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The Global Parachute Market is experiencing a significant growth from past few years and its expected that both Commercial and Military market will reach an estimated value of $320.26 million by 2027.The craze of aerial sports and war situations across the globe had led to sudden rise in demand for parachutes. The COVID-19 pandemic did hamper the Global Parachute Market, some suppliers and product manufacturers have seen a sharp decline in business and profit, but others have managed to sustain themselves although their wealth is dependent on the markets they serve and their ability to turn to products at once when suddenly in demand.
The Global Parachute Market is segmented according to Type, Application, Component and Region.
Key Market Driver -
• Long term contracts with Manufacturing Firms for both Commercial and Military Purpose. • Technologic advancements in parachute fabrics and tools used will make them more reliable. • Increasing demand of parachutes for Aero sports
Key Market Restraint -
• Stringent government regulations • Reports of parachute malfunction involving some incidents or accidents.
When a person is jumping out of a plane it doesn’t really matters what type of parachute that individual have got on his/her back, as long as it opens and gets that person back on earth safely. Although there are some parachute types such as Round Parachute, Ram Air Parachute, Rogallo-Wing Parachute, Ribbon and Rang Parachute and Annular Parachutes.
The parachute is simple piece of technology with one simple purpose, that is to slow down the fast moving object or people by decreasing the rate of descent and increasing drag. The wide flat expanse of fabric catches the air and pulls back on the object or subject to which its attached. The devices used in number of different settings and application ranging from military to commercial purposes and are further classified into some other applications like Rescue and Recovery, Aero Sports, Break Chutes and Cargo carrying.
The Parachute market has been divided into canopy, cords, tapes, webbings, and metal. The canopy segment is expected to be the fastest-growing segment during the review period. The cords segment is projected to register the highest CAGR during the review period. This can be attributed to the increased demand for lightweight nylon kernmantle cords.
The Global Parachute Market is concentrating largely among some key players like; Airborne system (The U.S.), Mills Manufacturing (The U.S.), Spekon (Germany), FXC Corporations (The U.S), Butler Parachutes Systems
(The U.S.), Safran SA (France), Raytheon Technologies Corporation (The U.S.), Zodiac Aerospace (France) Aerodyne Research LLC (The U.S.), Parachute systems (The U.S.) BRS Aerospace (The U.S.), CISMA Ingenreria (Spain), Ballenger International (The U.S), NZ Aero-sports (New Zealand), Parachutes Australia (Australia), VITAL Parachutes (Korea Republic).
The Parachute Manufacturing industry is expected to experience a steady growth in the coming years. North America accounts for a largest share in the global market in terms of revenue and is expected to witness a significant growth over the forecast period. Availability of technologically advanced military parachutes due to the presence of major players in the region is expected to drive the growth of the market in North America. Europe market is expected to register a moderate growth rate in the near future, owing to increase the investment in parachute manufacturing companies in this region. In 2020 Asia Pacific registered the highest growth rate of 32.52% among the other regions. Therefore, the commercial and military parachute market in Asia Pacific is expected to gain significant business opportunities for the vendors during the forecast period.
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