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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Further key findings from the study suggest:
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.
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)
Military and Commercial Parachutes Application Outlook (Revenue, USD Million, 2014 - 2025)
Military and Commercial Parachutes Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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