Global Parachute Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Parachute Market Overview:

“The global Parachute Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analysed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Parachutes are domed shape devices used for creating a drag through the atmosphere to slow down the motion of an object.  They are commonly made using strong and lightweight fabric such as silk or nylon and reinforce handholds. Drag chute is a type of parachute attached to racer car or fixed wing aircraft to deaccelerate motion of that vehicle. Round, ram-air, ring, cruciform, pull-down apex are the types of parachutes. Parachutes are commonly used in military sector for search and rescue operation, solo operations and training, purpose.

Growing demand for parachutes in the military sector is a major factor anticipated to drive the growth of the global parachute market. Parachutes are also used in microlights, light aircraft, and hang gliders for ballistic purpose. Increasing deployment of drogue chutes or break chutes in order to slow the object and to provide control and stability to the rapidly moving object, is also expected to fuel the demand and drives the growth of the global market.

Furthermore, increasing trend of adventure sports such as skydiving, para jumping, para gliding, para motoring, etc. is also anticipated to bolster the demand of parachutes over the forecast period. In addition, a rising number of individuals participating in recreational adventure sports for stress relief and confidence boost is another factor anticipated to boost the growth of the target market in the near future.

However, decreasing demand for advanced parachutes from many countries due to military budget constrain, may hamper the growth of the global parachutes market over the forecast period. The increasing incidences of malfunctioning in parachutes, may also restrain the growth of the market over the long run. Nevertheless, the introduction of technologically developed military parachutes in emerging economies and increasing use of parachutes in unmanned aerial vehicle (UAV) can create higher revenue opportunities for players in the target market.

North America accounts for a largest share in the global market in terms of revenue and is expected to witness a moderate growth over the forecast period, followed by Europe. Availability of technologically advanced military parachutes due to the presence of key players in the region is expected to drive the growth of the market in North America region. Europe market is expected to register a moderate growth rate in the near future, owing to the increasing investment in parachute manufacturing companies in this region. The Asia Pacific market is expected to witness a high growth in the global market over the forecast period, owing to increasing military budget in developing countries coupled with growing unrest and terrorist activities in the region.

Global Parachute Market Segmentation:

Segmentation by Product Type:

• Ram-air Parachute
• Round Parachute
• Rogallo-wing parachutes
• Annular parachutes
• Cruciform parachutes

Segmentation by Application:

• Military
• Rescue and Recovery
• Cargo
• Break Chutes
• Sports

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa