Grand View Research, Inc. - Market Research And Consulting. According to report published by Grand View Research, The global military and commercial parachutes market size was valued at USD 617.2 million in 2018 and is anticipated to witness a CAGR of 6.1% from 2019 to 2025.
The global military and commercial parachutes market size is expected to reach USD 930.4 million by 2025, growing at a CAGR of 6.1% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The increasing expenditure of governments in the defense sector across the world and the growth of adventurers pursuing skydiving/parachuting as a leisure activity are the major driving forces for the growth of the market. Moreover, advancements in the fabric technology amid smart textiles’ evolution and its application in parachute manufacturing is likely to propel the utility of parachutes in military and commercial applications.
The application of parachutes for the deployment of troops and supplies during military action and rescue operations in the wake of natural calamities is likely to boost the market for military chutes in the long run. The growth of commercial chutes in aerial sports like parachuting and skydiving has immense growth potential among the adventure seekers, particularly millennials. As per the U.S. Parachuting Association (USPA) records, in 2018, the association had exceeded 40,000 members for the first time in its history of 72 years, corroborating the trend that people are increasingly pursuing the sport.
The rise in number of aerial sports institutes and skydiving schools across the globe has been instrumental in attracting the parachutists and promoting the growth of the skydiving community. Various international skydiving associations such as U.S. Parachute Association, British Parachute Association, Australia Parachute Federation, and New Zealand Parachute Federation promote the culture of parachuting by setting standard rules and regulations and organizing competitions across the regions.
The occurrence of accidents and reports of deaths during parachuting activities, have raised concerns over the safety of the existing chutes. However, research and development and innovations in textile technology are expected to improve the safety, consequently propelling the military and commercial parachutes market growth during the forecast period.
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Key Takeaways Of The Report :
The ram-air type segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to its attributes such as increased stability and controlled maneuverability
The troop/personnel parachutes segment is anticipated to witness the fastest growth over the forecast period due to the increasing adoption and attraction of aerial sports like parachuting and skydiving among the adventure seekers
The Asia Pacific regional market is expected to exhibit the highest CAGR from 2019 to 2025 owing to the growing arrival of international tourists for experiencing adventure sports and establishment of skydiving hubs in countries such as Singapore, New Zealand, and Australia
Key players operating in the market include Aerodyne Research, LLC; Airborne Systems; BAE Systems; Butler Parachute Systems, Inc.; Complete Parachutes Solutions; FXC Corporation; Mills Manufacturing; Parachute Systems; SPEKON; and Zodiac Aerospace.
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Grand View Research has segmented the global military and commercial parachutes market on the basis of type, application, and region:
Military and Commercial Parachutes Type Outlook (Revenue, USD Million, 2014 - 2025)
Round
Cruciform
Ram-air
Others
Military and Commercial Parachutes Application Outlook (Revenue, USD Million, 2014 - 2025)
Troop/Personnel
Cargo/Extraction
Deceleration
Emergency
Others
Military and Commercial Parachutes Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Europe
U.K.
France
Germany
Asia Pacific
China
New Zealand
India
Latin America
Mexico
Brazil
Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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