Parachute Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Parachute Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global parachute market size reached US$ 603.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 850.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.

A parachute is a dome-shaped device that slows down the vertical descent of a person falling through an atmosphere. It is made using strong and lightweight fabric, such as silk and nylon, and reinforce handholds to increase air resistance and create drag during free fall. It slows the load sufficiently to prevent and minimize injury or impact while landing on the ground. As a result, it is used for slowing a returning space capsule after entering into the atmosphere of the earth.

Parachute Market Trends:

The increasing employment of parachutes in the defense and military industry for troop distribution, transportation, and training represents one of the key factors driving the market. Moreover, parachutes are utilized in microlights, light aircraft and hang gliders for ballistic purposes. This, along with the rising application of drogue chutes in aircraft to provide control and stable landing on wet and icy runways, is propelling the growth of the market. In addition, the increasing trend of adventure sports, such as skydiving, para jumping, paragliding, and paramotoring among individuals for stress relief and boosting confidence, is catalyzing the demand for parachutes. Besides this, the introduction of technologically developed military parachutes is offering lucrative growth opportunities to end users and investors. Additionally, there is a rise in the usage of parachutes in unmanned aerial vehicles (UAVs) to reduce their kinetic energy while descending and landing. Apart from this, key market players are extensively investing in research and development (R&D) activities to provide enhanced product variants for catering to the needs of the end users. These players are also focusing on mergers and acquisitions to increase their overall sales and profitability.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global parachute market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. What was the size of the global parachute market in 2022?

2. What is the expected growth rate of the global parachute market during 2023-2028?

3. What has been the impact of COVID-19 on the global parachute market?

4. What are the key factors driving the global parachute market?

5. What is the breakup of the global parachute market based on the type?

6. What is the breakup of the global parachute market based on the application?

7. What are the key regions in the global parachute market?

8. Who are the key players/companies in the global parachute market?