The parachute Market is predicted to increase at a CAGR of 5.85 percent between 2021 and 2026, from USD 0.539 billion to USD 0.717 billion.
The military sector accounts for a large portion of the global parachute market, as they are widely utilized on airplanes and by personnel. Parachutes in the military are driven by some variables, including personnel training, escalating conflicts, and a global battle situation.
The commercial parachute industry is currently focused on using nanotechnology, a revolutionary new technology that will lower its weight and make it more efficient and practical. Finally, parachutes are becoming increasingly popular in fitness training sessions, where they are tied to the athlete's back and provide added resistance.
In September 2021, Paras Aerospace, India, announced an exclusive partnership with ParaZero Israel, a global specialist in drone safety systems.
Raytheon Technologies agreed to acquire space electronics manufacturer SEAKR Engineering in September 2021, with the latter becoming a subsidiary of the former's intelligence and space segment.
Aerodyne Industries and KBR Wyle Services have gained a potential five-year, $531 million contract to perform systems engineering work at NASA's Goddard Space Flight Center in Maryland in June 2021. Moreover, as a part of the Mechanical Integration Services and Technologies II contract, Aerodyne-SGT Engineering Services will assist the agency in developing, testing, and maintaining ground and spacelight systems.
The prevalence of sophisticated technology in parachute systems and the adoption of airplane recovery parachute systems are all expected to boost the commercial and military parachute market throughout the forecast period. Increasing parachute utilization for crewless aerial vehicles, on the other hand, would create enormous prospects for the commercial and military parachute markets to grow during the projection period.
The other two critical factors contributing to the expansion of the commercial parachute market are the growing demand among thrill seekers who utilize parachutes during recreational activities and the global increase of aero sports. In addition, as consumer incomes rise, especially in emerging economies, more people will try skydiving, increasing overall commercial demand for parachutes.
Stringent regulatory compliance and lawsuits are the two key factors limiting the expansion of the commercial parachute business. Commercial parachutes come with a significant degree of life risk if they fail operationally; hence regulations and checks imposed on parachutes makers are highly severe. In addition, lawmakers are continually changing the rules and regulations to protect the public during dangerous activities like skydiving, which has a detrimental impact on the parachute industry's growth. Reports of parachute failure and the tragic deaths of skydivers resulting from parachute failure are raising concerns about the safety of parachutes. This is predicted to have an impact on consumer product sales.
The lack of a standing inventory of parachutes with the military and reduced defense funding and government procedures will likely limit the growth of the commercial and military parachute markets throughout the forecast period.
The market is bifurcated into Round, Cruciform, Ram-Air parachutes, and others. During the research period, Round Parachutes were the most popular. This substantial percentage could be attributed to their increasing use in ejection seats, aircraft recovery systems, parasailing, and small plane emergency landing systems, among other things. Because of their more robust control benefits and widespread applicability for military soldiers, sky diving, and other extreme adventure activities, the market for Ram-Air parachutes is expected to grow faster during the next five years.
Military parachutes dominate the application segment. Military training, drills, rescue missions, and cargo transfer by air have all contributed to the country's dominance. However, because of the increased popularity of aero sports, the commercial industry is expanding. While the usage of parachutes in action movies has always been prevalent, the burgeoning market of indoor skydiving has provided a promising avenue for commercial parachutes to rise in sales.
North America dominates the commercial and military parachute market because of the growing number of applications, rising defense budgets, and adoption of advanced technology. However, the Asia-Pacific region is expected to have the highest growth rate due to increasing disposable income and preferences for aerial sports such as parachuting and skydiving.
The market for parachutes in the United States is expected to be worth US$301.5 million by 2020. Meanwhile, the Canadian market is expected to grow at 4.3 percent per year until 2026.
APAC will account for 31% of total commercial and military parachute market growth during the forecast period. China is expected to reach a market size of US$317.9 million by 2026, with a CAGR of 7.5 percent over the analysis period, followed by Japan at 2.6%.
Latin America has been subjected to a broad spectrum of weather-related calamities as a result of climate change. Therefore, the changing weather patterns, humanitarian assistance in food and drinkable water have become necessary in the impacted areas. Since food and water are provided to affected areas via airdrop during an emergency, cargo parachutes are required to ensure the safe landing of commodities. As a result, purchasing parachutes for the long-term delivery of emergency supplies benefits the South American market. Additionally, The capabilities of airborne platoons in the region are being strengthened. Periodical operations or exercises will also need new parachute systems due to the short shelf life of disused parachute systems. As a result, during the forecast period, regional manufacturers may acquire business prospects from Latin American countries.
In contrast, the use of parachutes for commercial purposes is increasing in the region. There are a total of 122 permitted drop zones for civilian use in the area. During 2021-2026, the increased demand for recreational adventure activities such as parasailing, tandem parachuting, and skydiving may also drive the adoption of parachutes in the region.
Europe is the world's second-largest market, with Russia, the United Kingdom, and France as the top consumers. The analysis predicts moderate market growth for commercial and military parachutes in Europe during the forecast period, with Germany being the fastest growing market at 3% annually.
The top five parachute manufacturers globally are Airborne Systems, BAE Systems, Mills Manufacturing, SPEKON, and Zodiac Aerospace.
The emergence of the COVID-19 pandemic primarily impacted the supply chain due to manufacturing shutdowns caused by lockdowns. In addition, the lockdowns contributed to a plunge in tourism in 2020, which obstructed aero sports such as skydiving around the world, resulting in a pause in the sale of commercial parachutes.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Parachute Market, By Type
6.1.3 Ram-Air parachutes
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Parachute Market, By Application
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Parachute Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Type
7.6.3 By Application
8. Key Player Analysis
8.1 Ballenger International, LLC
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Butler Parachute Systems, Inc.
8.3 Cimsa Ingenieria De Sistemas, S.A.
8.4 Cirrus Aircraft
8.5 FXC Corporation / Guardian Parachute
8.6 NH Global, Sdn. Bhd.
8.7 Parachute Systems
8.8 Sachsische Spezialkonfektion GmbH
8.9 Safran S.A.
8.10 Butler Parachute Systems
8.11 Complete Parachute Solutions, Inc.
8.12 Aerodyne Research
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures