Parachute Market To Grow With an Impressive CAGR During the Forecast Period

Surging demand for the parachutes in defense sectors is driving the growth in Global Parachute Market in the forecast period, 2022-2026.

According to TechSci Research report, “Parachute Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Type (Round Parachute, Cruciform Parachute, Rogallo-wing parachutes, Annular parachutes, Ram-air Parachute, Others), By Fabric Material (Nylon, Silk, Kevlar and Others), By Application (Military, Commercial, Cargo, Sports, Others), By Region”, the global parachute market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of surging demand from the adventure seeking population. Surging recreational activities, and inclination of the adventure loving people toward sports like skydiving, bungee jumping, etc. is driving the growth of the global parachute market in the upcoming five years. Rising disposable income among the population in the developing nations is further supporting the growth of the global parachute market in the next five years. Although stringent regulations due to COVID-19 pandemic outbreak might put a mild restraint in the market growth. Furthermore, prevalence of advanced technology in parachute system, adoption of airplane recovery parachute systems that is anticipated to aid to the growth of the global parachute market in the future five years.

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The global parachute market segmentation is based on type, fabric material, application, competitional landscape, and regional distribution. Based on application, the market is further segmented into military, commercial, cargo, sports, and others. Military applications of parachute are anticipated to hold the largest revenue shares of the market and assert its dominance over the market segment on the account of surging demand from the military sections. Purposes like troop distribution, paratroopers for surprise attacks, etc. requires military grade parachutes and thus aids the growth of the sub-segment as well as driving the growth of the global parachute market in the upcoming five years. Cargo applications are also expected to show significant growth on the grounds of increasing transportation applications. Moreover, cargo parachutes are also employed in transportation of the military material as well as in cases of natural disasters for saving the people, supplying the food & survival kits etc.

Based on type, the market is further bifurcated into round parachute, cruciform parachute, Rogallo-wing parachutes, annular parachutes, ram-air parachute, and others. Round parachutes are purely a drag device and have applications in recreational activities, military, cargo, and emergency applications. The round parachutes have large dome-shaped canopies made from a single layer of triangular cloth. Increased applications of the cruciform parachute in the military and defense are anticipated to support the growth of the global parachute market in the upcoming five years. Round parachutes are also used for the recreation activities and cargo applications and thus driving the growth of the sub-segment and thus round parachutes are expected to register largest revenue shares of the market and dominate the market segment in the future five years.

Zodiac Aerospace, Mills Manufacturing Corporation, Aerodyne Research LLC, BAE Systems PLC, Spekon GmbH, Airborne Systems, CIMSA Ingenieria De Sistemas SA, FXC Corporation, Ballenger International LLC, Parachute Systems, Rostec State Corp., Sachsische Spezialkonfektion GmbH, Safran SA, Trans Digm Group Inc., NH Global Sdn Bhd, are some of the market players holding the major shares of the global Parachute market. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through parachute. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.

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“North America is anticipated to hold the largest revenue shares of the market and dominate the regional analysis segmentation of the global market. The market growth can be attributed to expanding military and defense sector in the countries like United States and Canada. Moreover, the evolving development in the aerospace industry is further substantiating the growth of the global parachute market in the future five years. Asia Pacific is anticipated to register the significant growth in the next five years on the account of growing applications in the tourism and recreational activities. New market players are advised to focus on the consistent and extended research for the development of the latest designs and modernized technology of the product that would aid their brand establishment and future growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Parachute Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Type (Round Parachute, Cruciform Parachute, Rogallo-wing parachutes, Annular parachutes, Ram-air Parachute, Others), By Fabric Material (Nylon, Silk, Kevlar and Others), By Application (Military, Commercial, Cargo, Sports, Others), By Region”, has evaluated the future growth potential of global parachute and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global parachute market.

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