The global military parachute market is predicted to garner a CAGR of 7% during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report. Parachutes are used to reduce the speed of an object falling on the Earth. Military planes drop the supplies and cargo over military bases, especially in remote areas with the help of military parachutes. The increasing conflicts, training of troops, and wartime scenario across the globe are some of the major factors dictating the growth trajectory of the military parachute market worldwide.
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Market Potential and Pitfalls
The global military parachute market is predicted to register a sturdy growth during the forecast period, mainly due to the increased deployment of parachutes in military operations. The constant advancing technologies in parachute technology is likely to contribute to the market growth across the globe. The surging military expenditure, along with the increasing border conflicts, is together triggering the demand from the military parachute market. Demand for parachute is increasing, especially in countries like India, China, Germany, and the U.S., which is further supporting the growth of the market. Moreover, the introduction of nanotechnology in parachute manufacturing is predicted to propel the growth prospects of the market in the next couple of years. The use of nanotechnology and nanomaterials in parachutes have enhanced its physical properties and prevents corrosion. This is further estimated to support the growth of the market in the long run.
On the contrary, the declining defense budgets, government procedures, and overstock of parachute inventory within the defense sector are some of the concerns predicted to curb the growth of the market in the foreseeable future.
Global Military Parachute Market: Segmental Analysis
The global military parachute market is segmented on the basis of type, component, and application.
By type, the military parachute market is segmented into ram-air parachute, round parachutes, square or parafoil parachute, and others. Of these, the round parachutes acquired the larger chunk of the market in 2017. The square or parafoil parachute segment is estimated to expand at a faster rate as these types have greater steerability and allow control.
By component, the market is segmented into canopy, metal, tapes, cords, and webbings. Of these, the canopy segment acquired the largest chunk in 2017. The cords segment is predicted to demonstrate the highest CAGR due to the surging demand for advanced material cords for military parachutes.
By application, the market is segmented into combat and training. Among these, the combat segment acquired the major share in 2017. The training segment is predicted to expand at a faster rate due to the increased number of military training activities worldwide.
Geographically, the military parachute market spans across Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
Considering the global scenario, North America is estimated to acquire the lion’s share in the global military parachute market due to the existence of major military parachute manufacturers like Butler Parachute Systems, FXC Corporation, and Mills Manufacturing. The growing demand for personal parachutes and cargo for air delivery systems are driving the growth of the market in the region.
The Asia Pacific is predicted to emerge as the fastest developing region due to the growing number of spending in military training activities sector. The increasing maritime patrol services in the South China Sea and the Indian Ocean, coupled with the rising defense expenditures of China and India are propelling the growth of the regional market.
The player dominating the global military parachute market include Butler Parachute Systems (US), FXC Corporation (US), Airborne Systems Inc. (UK), Zodiac Aerospace (France), Cimsa Ingeniería de Sistemas S.A. (Spain), Atair Aerospace (US), Mills Manufacturing (US), SPEKON Company (Germany), Parachute Systems (South Africa), Cirrus Aircraft (China), and NH Global SDN BHD (Malaysia).
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