Military Parachute Market to Surge USD 2 Billion by 2031, Size, Share, Emerging Trends, Key Growth Drivers

The global military parachute market size was valued at $1.1 billion in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.

The military parachute market is estimated to grow at a decent CAGR of 5.9% from 2022 to 2031, owing to advancements in parachute technology and an increase in spending on personal protective equipment, especially for military personnel. However, the overstock of parachute inventory within the defense sector and government procedures restrains the growth of the market globally. In accordance with segmentation, "by product type, the round type parachute segment dominated the global market in 2021, in terms of revenue. By components, the canopy segment dominated the global market in 2021 in terms of revenue. By application, the personnel parachutes segment dominated the global market in 2021 in terms of revenue. Presently, North America is the highest revenue contributor and expected to lead the market during the forecast period, followed by Asia-Pacific.

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Growing security concern due to territorial conflicts and rise in demand for UAV parachutes in military applications drive the growth of the global military parachute market. By product type, the round type parachute segment garnered the major share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.

The concept of the military parachute is typically attributed to dropping soldiers on a battlefield without needing a landing strip for the airplane. Parachutes are also used by the modern military to drop supplies and equipment. Different types of parachutes are used for different purposes, such as round parachutes used by armed forces to dispatch large airborne units. Similarly, the square parachute is used to dispatch small specialized units.

Presently, advances in airborne technologies have also improved the mechanism of action of parachutes and have made them safer and more reliable, benefitting users of military parachutes. For instance, in March 2020, Spekon was awarded a contract by the Bulgarian air force to supply its KB-5 series of brake parachutes for the MiG-29 aircraft. These parachutes were used to reduce the length of the aircraft on landing.

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In addition, the military parachute market has witnessed significant growth in recent years, owing to the increase in demand for UAV parachutes in military applications and the growing use of military parachutes for troop landing and aerial delivery in emergencies (disaster, war, and epidemic). Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in 2020, the Indian DRDO developed the P7 Heavy Drop System that can drop military stores up to a 7-ton weight class from IL-76 aircraft. This system is fully indigenous and manufactured by L&T, which makes the platform system, while the round parachutes are manufactured by Ordnance Factory.

The factors such as surge in security concerns due to territorial conflicts and global terrorism and an increase in demand for UAV parachutes in military applications supplement the growth of the military parachute market. However, variation in testing standards & methodologies and lack of skilled forces for operating parachutes are the factors expected to hamper the growth of the market. In addition, rapid technological advancement in parachutes and increase in defense expenditure by governments of major economies creates market opportunities for the key players operating in the military parachute industry.

The global military parachute market is analyzed across type, distribution channel, drug class type, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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Based on region, the market across North America generated nearly two-fifths of the global market revenue in 2021, and is anticipated to retain the lion's share by 2031. The Asia-Pacific region would also manifest the fastest CAGR of 7.8% during the forecast period. The other regions studied in the report include LAMEA and Europe.

The key market players analyzed in the global military parachute industry report include Aerodyne Research, LLC, Airborne Systems, BAE Systems, Ballenger International, LLC, Tactical Parachute Delivery Systems, Butler Parachute Systems, CIMSA Ingeniería de Sistemas, S.A., FXC Corporation, Magam Safety Ltd., Mills Manufacturing, NH Global, Sdn. Bhd., Vital Parachute Inc., Parachute Systems, Precision Aerodynamics, Safran, Aerial Delivery Solutions, LLC, and Spekon. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.

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