The published report covers broad information about Military Parachute market’s dynamics & trends, value (US$ Mn) volume (Units) projections, competition, recent developments and macro factors in the global Military Parachute market for the study period 2018 to 2027.
The global Military Parachute market is expected to create incremental $ opportunity worth over US$ 430.9 Mn by the end of the forecast period while growing at a CAGR of 4.6% for the period between 2018 and 2027. Increasing demand from personal use applications is expected to drive the demand in the Military Parachute market.
Brief Overview of Research Methodology Used
Future Market Insights (FMI) uses a modelling-based and triangulation methodology approach, which includes pricing analysis, market profiling, data collection, hypothesis generation, forecast development and competition mapping. Also, the report analyses the top players in the Military Parachute market.
In order to assess the global value sales in the Military Parachute market, we analyzed the parent market overview to arrive on market numbers. Also, the sales of each Military Parachute type (round type, cruciform parachute, ribbon and ring, ram air to name a few) in the global market has been analyzed for all the key countries as well as for key regions considered under the scope of this research.
Military Parachute Market: Dynamics
Increase in military expenditure and rise in border conflicts (which results in an increase in the use of unmannded aerial vehicle for ISR activities) are altogether spurring the demand for Military Parachutes. Moreover, increasing demand for these parachutes from countries, such as China, India, the U.S., Germany and others, is also supporting the demand in the Military Parachute market. Increase in spending for personal protective equipment especially for Military personnel is expected to positively impact demand for military parachutes.
However, varied testing standards and methodologies, flammability standards are not clearly defined and different suppliers (to different armies) use different standards and testing methods to specify their products. For instance, the U.K. & European Union follow BS EN or BS EN ISO, the U.S. follows ASTM, ISO or NFPA standards and other developed nations have their own testing protocols. Therefore, it becomes difficult for manufacturers to supply their products to the global market.
This is an important factor hindering the growth of the market. Moreover, new technologies are coming in market which are helping customers repair their Military Parachutes instead of going for replacement. This is another factor hindering the growth of the market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Growth of Round Type Parachutes Will Drive Demand in Military Parachute Market
The round type parachute is a prominent segment in the Military Parachute market. Round type parachutes can be used by a bunch of people at the same time. They are ideal to be used at relatively low altitudes. For cargo and military drop applications, mushroom or round shaped parachutes are preferred. According to insights developed while compiling this report, the demand for round type parachutes is estimated to be grow at a significant growth rate during the forecast period.
On the Basis of Application, Personnel Parachute to Be a Prominent Segment in Military Parachute Market
Personnel parachute segment is estimated to be one of the important segments in the Military Parachute market. This segment covers various types of military missions, including challenging special operations. Therefore, the personal parachute segment is estimated to grow at significant CAGR during the forecast period and will be followed by the cargo segment.
Europe and North America to Remain High Value – High Growth Regions in Military Parachute Market
On the basis of region, the Military Parachute Market report is segmented into six regions: Europe, Latin America, North America, Japan, APEJ and MEA. North America will be a significant market, with maximum demand coming from the personnel parachutes segment.
That apart, North America is home to key parachute manufacturers, such as Airborne Systems, BAE System Plc and Mills Manufacturing, to name a few. Moreover, the region is also home to some of the important Military Parachute manufacturers, such as Spekon, Ballenger International, Safran SA, Butler Parachute Systems Group, Aerodyne Research, LLC and many more. All of these factors make North America a significant market for Military Parachutes.
Manufacturers Rely on Supply Contracts with Geophysical Companies to Sustain in Military Parachute Market
Most of the manufacturers in the Military Parachute Market depend on long-term supply contracts or new product launches to sustain their market share in the Military Parachute market. For instance, Airborne Systems, in 2018, was awarded with a contract for E-MMPS (Multi-Mission Parachute System) for the US Marine Corps (USMC). The new Military Parachute features a glide ratio of 5.5:1 and can change to a glide ratio of 1:1 with a simple control input using the glide modulation system.
Similarly, in October, 2016, the company introduced new Hi-5 Military Parachutes that have a glide ratio of 5.5:1 and can change to a glide ratio of 1:1 with a simple control input using the glide modulation system.
Overview of Military Parachute Market Structure
The global Military Parachute market is a highly consolidated one with major players, such as Airborne System, BAE Systems Plc, Mills Manufacturing, Spekon, Ballenger International, Safran SA, Butler Parachute Systems Group Inc., Complete Parachute Solutions, Inc., Aerodyne Research, LLC, Cisma CIMSA Ingeniería de Sistemas, S.A., Cirrus Design Corporation,accounting for approximately 45% to 50% of the global Military Parachute market.
Military Parachute Market: Segmentation
- Round type Parachute
- Cruciform Parachute
- Ribbon and ring/ Annular
- Ram air parachute
- Personnel parachutes
- Cargo Parachutes
- North America
- Latin America