Throughout the forecast period, it is anticipated that demand for military parachutes will grow at a CAGR of 5.5%. The military parachute market is expected to grow from US$ 1.35 billion in 2022 to US$ 2.3 billion or more by 2032.
With the defence industry being the primary end use industry in the market, it is anticipated that the majority of the sales of military parachutes will be driven by their use in a variety of military operations. Additionally, there has been an increase in the use of UAVs for ISR operations, which has been made possible by the growing popularity of parachutes among procedures like leisure.
Future growth in military parachutes sales is also expected to be fueled by an increase in international conflicts. Technical innovations like the use of lightweight cloth, followed by the inclusion of GPS systems, drogue chutes, and recovery parachutes, are likely to help the military parachute market expand globally. Business experts concur that all of these elements appear to be favourable for the expansion of the military parachute market.
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North America to Dominate Military Parachute Landscape; APAC Fastest Growing
While North America is estimated to dominate the military parachute landscape with the maximum market share, falling military spending in the Middle East over the past few years, despite increasingly growing tensions in regions like Iraq, Libya, Syria and Yemen, demonstrates a limited revenue-generating landscape in the Middle East.
On the other hand, the military parachute market in Asia-Pacific is projected to exhibit a relatively higher CAGR, considering growing maritime patrol operations across the South China Sea and the Indian Ocean coupled with substantial defence expenditures by China and India.
“FMI forecasts notable spending on RDT&E activities, aimed at expanding the applications of parachutes used in the military sector. In addition, the growing demand for troop parachutes and air-dropping of troops would supplement to the adoption of lightweight and high-load carrying military parachutes. The Lightweighting of military parachutes is expected to remain a crucial revenue-generating opportunity for the manufacturers.
Although nylon remains the most widely used material given its high elasticity and more resistance to mildew, Dacron and Kevlar have also been used for parachute canopies”, Senior Analyst, Future Market Insights.
FMI Identifies Pain Points that need to be addressed
Military Parachute Manufacturing Lacks Regulation Standardization
Manufacturers of military parachutes are governed by region-specific regulations with varied testing standards. Moreover, in the absence of uniform flammability standards, manufacturers use their own testing protocols, making it difficult for such products to find prominence, at a global level.
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Military Parachutes Users are More Prone to Injuries
Although parachuting is a fast and effective way of transporting a large number of troops, it also is responsible for a number of injuries and sometimes, death owing to imperfect landing. Several studies indicate that injuries in the static line group is much higher compared to the free fall group. In addition, light suits replacing the traditional free-fall parachute jumps for tactical operations, is projected to limit the sales of military parachutes, in the coming years.
Round-Type Military Parachutes Generate Maximum Revenue; Ram-Air Parachutes Gain Prominence
With approximately 40 percent market share, round-type parachutes will push maximum revenue into the global military parachute market given their superior utility in in military, emergency, and cargo applications. However, advancing at a relatively higher year-on-year growth rate, compared to other types of military parachutes including cruciform parachutes and ribbon and ring/annular, the Ram Air parachutes are the most recent innovation designed to handle, spread, and mitigate the stresses of deployment at terminal velocity. Also, known as parafoils, Ram Air parachutes have the ability to lose altitude quickly, eliminating the need for spirals and S-turns, thereby making it crucial in tactical assault systems.
“In terms of application, military parachutes for personnel will account for almost 85 percent market share, by 2027-end, considering its responsive handling, safe flight characteristics, and better glide performance”.
Insights from Competitive Landscape Analysis
Tier-1 players are projected to exhibit dominance over 35-40 percent market. Such players include BAE Systems, Safran SA, CIMSA Ingenieria de Sistemas, S.A., and FXC Corporation.
Nearly 60-65 percent market concentration is demonstrated by tier-2 players including Complete Parachute Solutions, Inc., and Aerodyne Research, LLC.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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