The global military & commercial parachutes market size is projected to value USD 930.4 million until 2025. It is expected to register a CAGR of 6.1% over the forecasted years, 2019 to 2025. The rapid technological advances being carried out for enhancing international securities and shifting inclination towards aerial sports is anticipated to drive the market growth.
The usage of military parachutes to drop payloads such as equipment, relief aids, and soldiers is projected to gain traction over the forecasted period. Also, other rescue operations make use of parachutes on account of their features like swift and efficient landing.
The majority of the key players end up signing long-termed contracts with military and defense departments. Also, technological advances for developing the enhanced quality of harnessing tools and fabrics are projected to positively impact the market growth for parachutes. However, strict rules imposed for the manufacturing of these parachutes are anticipated to hinder market growth.
Market Share Insights
The market includes players like Airborne Systems; FXC Corporation; BAE Systems; Aerodyne Research, LLC; SPEKON; Zodiac Aerospace, and Parachute Systems. These players are constantly engaged in product development and innovation to gain a competitive advantage.
They are also securing contracts from the defense departments across various countries for providing advanced parachute systems. For example, a contract for providing multi-mission parachutes is awarded to Airborne Systems in 2018 by the U.S. Marine Corps. This contract will also help in enhancing the customer base and widening of product portfolio and geographical reach.
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Regional Insights
In 2018, North America held the largest share across the global commercial and military parachute market. This can be associated with the rising presence of many key players like Mills Manufacturing and Airborne Systems across this region. Also, huge investments across the defense sector coupled with the surging adoption of fabric technologies like smart textiles are projected to drive market growth.
The Asia Pacific is anticipated to witness the highest CAGR over the forecasted years, 2019 to 2025. The rising adoption of adventurous activities and aerial sports like parachuting and sky-diving across countries like New Zealand, China, and India are projected to drive the demand for such products. Also, the promotion of skydiving competitions by associations such as the Australia Parachute Federation and Asiana Parachute Federation is further anticipated to fuel up the market growth.
COVID-19 Impact Insights
The market has been impacted on account of the ongoing COVID-19 crisis. This can be associated with the reduction in several aerial sports activities due to the imposition of lockdown and governmental restrictions. Also, curtailments in expenses for tourism and entertainment activities are projected to hamper the growth. Moreover, shifting preference from defense towards healthcare is further anticipated to negatively impact the growth.
However, the market is anticipated to witness substantial growth in the post-pandemic period owing to the need for ensuring international safety and security. Also, rapid developments for launching good quality fabrics are projected to drive many manufacturers to invest in product development and innovation.
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