Military Parachute Market to grow at a rate of 5.5% CAGR during Forecast 2022 to 2032

The global military parachute market stands at US$ 1.35 Bn as of now and is slated to be worth US$ 2.3 Bn by the year 2032 at a CAGR of 5.5% between 2022 and 2032.

With ever-increasing applications of parachutes in numerous military operations along with advancements regarding parachute technology, the military parachute market is bound to grow on a grand note in the forecast period.

The military parachute vertical is into growing investment in employing fresh developments that would help in the expansion of product portfolio. Also, the fact that countries all over are witnessing an increase in rate of conflicts can't be ignored. Technical breakthroughs on this count include using lightweight cloth, including GPS systems, recovery parachutes, and drogue chutes. The recent Russia-Ukraine tiff has also prompted nations to go for military parachutes.

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At the same time, restraints may come through in the form of multiple testing methodologies and standards, with flammability requirements not very clearly defined. Along these lines, the US is in adherence with ASTM, NFPA or ISO standards, The EU and UK have BS EN/BS EN ISO standards. The developing economies are onto having different testing processes.

As an outcome, the producers do find it tad difficult providing products to military parachute market. Besides, overstocking of the parachute inventories is another factor impeding the military parachute market. Future Market Insights has, with the help of its team of analysts and consultants, walked through these facts with future perspectives in its latest market study entitled 'Military Parachute Market'.

Key Takeaways from Military Parachute Market

• North America holds the largest market share due to the US being home to significant manufacturers of parachutes like Mills Manufacturing, BAE System Plc, and Airborne Systems.
• Europe holds a noteworthy market share due to the region being subject to substantial investment in production of parachutes.
• The Asia-Pacific is expected to account for more than 30% of the market share in the forecast period due to increasing spending on defense equipment in the upcoming period.

"With two ongoing key applications of military parachutes in cargo and military, the military parachute market is expected to grow on an unstoppable note in the near future", says an analyst from Future Market Insights.

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Competitive Landscape
• The Airborne Systems (US), in the year 2020, tabled their Multi Mission Parachute System, which comes across as the high performance and advanced parachute system.
• India's DRDO (Defense Research and Development Organization), in the year 2020, put forth the P7 Heavy Drop System capable of dropping stores close to 7-ton weight, that too, from IL-76 Aircraft. The system is entirely an Indian make. L&T has manufactured the platform systems and Ordinance factory has made round parachutes.
• Lockheed Martin signed a contract worth US$ 62 Mn in July 2021 for supplying drag chute systems and supply parachutes for F-35 Lightning II combat planes. As per the contract, 56 drag chute systems and 190 parachutes are to be procured for FMS (Foreign Military Sales) and non-DOD players.
• The US Airborne and Special Operations Test Directorate (ABNSOTD), in January 2021, tested new T-11R Single Pin Troop reserve parachute from fixed-wing as well as rotary high-performance aircraft. Successful testing did facilitate reserve parachute's mass induction. Thus, premature reserve activations could be averted.
• The US Army, with the objective of reducing malfunctions, started testing a new-fangled backup parachute since January 2021. As of now, primary static-line of the US Army is T-11 ATPS (Advanced Tactical Parachute System), which is into operations since the year 2007. Test jumpers, to perform 23 risk-reduction jumps with new T-11R Single Pin Troop reserve platform parachute, were employed. This testing happened from fixed-wing as well as rotary-wing aircraft.
• UWF researchers, on July 29, 2020, started working with SoarTech, US Navy for evaluating the parachute training system.

Some of the Key Players Operating in Military Parachute Market Include
• Airborne Systems
• Butler Parachute Systems
• Cimsa Ingenieria De Sistemas, S.A.
• Complete Parachute Solutions, Inc.
• Fujikura Parachute CO., LTD.
• FXC Corporation

What does the Report Cover?
• Future Market Insights offers an exclusive perspective and various real-time insights on the military parachute market in its latest study, presenting historical demand assessment of 2016 - 2021 and projections for 2022 - 2032.
• The research study is based on product type (round type parachute, cruciform parachute, ribbon and ring/annular, and ram air parachute), and by application (personnel parachutes and cargo parachutes)

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Key Segments Covered in the Military Parachute Market Report

By Product Type:
• Round type Parachute
• Cruciform Parachute
• Ribbon and ring/ Annular
• Ram air parachute

By Application:
• Personnel parachutes
• Cargo Parachutes

By Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & Africa (MEA)

About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Website: https://www.futuremarketinsights.com

This release was published on openPR.