What is Global Commercial and Military Parachute Market?
The Global Commercial and Military Parachute Market is a vast and dynamic sector that encompasses a wide range of products and services. This market is primarily concerned with the production, distribution, and use of parachutes for both commercial and military purposes. Parachutes are essential safety devices used in various activities such as skydiving, paragliding, and military operations. They are designed to slow the motion of an object or individual through an atmosphere by creating drag or in the case of ram-air parachutes, aerodynamic lift. The market value of this sector was estimated at US$ 1333.4 million in 2023, and it is projected to reach a staggering US$ 2159.1 million by 2030. This growth is driven by various factors such as technological advancements, increased demand for safety measures in aviation, and the growing popularity of recreational activities like skydiving.
Round, Ram-air, Square and Cruciform, Drogue in the Global Commercial and Military Parachute Market:
The Global Commercial and Military Parachute Market is segmented into different types based on their design and functionality. These include round parachutes, ram-air parachutes, square parachutes, cruciform parachutes, and drogue parachutes. Round parachutes are the traditional design, characterized by a circular canopy that provides a vertical descent. Ram-air parachutes, on the other hand, have a rectangular design and are capable of providing forward speed and maneuverability, making them popular for sport parachuting. Square parachutes are similar to ram-air parachutes but have a square-shaped canopy. Cruciform parachutes have a design that reduces oscillation, while drogue parachutes are used to slow down fast-moving objects. Each of these parachute types has its unique features and applications, contributing to the diversity and growth of the market.
Commercial, Military in the Global Commercial and Military Parachute Market:
The usage of parachutes in the Global Commercial and Military Parachute Market is widespread, covering both commercial and military sectors. In the commercial sector, parachutes are used in various recreational activities such as skydiving and paragliding. They are also used in emergency situations in commercial aviation to ensure the safety of passengers and crew. In the military sector, parachutes are used for various purposes such as the deployment of troops, supplies, and equipment in combat zones. They are also used in rescue operations and for the safe ejection of pilots from aircraft. The versatility and essential nature of parachutes in these sectors contribute significantly to the growth and expansion of the market.
Global Commercial and Military Parachute Market Outlook:
Looking at the market outlook for the Global Commercial and Military Parachute Market, it's clear that this sector is on a growth trajectory. In 2023, the market was valued at US$ 1333.4 million. However, it's not just going to maintain this value. It's projected to grow significantly, reaching a value of US$ 2159.1 million by 2030. This represents a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2024 to 2030. This growth is a testament to the increasing demand and reliance on parachutes in both commercial and military sectors. It's a clear indication that the market is not only thriving but also has a promising future.
| Report Metric | Details |
| Report Name | Commercial and Military Parachute Market |
| Accounted market size in 2023 | US$ 1333.4 million |
| Forecasted market size in 2030 | US$ 2159.1 million |
| CAGR | 7.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | BAE Systems Plc, Mills Manufacturing Corp., Rostec State Corp., Sächsische Spezialkonfektion GmbH, Safran SA, TransDigm Group Inc. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
