Parachutes are domed shaped devices, made using strong and light weight material with secure handholds. They help to slow down the speed of an object by creating a drag. They are commonly used for military operations, rescue operations, and adventure sports. Major factors driving the growth of the global parachute market are increasing demand of parachutes in the military sector and growing its adoption for various adventure sports.
The global parachute market report has been segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into ram-air parachute, round parachute, rogallo-wing parachute, annular parachute, and cruciform parachute. Round parachute segment dominates the global parachute market in terms of revenue, owing to its increasing use for aircrafts and cargos. On the basis of application, the market is segmented into military, rescue and recovery, cargo, break chutes, and sports. Military segment dominates the global market and anticipated to maintain its dominance over the forecast period. Sports segment is expected to witness a fastest growth in the near future, due to the increasing trend of recreational activities.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold major shares in terms of revenue to the global parachute market and expected to maintain their position over the forecast period, owing to increasing investment and demand for advanced parachutes in military sector. The Asia Pacific market is expected to witness a lucrative growth in the near future, owing to the increasing military budget, especially in emerging economies and growing adoption of parachutes for aircrafts. In addition, increasing market of adventure sports such as para gliding, para jumping, sky diving, paramotoring coupled with increasing participation in recreational activities also anticipated to fuel the growth of the target market over the forecast period in Asia Pacific region.
Key players operating in the global parachute market include Airborne Systems Inc., Mills Manufacturing Corporation, Butler Parachute Systems, Inc., Spekon Aircraft & Aerospace GmbH, Fxc Corporation, Cimsa Ingenieria de Sistemas SA, Zodiac Aerosafety Systems, SA, The Cirrus Design Corporation, Butler Parachute Systems, Inc., and NH Global Sdn Bhd.