The Global Parachute Market is rising due to the rise in the tourism and aerial activities like skydiving, bungee jumping, etc and the innovations in the parachute industry for military purposes is driving the Global Parachute Market.
According to TechSci Research report, “Parachute Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030”, The Global Parachute Market is growing due to the popularity of extreme sports like skydiving and bungee jumping among those who enjoy adventure. Similarly, the nations worldwide are expanding their military capabilities and military exercises are also increasing the global market penetration of the parachute. One of the key factors driving the market is the increasing use of parachutes in the military and defense industries for troop distribution, transportation, and training. Parachutes are also used for ballistic purposes in microlights, light aircraft, and hang gliders. This, along with the increasing use of drogue chutes in aircraft to provide control and a stable landing on wet and icy runways, is propelling market growth. In addition, major players in the market are making significant investments in research and development (R&D) activities to produce improved product variants that will meet the needs of the end users. In order to boost their overall sales and profitability, these players are also concentrating on mergers and acquisitions. Additionally, the adoption of airplane recovery parachute systems and the prevalence of modern technology in parachute systems are expected to contribute to the expansion of the worldwide parachute market during the forecast years.
The factors like unavailability of standing inventory of parachute in the military and defense operations across the globe is expected to generate new opportunities in the market in the forecast years, as End users and investors will benefit greatly from the introduction of technologically advanced military parachutes and with the rise in the research and development activities of the advanced parachutes the market is expected to see technologically advanced parachutes for military purposes. at the same time the ongoing Russia and Ukraine war has led the developing nations to strengthen and enhance their military capabilities all these factors are expected to drive The Global Parachute Market in the forecast period. The rise in the usage of parachutes in unmanned aerial vehicle is also the reason for the growth and the market is expected to generate good results in the forecast years across the globe.
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The Global Parachute Market can be segmented based on Product type, Fabric material type, application type, region, and by company. Based on Product type, the market is further segmented into Round Parachute, Cruciform Parachute, Rogallo-wing Parachute, Annular Parachute, and Ram-air Parachute. Based on Fabric Material type, the market is segmented into Nylon, Silk, and Kevlar. Based on application, the Parachute Market is divided into Military, Commercial, Cargo, and Sports.
Some of the major companies operating in the Global parachute Market include:
- Zodiac Aerospace S.a.
- Mills Manufacturing Corporation
- Aerodyne Research LLC
- BAE Systems PLC
- Spekon GmbH
- Airborne Systems North America, Inc.
- CIMSA Ingenieria De Sistemas SA
- FXC Corporation
- Ballenger International LLC
- Rostec State Corp
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different defense research bodies to stay competitive in the market.
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“North America and Europe captures majority of the market share and in the forecast period these regions are expected to increase their market penetration, as the countries in the region are strengthening the capabilities of their airborne platoons, and the rise in the adoption of the parachutes in the military activities is also the reason for growth, so the overall all these factors will generate new opportunity for the global Parachute market” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Parachute Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030” has evaluated the future growth potential of Global Parachute Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Parachute market.
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