What Is the Market Size Analysis for the Military Parachute Market?
Between 2024 and 2025, the military parachute market size is expected to grow from $1.42 billion to $1.53 billion, recording a compounded annual growth rate (CAGR) of 7.2%. Factors contributing to the historic growth include advances in materials science, improvements in safety and reliability, increasing demand for mission-specific parachutes, evolving military operation and tactical requirements, and continuous research and development initiatives.
Projecting into the future, the market size for military parachutes is forecasted to reach $1.97 billion by 2029, growing at a CAGR of 6.6%. This growth is expected to be driven by the adoption of advanced aerodynamics, heightened focus on safety standards, the emergence of mission-specific parachute configurations, and demand for sustainable and eco-friendly solutions. Other significant trends include increased collaborations and R&D investments, consideration for sustainability and the environment, integration of internet of things (IoT) and smart technologies, specialized mission-specific parachutes, and adaptability to unique mission requirements.
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What Are the Key Growth Drivers for the Military Parachute Market?
Rise in military expenditure is expected to drive the growth of the military parachute market. Military expenditure includes spends on weapons, weapon systems, operations, maintenance, personnel, and other specific military equipment. Government spending drives the development of various aspects of the military, including military parachutes. As indicated by the Stockholm International Peace Research Institute (SIPRI), the total global military expenditure in 2023 reached $2443 billion, a 6.8 percent increase in real terms from 2022. Thus, increased military spending is driving the growth of the military parachute market.
What Are The Major Segments In The Military Parachute Market?
– By Product Type: Round Type Parachute, Cruciform Parachute, Ribbon And Ring Or Annular Parachute, Ram Air Parachute
– By Components: Canopy, Cords, Tapes Or Webbings, Metal
– By Application: Personnel Parachutes, Cargo Parachutes
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Which Are The Major Players in the Military Parachute Market?
Leading companies in the industry include 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., Atair Aerospace Inc., Avic Hongguang Airborne Equipment Co. Ltd., BAE Systems Plc., Ballenger International LLC, 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., Aerial Delivery Solutions LLC, NH Global Sdn. Bhd., Tactical Parachute Delivery Systems, Ozone Paragliders LTD.
What Are the Emerging Trends in the Military Parachute Market?
One key trend is the advancement in parachute technologies. Case in point, in December 2023, the Israeli Air Force announced the operational use of its advanced Guided Supply parachute system for precise airdrop delivery. The system enhances the accuracy of supplies reaching ground troops and permitted supplies to be airlifted from high altitudes, keeping aircraft out of enemy range.
Which Region Is Set To Grow The Fastest In The Military Parachute Market?
In 2024, North America was the largest region in the military parachute market. However, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. Other regions covered in the report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Military Parachute Market Report 2025 Offer?
A military parachute is mainly designed for individual, group, and mass jumps from military aircraft and helicopters. It involves jumping out of a plane and relying on a static line attached to the aircraft to open the canopy automatically. The Military Parachute Market research report from The Business Research Company provides comprehensive market size numbers, growth rates, regional shares, competitor analysis, detailed segments, trends, and lucrative opportunities.
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