The global military and commercial parachutes market size is expected to reach USD 930.4 million by 2025, growing at a CAGR of 6.1% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The increasing expenditure of governments in the defense sector across the world and the growth of adventurers pursuing skydiving/parachuting as a leisure activity are the major driving forces for the growth of the market. Moreover, advancements in the fabric technology amid smart textiles’ evolution and its application in parachute manufacturing is likely to propel the utility of parachutes in military and commercial applications.
The
application of parachutes for the deployment of troops and supplies during
military action and rescue operations in the wake of natural calamities is
likely to boost the market for military chutes in the long run. The growth of
commercial chutes in aerial sports like parachuting and skydiving has immense
growth potential among the adventure seekers, particularly millennials. As per
the U.S. Parachuting Association (USPA) records, in 2018, the association had
exceeded 40,000 members for the first time in its history of 72 years,
corroborating the trend that people are increasingly pursuing the sport.
The
rise in number of aerial sports institutes and skydiving schools across the
globe has been instrumental in attracting the parachutists and promoting the
growth of the skydiving community. Various international skydiving associations
such as U.S. Parachute Association, British Parachute Association, Australia
Parachute Federation, and New Zealand Parachute Federation promote the culture
of parachuting by setting standard rules and regulations and organizing
competitions across the regions.
The
occurrence of accidents and reports of deaths during parachuting activities,
have raised concerns over the safety of the existing chutes. However, research
and development and innovations in textile technology are expected to improve
the safety, consequently propelling the military and commercial parachutes
market growth during the forecast period.
Full Research Report On Military & Commercial Parachutes Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/military-commercial-parachutes-market
Further key
findings from the study suggest:
- The ram-air
type segment is anticipated to emerge as the fastest-growing segment over
the forecast period owing to its attributes such as increased stability
and controlled maneuverability
- The
troop/personnel parachutes segment is anticipated to witness the fastest
growth over the forecast period due to the increasing adoption and
attraction of aerial sports like parachuting and skydiving among the
adventure seekers
- The Asia
Pacific regional market is expected to exhibit the highest CAGR from 2019
to 2025 owing to the growing arrival of international tourists for
experiencing adventure sports and establishment of skydiving hubs in
countries such as Singapore, New Zealand, and Australia
- Key players
operating in the market include Aerodyne Research, LLC; Airborne Systems;
BAE Systems; Butler Parachute Systems, Inc.; Complete Parachutes
Solutions; FXC Corporation; Mills Manufacturing; Parachute Systems;
SPEKON; and Zodiac Aerospace.
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https://www.grandviewresearch.com/industry-analysis/military-commercial-parachutes-market/request/rs1
Grand View Research has
segmented the global military and commercial parachutes market on the basis of
type, application, and region:
Military and
Commercial Parachutes Type Outlook (Revenue, USD Million, 2014 - 2025)
- Round
- Cruciform
- Ram-air
- Others
Military and
Commercial Parachutes Application Outlook (Revenue, USD Million, 2014 - 2025)
- Troop/Personnel
- Cargo/Extraction
- Deceleration
- Emergency
- Others
Military and
Commercial Parachutes Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- France
- Germany
- Asia Pacific
- China
- New Zealand
- India
- Latin America
- Mexico
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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