What Transformation Has the Military Parachute Market Undergone?
The military parachute market has seen considerable growth due to a variety of factors.
•The size of the military parachute market has seen robust growth in recent years. The market is projected to expand from $1.42 billion in 2024 to $1.53 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%.
The growth during the historical period is due to advancements in material science, enhanced safety and reliability, the provision of mission-specific parachutes, military operations and tactical needs, as well as research and development initiatives.
How Will The Military Parachute Market Size Evolve In The Foreseeable Future?
The military parachute market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the military parachute market is predicted to undergo significant expansion in the coming years. It is projected to reach "$1.97 billion by 2029 with a compound annual growth rate (CAGR) of 6.6%.
A multitude of factors contribute to this projected growth during the forecast period, including the introduction of advanced deployment systems, increased emphasis on improved safety standards, specialized parachute configurations based on mission needs, and the shift towards sustainable and eco-friendly solutions. Major developments expected during this forecast period encompass collaborations and investments in research and development, attention towards sustainability and the environment, the incorporation of Internet of Things (IoT) and smart technology, mission-focused parachutes, and flexibility to mission specifications.
What Are The Essential Drivers Behind The Growth Of The Military Parachute Market?
The escalation in military spending is anticipated to boost the expansion of the military parachute market in the future. Military spending constitutes funds allocated for arms, weaponry systems, operations, upkeep, personnel, and other particular military equipment. Governmental investment in the military would foster the growth of various military components, including military parachutes. For instance, in April 2024, the Stockholm International Peace Research Institute (SIPRI), a Sweden-based independent global research institution, reported that the total worldwide military expenditure amounted to $2443 billion in 2023, marking a 6.8 percent growth in real terms from 2022. Hence, this surge in military expenditure is fueling the progression of the military parachute market.
How Is The Global Military Parachute Market Divided Into Key Segments?
The military parachute market covered in this report is segmented –
1) By Product Type: Round Type Parachute, Cruciform Parachute, Ribbon And Ring Or Annular Parachute, Ram Air Parachute
2) By Components: Canopy, Cords, Tapes Or Webbings, Metal
3) By Application: Personnel Parachutes, Cargo Parachutes
Subsegments:
1) By Round Type Parachute: Standard Round Parachutes, High-Performance Round Parachutes, Cargo Round Parachutes
2) By Cruciform Parachute: Military Cruciform Parachutes, Specialized Cruciform Parachutes, Multi-Stage Cruciform Parachutes
3) By Ribbon And Ring Or Annular Parachute: Ribbon Parachutes, Ring Parachutes, Annular Parachutes
4) By Ram Air Parachute: Ram Air Canopy Parachutes, Tactical Ram Air Parachutes, Sport Ram Air Parachutes
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What Trends Are Reshaping The Future Of The Military Parachute Market?
The military parachute market is experiencing growth, fueled by advancements in parachute technology. Major firms in this market are leveraging innovative solutions to maintain their dominance. For example, in December 2023, the Israeli Air Force (IAF), a defense and space manufacturing entity based in Israel, reported the inaugural operational use of its novel Guided Supply parachute system during combat maneuvers in Gaza. This system, engineered for precision airdrop delivery, elevates the precision of supplies arriving at ground forces. The Israeli Defense Forces (IDF) reveal that the Guided Supply system boasts advanced directional features, akin to the Joint Precision Airdrop System (JPADS) made in the US. It permits supplies to be dropped from considerable elevations and sail up to 25 kilometers to assigned drop areas, maintaining the aircraft at a safe distance from the enemy. The system's deployment was to deliver seven tons of water to soldiers in the fiercely conflicted city of Khan Yunis, emphasising the logistical hurdles the IAF encounters when replenishing troops in urban battlefields where ground conveyance is restricted or non-existent.
Who Are the Key Players in the Military Parachute Market?
Major companies operating in the military parachute market include:
• Airborne Systems Inc.
• Butler Parachute Systems Group
• CIMSA Ingeniería de Sistemas S.A.
• FXC Corporation
• Mills Manufacturing Corporation
• SPEKON Company
• Magam Safety Ltd.
• VITAL Parachute Inc.
• Atair Aerospace Inc.
• Avic Hongguang Airborne Equipment Co. Ltd.
• BAE Systems Plc.
• Ballenger International LLC
• Global SDN BHD
• Safran SA
• Zodiac Aerospace SAS
• Complete Parachute Solutions Inc.
• Fujikura Parachute Co Ltd.
• Raytheon Technologies Corporation
• Parachute Systems
• Transdigm Group Inc.
• Precision Aerodynamics Inc.
• Aerial Delivery Solutions LLC
• NH Global Sdn. Bhd.
• Tactical Parachute Delivery Systems
• Ozone Paragliders LTD.
What are the Regional Insights into the Military Parachute Market?
North America was the largest region in the military parachute market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global military parachute market report during the forecast period. The regions covered in the military parachute market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
