Military Parachute Global Market Report 2024

The military parachute market has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be attributed to advancements in materials science, improvements in safety and reliability, the development of mission-specific parachutes, evolving military operations and tactical requirements, and research and development initiatives.

The military parachute market is expected to see strong growth in the next few years. It will grow to $1.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to the adoption of advanced deployment systems, the integration of advanced aerodynamics, a focus on enhanced safety standards, the development of mission-specific parachute configurations, and a shift towards sustainable and eco-friendly solutions. Major trends expected in the forecast period include increased collaboration and research and development investments, a heightened focus on sustainability and environmental considerations, the integration of Internet of Things (IoT) and smart technologies, the development of specialized mission-specific parachutes, and greater adaptability to mission requirements.

The anticipated increase in military expenditure is set to drive the growth of the military parachute market in the foreseeable future. Military expenditure encompasses funding allocated for weapons, operations, personnel, maintenance, and specific military equipment, contributing to the development of various military components, including military parachutes. A notable example is the European Defense Agency's report in December 2022, indicating that member states are allocating a record amount of $53.4 billion USD (€52 billion) for defense equipment purchases, reflecting a 16% increase compared to 2020. Overall, European defense spending reached a new high of $228.6 billion USD (€214 billion), marking a 6% increase from 2020. This consistent upward trend in military expenditure is a driving force behind the growth of the military parachute market.

The increasing frequency of terrorist attacks is expected to boost the military parachute market in the coming years. As terrorist activities intensify, characterized by violent acts aimed at causing harm, fear, or disruption, military parachutes play a crucial role in counter-terrorism activities. These parachutes facilitate strategic airborne insertions, enabling the rapid and precise deployment of special forces in critical operations. Notably, the Global Terrorism Index for 2022, reported in March 2023, highlights a rise in deaths per terrorist attack, averaging 1.7 fatalities compared to 1.3 deaths in 2021. The total deaths attributed to terrorist activities in 2022 reached 6,701. Consequently, the escalating threat of terrorist attacks is expected to drive the military parachute market.

Advancements in parachute technology emerge as a prominent trend in the military parachute market, with major companies incorporating new technologies to maintain their market positions. For instance, in August 2021, Technodinamika Group, a Russia-based technology company, introduced the Gorizontal-4000 cargo parachute system technology designed for airdropping the Taifun-VDV 4x4 armored vehicle. This innovative system simplifies setup and separates after landing, enabling soldiers to swiftly exit the drop zone and evade potential dangers.

Major companies operating in the military parachute market focus on developing cutting-edge products to gain a competitive advantage and expand their customer base. One such innovative product is the invisible high-altitude ram-air parachute, designed for special forces, allowing jumps at altitudes up to 30,000 feet. In December 2021, Technodinamika, a Russia-based technology company, unveiled this advanced parachute system, tailored for special forces and equipped with features such as a dedicated helmet, oxygen mask, and an excellent gliding coefficient for precise landings. The parachute system's unique capabilities enable Special Forces operators, under optimal wind conditions, to land as far as 60 km away from the drop point when jumping at maximum altitude.

In April 2022, Aviation Safety Resources, a US-based aerospace company, completed the acquisition of Pioneer Aerospace Corporation for an undisclosed amount. This strategic move positions ASR-Pioneer to meet the demands of advanced air mobility and other expanding markets in terms of manufacturing capacity. Pioneer Aerospace Corporation, a US-based aerodynamic deceleration manufacturer, specializes in the development of advanced military free-fall parachute systems.

Major companies operating in the military parachute market report are 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., Aerodyne Research LLC, Atair Aerospace Inc., Avic Hongguang Airborne Equipment Co. Ltd., BAE Systems Plc., Ballenger International LLC, Cirrus Design Corporation, 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., NZ Aerosports Ltd., Bourdon Forge Company Inc., Aerial Delivery Solutions LLC, NH Global Sdn. Bhd., Tactical Parachute Delivery Systems, Plus Max Duty Free., Ozone Paragliders LTD.

North America was the largest region in the military parachute market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global military parachute market report during the forecast period. The regions covered in the military parachute market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the military parachute market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of military parachutes include round-type parachutes, cruciform parachutes, ribbons, ring or annular parachutes, and ram air parachutes. Round-type parachutes are circular and find applications in military, emergency, and freight scenarios. They consist of components such as the canopy, cords, tapes or webbings, and metal elements. These parachutes are utilized in various applications, including personnel parachutes and cargo parachutes.

The military parachute market research report provides military parachute market statistics, including military parachute industry global market size, regional shares, competitors with a military parachute market share, detailed military parachute market segments, market trends, and opportunities, and any further data you may need to thrive in the military parachute industry. This military parachute market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The military parachute market consists of sales of parachutes for airborne troops, cargo, extraction, and deceleration. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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