Military Parachute Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.36 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 6.32 % |
| Fastest Growing Market | Latin America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Military Parachute Market Analysis
The Parachute Market size is estimated at USD 1.36 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 6.32% during the forecast period (2024-2029).
Paratroopers widely use parachutes for combat operations in the military. The military parachute market is experiencing growth due to increasing security concerns arising from territorial conflicts and global terrorism. Military forces are now more focused on improving their rapid deployment capabilities, which in turn necessitates the use of high-performance parachutes for quick and safe troop insertion.
The military's increasing use of UAVs in operations provides an opportunity to deploy specialized parachute systems for their safe recovery. Moreover, the growth of the market is being driven by advancements in parachute materials such as lightweight and smart textiles, and the deployment of advanced guidance and control systems.
However, stringent regulations and high development costs are expected to hinder market growth. Developing an advanced military parachute requires significant research and development expenses, which can be challenging for smaller companies with limited resources. Nonetheless, with the rise in defense expenditures and growing global conflicts, the market segment is expected to grow positively during the forecast period.
Military Parachute Market Trends
Round Parachute Segment is Expected to Dominate the Market
In recent years, there has been a gradual growth of round parachutes in various defense forces worldwide. The expanding use of parachutes in the defense and military sector for personal transportation, training, and distribution, coupled with the multiple advantages on offer, are some of the important factors that will lead to growth in the demand and the usage of round parachutes in the worldwide defense sector in the coming years. Military parachutes are designed for military personnel to use during airborne operations. These parachutes are designed to be durable and reliable, allowing the defense personnel to make safe jumps from aircraft or helicopters and provide for a safe ground landing.
Furthermore, various defense personnel all over the world, including major countries such as the US, Russia, China, India, and the UK, still use round parachutes compared to other types of parachutes. The round military parachutes are ideal when dropping many defense personnel in a small area at relatively lower altitudes. It creates the demand for round parachute segment growth. Also, various defense parachute manufacturers invest heavily in research and development for manufacturing and testing round parachutes with advanced capabilities and qualities. For instance, in March 2023, the US Army tested an innovative reusable round parachute technology with airbags designed to airdrop military trucks ready for combat. Thus, the benefits that round parachute provides makes them an ideal choice to be still used by various defense personnel worldwide. Moreover, advancements in product design by various defense parachute manufacturers will drive a positive outlook on the market in the forecast period.
North America Dominates the Market During the Forecast Period
North America held the highest shares in the military parachute market and continued its domination during the forecast period due to the presence of major countries such as the US. In the last decade, the US witnessed persistent political unrest and frequent terrorist activities. Thus, the defense forces across the region need to be prepared for immediate deployments to tackle terrorist activities in a geographically diverse environment. The other driving factor is the US and Canada's rising defense expenditure and modernization programs. The US is the world's largest spender on defense, with a budget of USD 877 billion for fiscal year 2022. The US military constantly upgrades its equipment and capabilities to maintain its global dominance and readiness for potential threats.
Additionally, the US defense agencies highly invested in procuring advanced military parachutes. The US Army is using a T-11 parachute developed by Airborne Systems. The T-11 replaces the legacy T-10, used by the US Army for over 50 years. The T-11 is the next-generation non-steerable troop parachute system. Airborne Systems is the only company-qualified source to provide the T-11 system internationally. For instance, in August 2022, the US DoD signed a contract worth USD 36 million with the DeLand parachute maker to produce parachutes and related equipment for the US Navy SEALs through August 2027. Under the agreement, the company will develop MT-3 and MT-4 parachute systems.
Furthermore, the US Department of Defense budget request for 2024 prioritizes joint force readiness. The DoD plans to invest USD 146.0 billion to build and maintain warfighting forces and capabilities. For Army readiness, the US DoD is investing USD 28.8 billion; for Navy readiness, the investment is approximately USD 52.8 billion. Increasing focus on enhancing defense capabilities and future defense plans will create further opportunities in the coming years. Such investments are expected to drive the military parachute market in the region during the forecast period.
Military Parachute Industry Overview
The military parachute market is semi-consolidated, with many prominent players competing for a larger market share. The major players in the market are Safran, RTX Corporation, Aerodyne Research LLC, Mills Manufacturing, and Parachute Systems. The stringent norms and regulatory policies in the defense sector are anticipated to restrict the entry of new vendors.
Economic conditions influence the sales of technology-based platforms such as parachutes in dominant markets such as Europe and Asia-Pacific. Delays or failures in obtaining licenses and certifications for export can also cause business uncertainty, which can hurt vendors' businesses and operating results. The key players are highly investing in developing innovative products and efforts to capitalize on parachutes' proficiency. Rising demand for parachutes for military applications drives the market growth.
Military Parachute Market Leaders
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Aerodyne Research LLC
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Mills Manufacturing
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Parachute Systems
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RTX Corporation
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Safran
*Disclaimer: Major Players sorted in no particular order
Military Parachute Market News
September 2023: The Indian Air Force tested an indigenously developed military combat parachute system developed by the Aerial Delivery Research and Development Establishment.
April 2023: The German Armed Forces tested its newly developed EPC-B parachute. The testing was done to check the behavior of the parachute during the jump and opening process and to replace Bundeswehr鈥檚 T-10 parachute.
Parachute Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Round Parachute
5.1.2 Cruciform Parachute
5.1.3 Ram-air Parachute
5.1.4 Other Types
5.2 Application
5.2.1 Military
5.2.2 Cargo
5.2.3 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Turkey
5.3.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 TransDigm Group Incorporated
6.2.2 Mills Manufacturing
6.2.3 Precision Aerodynamics
6.2.4 Aerodyne Research LLC
6.2.5 Safran
6.2.6 FXC Corporation
6.2.7 Parachute Systems
6.2.8 BAE Systems plc
6.2.9 NZ Aerosports Ltd.
6.2.10 Bourdon Forge Company, Inc.
6.2.11 RTX Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Military Parachute Industry Segmentation
A parachute is a device designed to slow the rate of descent of a body under free fall by creating drag. Modern parachutes are designed to reduce the terminal velocity of the user by as much as 90%.
The military parachute market is segmented by type, application, and geography. By type, the market is segmented into round, cruciform, ram-air, and other types. By application, the market is segmented into military, cargo, and other applications. Also, the report covers the market sizes and forecasts for the military parachutes market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Type | |
| Round Parachute | |
| Cruciform Parachute | |
| Ram-air Parachute | |
| Other Types |
| Application | |
| Military | |
| Cargo | |
| Other Applications |
| Geography | |||||||
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Parachute Market Research Faqs
How big is the Parachute Market?
The Parachute Market size is expected to reach USD 1.36 billion in 2024 and grow at a CAGR of 6.32% to reach USD 1.85 billion by 2029.
What is the current Parachute Market size?
In 2024, the Parachute Market size is expected to reach USD 1.36 billion.
Who are the key players in Parachute Market?
Aerodyne Research LLC, Mills Manufacturing, Parachute Systems, RTX Corporation and Safran are the major companies operating in the Parachute Market.
Which is the fastest growing region in Parachute Market?
Latin America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Parachute Market?
In 2024, the North America accounts for the largest market share in Parachute Market.
What years does this Parachute Market cover, and what was the market size in 2023?
In 2023, the Parachute Market size was estimated at USD 1.27 billion. The report covers the Parachute Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Parachute Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Parachute Industry Report
Statistics for the 2024 Military Parachute market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Military Parachute analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
