel.
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The market is primarily driven by the rising demand for parachutes in the military and defense sector for training, transportation, and troop distribution across the globe. In addition, the increasing conflicts between countries and the availability of high-quality, technologically advanced military parachutes integrated with global positioning system (GPS) systems are contributing to market growth.
Moreover, various technological advancement in parachute tools and fabrics for the reliable and safer landing of aviators is accelerating product adoption in aero sports. Besides this, the growing popularity of adventure sports, such as paragliding, skydiving, para jumping, and paramotoring among individuals, represents another major growth-inducing factor.
Furthermore, investment in research and development (R&D) activities and mergers and acquisitions (M&A) among key players to offer enhanced product variants while expanding their business is providing a positive thrust to the market growth.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Round Parachute
- Cruciform Parachute
- Ram-Air Parachute
Breakup by Fabric Material:
Breakup by Application:
Breakup by Geography:
- 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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List of Key Companies Covered in this Market Report:
The major players in the market are 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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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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