Military Parachute Market worth 1.21 Billion USD by 2020
The global military parachute market size is estimated to reach USD 1.21 Billionby 2020, at a CAGR of 5.92% from 2015 to 2020.
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This growth is attributed to the bulk demand for parachutes being propelled by its deployment for military activities, with defense sector being the largest consumer. The growth in demand for parachutes will further be aided by the increase in rate of conflicts globally, the increase in the use of UAVs for ISR activities, and the increase in use of parachutes for recreation.
Military application segment to register the highest market size during the forecast period
The key applications considered for the market study are military, cargo, sports, rescue, recovery, and break chutes, wherein the overall military parachute market is dominated by the military segment. However, the sports segment is projected to grow at a comparatively higher CAGR during the forecast period of 2015 to 2020, primarily driven by the growth of aero sports. This trend is mainly being witnessed in the North American and European region.
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North America dominates; Asia-Pacific to grow at the highest rate
The North American region dominates the global military parachute market; increasing demand for cargo and personal parachutes for air delivery systems are the major drivers for the military parachute market across North America. The U.S. defense force is one of the largest in the world and there has been a continuous increase in the defense spending by the U.S. government. The market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period.
The key factors that will drive the growth of APAC military parachute market are the rise in maritime patrol services in the Indian Ocean and South China Sea and the increase in defense expenditures of India and China. The exports of small parachute in China grew by 284% in 2012 compared to 2009 as stated by NISAT. Huge domestic production base and consumption pattern of small parachutes is witnessing a strong growth in the APAC market.
Airborne Systems (U.S.): The top player in the military parachute market
The major players in this market are Airborne Systems (U.S.), Mills Manufacturing (U.S.), Butler Parachute Systems (U.S.), Spekon (Germany), FXC Corporation (U.S.), and CIMSA Ingenieria (Spain), among others.
The report segments and analyzes the military parachute market on the basis of parachute applications (military, cargo, sports, rescue, recovery, break chutes), by components (canopy, cords, tapes, webbings, metal), and type (round, ram-air, square, ring & ribbon), and maps these segments and sub-segments across six major regions, namely, North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
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The global military parachute market is diversified and competitive, with the majority of players from the North American and European regions. The market is dominated by companies based on their core competencies. Key players in this market include Airborne Systems (U.S.), Mills Manufacturing (U.S.), Butler Parachute Systems (U.S.), Spekon (Germany), FXC Corporation (U.S.), and CIMSA Ingenieria (Spain).
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