Global Military Parachute Market is valued approximately USD 1.16 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.9% over the forecast period 2023-2030. A military parachute is a type of parachute designed for usage by military personnel. It is employed for several objectives, including air assault operations, airborne training, and supply and equipment delivery. The Military Parachute market is expanding because of factors such as increasing number of territorial conflicts and rising defense spending. Military parachutes are often built to resist extreme temperatures and hefty loads. They are made of high-strength textiles like nylon or Kevlar and are frequently reinforced with additional stitching and webbing. Its importance has progressively increased during the last few decades.
According to the Council on Foreign Relation, Hundreds of Indian and Chinese forces battled near their disputed border on December 9, 2022. This recent encounter exemplifies the two countries’ ongoing tensions. The conflict not only reflects the growing strain on the China-India bilateral relationship, but the Chinese media portrayal also indicates a crucial miscalculation of the depth of India’s concerns about China and its strategic priorities. Furthermore, in June 2020, the tensions in the South China Sea between China and the United States have risen as both nations step up their military operations in the disputed waters. Another important component driving space is increasing defense spending. According to Statista, in 2021 the United States was the nation with the largest military budget with USD 801 billion allocated to the military. That accounted for 38% of the 2.1 trillion dollars in total military spending across the globe. In addition, North America spent USD 827 billion on its military. In the same year, this amount in East Asia was USD 411 billion. Also, rising investment in parachute manufacturing businesses and increasing number of global terrorisms would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Military Parachute stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Military Parachute Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players in the region. According to the Statista, Defense outlays in the United States amounted to USD 746 billion in 2023. The forecast predicts an increase in defense outlays up to USD 1.1 trillion in 2033. Asia Pacific is expected to grow significantly during the forecast period, owing to the rising territorial conflicts between India and China and increasing defense spending in the market space.
Major market player included in this report are:
Aerodyne Research, LLC,
Airborne systems, Inc.,
Avic Hongguang Airborne Equipment, BAE System Plc,
Butler parachute systems,
CIMSA Ingeniería de Sistemas, S.A.
The Cirrus Design Corporation
Recent Developments in the Market:
Ø In July 2022, BAE Systems and VRAI collaborates for the next generation of training for military forces by utilizing the combined capability of virtual reality and artificial intelligence.
Global Military Parachute Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product Type , Components, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type
Round Type Parachute
Ribbon and Ring/Annular Parachute
Ram Air Parachute
Middle East & Africa
Rest of Middle East & Africa