What is Global Ballistic Parachute Market?
The Global Ballistic Parachute Market is an intriguing sector that has been gaining significant attention in recent years. Essentially, a ballistic parachute is a safety device designed to rescue an aircraft during an in-flight emergency. This parachute is deployed ballistically, meaning it is propelled out of the aircraft by a rocket, rather than being deployed by airflow. The global market for these parachutes is vast and varied, encompassing a range of different sizes and applications. The market's value was estimated at US$ 19 million in 2023, and it is projected to reach US$ 41 million by 2030, demonstrating a compound annual growth rate (CAGR) of 11.3% during the forecast period from 2024 to 2030.
Less than 10FT, 10-20FT in the Global Ballistic Parachute Market:
The Global Ballistic Parachute Market is segmented based on the size of the parachute, with categories including less than 10FT and 10-20FT. The less than 10FT category includes parachutes that are compact and lightweight, making them ideal for smaller aircraft or situations where space and weight are critical considerations. On the other hand, the 10-20FT category includes larger parachutes that are capable of supporting heavier loads and are typically used in larger aircraft. These different sizes cater to a variety of needs and applications within the market, contributing to its overall growth and diversity.
Light-sport Aircraft (LSA) & Ultralight Aircraft, Unmanned Aerial Vehicle (UAV), Others in the Global Ballistic Parachute Market:
The Global Ballistic Parachute Market finds its usage in several areas, including Light-sport Aircraft (LSA) & Ultralight Aircraft, Unmanned Aerial Vehicle (UAV), and others. In the case of Light-sport Aircraft (LSA) & Ultralight Aircraft, these parachutes provide an essential safety measure, allowing pilots to bring their aircraft to a safe landing in the event of an emergency. For Unmanned Aerial Vehicles (UAVs), ballistic parachutes can help protect valuable equipment and payloads in the event of a failure or malfunction. Other applications include use in experimental aircraft and in certain military applications. The versatility of these parachutes and their ability to cater to a wide range of applications is a key factor driving the growth of the market.
Global Ballistic Parachute Market Outlook:
The market outlook for the Global Ballistic Parachute Market is promising. In 2023, the market was valued at US$ 19 million, and it is expected to more than double to US$ 41 million by 2030. This represents a compound annual growth rate (CAGR) of 11.3% during the forecast period from 2024 to 2030. The market is dominated by the top five manufacturers, who collectively hold a market share of over 25%. Geographically, North America is the largest market, accounting for about 20% of the total market share, followed by Europe with a 10% share. In terms of product segmentation, the 10-20FT category is the largest, accounting for over 30% of the market.
| Report Metric | Details |
| Report Name | Ballistic Parachute Market |
| Accounted market size in 2023 | US$ 19 million |
| Forecasted market size in 2030 | US$ 41 million |
| CAGR | 11.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Ballistic Recovery Systems, Inc., GALAXY GRS s.r.o., Stratos 07, s.r.o., Indemnis, Inc., Opale Parachutes, Mars Parachutes, Drone Rescue Systems GmbH, ParaZero Drone Safety Systems Ltd., Fruity Chutes |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
