Press release
Precision Engineering of Military Parachutes for Safety and Success
According to The Business Research Company's, The military parachute market size has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to advancements in materials science, safety and reliability improvements, mission-specific parachutes, military operations and tactical requirements, research and development initiatives..
The military parachute market size is expected to see strong growth in the next few years. It will grow to $1.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to advanced deployment systems, adoption of advanced aerodynamics, focus on enhanced safety standards, mission-specific parachute configurations, sustainable and eco-friendly solutions.. Major trends in the forecast period include collaboration and r&d investments, sustainability and environmental considerations, integration of iot and smart technologies, specialized mission-specific parachutes, adaptability to mission requirements..
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Market Drivers and Trends:
Increasing military expenditure is expected to propel the growth of the military parachute market going forward. Military expenditure is the amount spent on weapons, weapons systems, operations, maintenance, personnel, and other specific military equipment. Government spending on the military would support the development of various aspects of the military including military parachute. For instance, in December 2022, according to the European Defense Agency, a Europe-based defense agency, member states are spending a record amount of $53.4 USD billion (€52 billion) on the purchase of defense equipment, a rise of 16% compared to 2020. Further, total European defense spending reached a new high of $228.6 USD billion (€214 billion), up 6% from 2020 and continuing a seven-year trend of expansion. Therefore, increasing military expenditure is driving the military parachute market.
Advancements in parachute technology are a key trend gaining popularity in the military parachute market. Major companies operating in the military parachute market are adopting new technologies to sustain their position in the market. For instance, in August 2021, Technodinamika Group, a Russia-based technology company launched Gorizontal-4000 cargo parachute system technology to airdrop Taifun-VDV 4x4 armored. The new system is simpler to set up and separates after it lands, enabling soldiers to leave the drop zone right once and flee danger.
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Major Key Players of the Market:
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.; Aerodyne Research LLC; Atair Aerospace Inc.; Avic Hongguang Airborne Equipment Co. Ltd.; BAE Systems Plc.; Ballenger International LLC; Cirrus Design Corporation; 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.; NZ Aerosports Ltd.; Bourdon Forge Company Inc.; Aerial Delivery Solutions LLC; NH Global Sdn. Bhd.; Tactical Parachute Delivery Systems; Plus Max Duty Free.; Ozone Paragliders LTD.;
Military Parachute Market 2024 Key Insights:
• The military parachute market will grow to $1.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Unveiling The Impact Of Rising Military Expenditure On Parachute Market
• Technological Innovations Driving Military Parachute Advancements
• North America was the largest region in the military parachute market in 2023
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