According to the latest report by IMARC Group, 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.
A parachute represents a dome-shaped device that slows down the vertical descent of a person falling through the atmosphere. It is generally manufactured using lightweight and strong fabrics, such as nylon, Kevlar, silk, etc., and reinforces handholds to increase air resistance and create drag during a free fall. Furthermore, a parachute slows the load sufficiently to prevent and minimize injury or impact while landing on the ground. Consequently, it is used for slowing a returning space capsule after entering into the atmosphere.
| Report Metric |
| Historical: 2016-2021 |
| Base Year: 2021 |
| Forecast Year: 2022-2027 |
Parachute Market Trends and Drivers:
The widespread product adoption across the defense and military sectors for transportation, troop distribution, and training purposes is primarily driving the parachute market. Additionally, the inflating popularity of adventure sports, including para jumping, skydiving, paragliding, paramotoring, etc., among individuals for stress relief and boosting confidence is further catalyzing the market growth.
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Besides this, the growing utilization of drogue chutes in aircraft to provide control and stable landing on icy and wet runways is acting as another significant growth-inducing factor. Moreover, the escalating product demand in unmanned aerial vehicles (UAVs) to reduce their kinetic energy while descending and landing is also augmenting the global market.
Apart from this, the rising investments in R&D activities aimed at launching technologically developed military product variants for ballistic purposes are anticipated to fuel the parachute market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Parachute Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, type, fabric material and application
Breakup by Type:
- Round Parachute
- Cruciform Parachute
- Ram-Air Parachute
- Others
Breakup by Fabric Material:
- Nylon
- Silk
- Kevlar
- Others
Breakup by Application:
- Military
- Cargo
- Others
Breakup by Region:
- 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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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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