Market Size of Parachute Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.36 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 6.32 % |
| Fastest Growing Market | Latin America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Parachute Market Analysis
The Parachute Market size is estimated at USD 1.36 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 6.32% during the forecast period (2024-2029).
Paratroopers widely use parachutes for combat operations in the military. The military parachute market is experiencing growth due to increasing security concerns arising from territorial conflicts and global terrorism. Military forces are now more focused on improving their rapid deployment capabilities, which in turn necessitates the use of high-performance parachutes for quick and safe troop insertion.
The military's increasing use of UAVs in operations provides an opportunity to deploy specialized parachute systems for their safe recovery. Moreover, the growth of the market is being driven by advancements in parachute materials such as lightweight and smart textiles, and the deployment of advanced guidance and control systems.
However, stringent regulations and high development costs are expected to hinder market growth. Developing an advanced military parachute requires significant research and development expenses, which can be challenging for smaller companies with limited resources. Nonetheless, with the rise in defense expenditures and growing global conflicts, the market segment is expected to grow positively during the forecast period.
Military Parachute Industry Segmentation
A parachute is a device designed to slow the rate of descent of a body under free fall by creating drag. Modern parachutes are designed to reduce the terminal velocity of the user by as much as 90%.
The military parachute market is segmented by type, application, and geography. By type, the market is segmented into round, cruciform, ram-air, and other types. By application, the market is segmented into military, cargo, and other applications. Also, the report covers the market sizes and forecasts for the military parachutes market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Type | |
| Round Parachute | |
| Cruciform Parachute | |
| Ram-air Parachute | |
| Other Types |
| Application | |
| Military | |
| Cargo | |
| Other Applications |
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Parachute Market Size Summary
The military parachute market is poised for significant growth, driven by increasing security concerns and the need for rapid deployment capabilities in military operations. The demand for high-performance parachutes is rising as military forces focus on enhancing their operational readiness amidst global terrorism and territorial conflicts. The integration of advanced materials, such as lightweight and smart textiles, along with sophisticated guidance and control systems, is further propelling market expansion. Despite challenges like stringent regulations and high development costs, the market is expected to benefit from rising defense expenditures and the growing need for advanced military equipment. The use of specialized parachute systems for UAV recovery also presents new opportunities for market growth.
North America leads the military parachute market, largely due to the United States' substantial defense budget and ongoing modernization programs. The US military's investment in advanced parachute systems, such as the T-11 developed by Airborne Systems, underscores the region's dominance. The market is characterized by a semi-consolidated structure, with major players like Safran, RTX Corporation, and Aerodyne Research LLC competing for market share. Economic conditions and regulatory challenges in key markets like Europe and Asia-Pacific may impact growth, but the rising demand for military parachutes continues to drive innovation and investment. The market's positive outlook is supported by ongoing developments and tests of new parachute systems by various defense forces worldwide.
Parachute Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Round Parachute
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2.1.2 Cruciform Parachute
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2.1.3 Ram-air Parachute
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2.1.4 Other Types
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2.2 Application
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2.2.1 Military
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2.2.2 Cargo
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Brazil
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2.3.4.2 Rest of Latin America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 Turkey
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2.3.5.4 Rest of Middle-East and Africa
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Parachute Market Size FAQs
How big is the Parachute Market?
The Parachute Market size is expected to reach USD 1.36 billion in 2024 and grow at a CAGR of 6.32% to reach USD 1.85 billion by 2029.
What is the current Parachute Market size?
In 2024, the Parachute Market size is expected to reach USD 1.36 billion.
