Parachute Market Size Worth USD 940.7 Million in 2032 | Emergen Research

Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global parachute market size was USD 552.3 Million in 2022 and is expected to register a revenue CAGR of 5.5% during the forecast period. Increasing use of parachutes in military and defense, rising trend for adventure sports such as para jumping and skydiving among people, and growing adoption of parachutes in Unmanned Aerial Vehicles (UAVs) are some of the major factors driving parachute market revenue growth. In addition, rising advancements in parachute technology in recent years are expected to drive revenue growth of the market.

Growing adoption of parachutes in military and defense for trop distribution, training, and transportation is expected to drive revenue growth for the market. Parachutes are used for ballistic reasons in light aircraft, microlights, and hang gliders. This is widely adopted by military forces across the globe. Governments of various countries are investing rapidly in military and defense in recent years which created ample opportunities for the parachute market. In 2021, total worldwide military spending increased by 0.7% in real terms to USD 2113 billion for the first time. The five greatest investors in 2021 were U.S., China, India, U.K., and Russia, accounting for 62% of total spending. Military Research and Development (R&D) funding in the U.S. increased by 24% between 2012 and 2021. Governments are also investing in the development of parachutes to strengthen the defense sector. In July 2021, for instance, U.S.-based Aerospace company Lockheed Martin received a USD 62.2 million contract to supply the U.S. Air Force with drag chute and parachute systems for its F-35 Lightning II fighters.

However, stringent regulatory compliance is expected to restrain revenue growth of the market. Manufacturers of commercial parachutes are subject to very stringent regulations and inspections since there is a major risk to human life if parachutes malfunction. To maintain public safety during risky activities such as skydiving, para jumping, lawmakers frequently alter the laws and regulations, which has a negative impact on the parachute market. Several incidences of parachute malfunction and skydiver deaths are raising questions about safety of parachutes. On 11 July 2022, a man died in a skydiving accident in Regional Victoria, Australia because his parachute did not open. On June 20, 2022, two women were seriously injured while skydiving in Wisconsin. These types of incidents are expected to have a negative impact on the consumer mass adoption of parachutes.

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Segment Insights

Type Insights:

On the basis of type, the global parachute market is segmented into round parachutes, ram-air parachutes, cruciform parachutes, parafoil parachutes, ribbon parachutes, and others. The round parachute segment accounted for largest revenue share in 2022 due to rising adoption of these parachutes in cargo, ejection seats, and drogue chutes. These parachutes are also useful in civilian applications including parasailing and aero plane recovery. It has huge, dome-shaped canopies formed of triangular textile gores in a single layer. Round parachute is also used for skydiving rapidly in recent years.

Components Insights:

On the basis of components, the global parachute market is segmented into canopy, tapes, webbings, cords, metal, and others. The canopy segment accounted for largest revenue share in 2022 owing to rising demand for parachute canopies in military training and operations. Parachute canopies are largely comprised of high tensile nylon multifilament fibers, typically ripstop braided in deniers ranging from 32 to 200. The canopy traps air within its envelope, resulting in an area of high pressure that slows movement in opposite direction of the entering airflow. Germany-based manufacturer Spekon offers RS troop parachutes for military training and operations.

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Regional Insights:

The market in North America accounted for largest revenue share in the global parachute market in 2022, due to growing investment in military and defense, and rising adoption of parachutes in various military applications in countries across the region, especially in the U.S. and Canada. In 2021, the U.S. spent USD 801 billion on defense. U.S. funding for military R&D increased by 24% between 2012 to 2021. In June 2022, the defense minister of Canada announced to invest USD 3.8 Billion in the next six years to modernize defensive systems. Rising investment in military and defense sector creates ample opportunities for the market in this region. In January 2022, The U.S. Army tested a new reserve parachute to reduce malfunctions. The improved reserve parachute has a single-pin ripcord handle and a revised wind-protection handle. There is also a plastic panel on top of it for jumpmaster to inspect before the jump.

The market in Asia Pacific is expected to register a significantly fast revenue growth rate during the forecast period due to the significant growth in the military sector, which creates a high demand for parachutes in this region, especially in China, Japan, and India. China is the largest spender in military sector in this region. The government allocated USD 293 billion to its military spending in 2021, which is a 4.7% increase over 2020. China's military budget increased over the past 27 years.

The market in Europe is expected to register a steady revenue growth rate during the forecast period due to rising need for paratroopers in military and defense sectors in countries across the region, especially in U.K., Germany, and France. Germany spent USD 56 billion on its military in 2021. The governments in this region have implemented various measures to strengthen their military forces, with a main focus on being prepared for combat. It is crucial to have an adequate number of paratroopers for achieving this high level of military readiness. Utilization of parachutes enables transportation of equipment and provisions to soldiers in active war zones.

Scope of Research

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Major Companies and Competitive Landscape

The global parachute market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective parachute systems. Some of the major companies included in the global parachute market report are:

• Safran
• BAE Systems Plc
• Airborne Systems
• FXC Corporation
• Parachute Systems.
• Butler Parachute Systems Inc.
• Precision Aerodynamics
• Sachsische Spezialkonfektion GmbH
• Ballenger International LLC
• Mills Manufacturing

Strategic Development

• On 22 August 2022, U.K.-based multinational aerospace company BAE Systems received a contract worth USD 5 million from the U.S. Army to manufacture T-11 Personnel Parachute Systems. These systems are designed to enhance the safety of paratroopers by incorporating an upgraded harness system and a spacious canopy. The T-11 Parachute replaces the previous U.S. Army T-10 parachute and enables paratroopers to carry heavier loads essential for their missions. Additionally, the canopy, which is both large and well-ventilated, offers increased stability and a slower descent rate for the jumpers.
• On 12 June 2020, The French multinational enterprise Safran is nearing the completion of its delivery of advanced parachutes to the French Forces. These latest systems fall under the cargo parachute classification, which previously involved the design by the R&D Office of the French Ministry of Defense's Délégation Générale de l’Armement (DGA), with production handled by the national parachute manufacturer known as Aérazur.

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For the purpose of this report, Emergen Research has segmented the global parachute market on the basis of type, components, application, material, and region:

• Type Outlook (Revenue, USD Million; 2019-2032)

• • Round Parachute
  • Ram-Air Parachute
  • Cruciform Parachute
  • Parafoil Parachute
  • Ribbon Parachute
  • Others

• Components Outlook (Revenue, USD Million; 2019-2032)

• • Canopy
  • Tapes
  • Webbings
  • Cords
  • Metal
  • Others

• Application Outlook (Revenue, USD Million; 2019-2032)

• • Military
  • Cargo
  • Sports
  • Rescue and Recovery
  • Civil Aircraft
  • Break Chutes

• Material Outlook (Revenue, USD Million; 2019-2032)

• • Nylon
  • Silk
  • Kelvar
  • Others

• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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