Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Parachute Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global parachute market has experienced significant growth, reaching a size of $603.2 million in 2022. Projections indicate that the market will continue to expand, with an expected value of $850.9 million by 2028.
This growth is anticipated to be driven by various factors, resulting in a compound annual growth rate (CAGR) of 5.4% during the period from 2023 to 2028.
Parachutes, dome-shaped devices made from strong yet lightweight materials such as silk and nylon, play a crucial role in slowing down the vertical descent of individuals or objects falling through an atmosphere. They are designed to create drag during free fall, reducing the speed of descent and preventing or minimizing injury upon landing.
While parachutes have applications in various fields, including space capsule landings, their use in the defense and military industry, adventure sports, and technological advancements are key drivers of market growth.
Key Market Trends and Drivers:
- Defense and Military Applications: Parachutes are extensively used in the defense and military sector for troop distribution, transportation, and training purposes. Their role in ensuring safe and controlled landings in various scenarios drives demand in this sector.
- Adventure Sports: The rising popularity of adventure sports such as skydiving, para jumping, paragliding, and paramotoring, which rely on parachutes for safety and controlled descents, is contributing to market growth.
- Technological Advancements: Ongoing research and development efforts by market players have led to the introduction of technologically advanced military parachutes and improved parachute designs. These innovations enhance the capabilities and safety features of parachutes.
- Unmanned Aerial Vehicles (UAVs): Parachutes are increasingly used in unmanned aerial vehicles (UAVs) to reduce kinetic energy during descent and landing, ensuring the safe recovery of valuable equipment.
- Investment in R&D: Market leaders are investing in research and development to develop enhanced product variants that cater to the evolving needs of end-users. Additionally, mergers and acquisitions are a part of their strategy to expand sales and profitability.
Market Segmentation:
The global parachute market is segmented based on type, fabric material, and application.
Type Segmentation:
- Round Parachute
- Cruciform Parachute
- Ram-Air Parachute
- Others
Fabric Material Segmentation:
- Nylon
- Silk
- Kevlar
- Others
Application Segmentation:
- Military
- Cargo
- Others
Regional Breakdown:
- 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
Competitive Landscape:
Key players in the global parachute market include Aerodyne Research LLC, Airborne Systems (TransDigm Inc.), BAE Systems plc, Ballenger International LLC, Butler Parachute Systems Inc., Cimsa Ingenieria de Sistemas S.A., Fxc Corporation, Mills Manufacturing Corporation, NH Global Sdn Bhd, Parachute Systems, Precision Aerodynamics, and Sachsische Spezialkonfektion GmbH.
Key Questions Answered:
- What was the size of the global parachute market in 2022?
- What is the expected growth rate of the market from 2023 to 2028?
- How has COVID-19 impacted the market?
- What are the key drivers of market growth?
- What is the market breakdown by parachute type?
- What is the market breakdown by application?
- What are the key regions for the global parachute market?
- Who are the major players in the market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $603.2 Million |
| Forecasted Market Value (USD) by 2028 | $850.9 Million |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/xj4vbx
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