The military parachutes market is projected to experience a growth rate of 5.5% throughout the forecast period. The global market, starting at US$ 1.42 billion in 2023, is predicted to exceed US$ 2.43 billion by 2033.
The majority of military parachute sales are expected to be fueled by their application in diverse military operations, with the defense sector serving as the primary end-user industry in the market. Additionally, the augmented utilization of parachutes for activities such as leisure and the deployment of UAVs for ISR operations have contributed to the increased adoption of parachutes.
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Anticipated Surge in Military Parachutes Sales Driven by Defense Industry and UAV Operations
The defense industry is poised to be the primary driving force behind the increased sales of military parachutes, with their utilization spanning a range of military operations. Additionally, the rising use of Unmanned Aerial Vehicles (UAVs) for Intelligence, Surveillance, and Reconnaissance (ISR) operations has been facilitated by the growing adoption of parachutes in various procedures, including leisure activities.
Furthermore, the projected growth in military parachutes sales is expected to be further propelled by the escalation of international conflicts. The incorporation of technological advancements such as lightweight materials, GPS systems, drogue chutes, and recovery parachutes is set to contribute to the global expansion of the military parachute market. Industry experts unanimously view these factors as conducive to the promising growth of the military parachute market.
“Military parachutes find essential applications in cargo and military sectors, establishing a robust foundation for the burgeoning growth of the military parachute market,” comments an analyst at Future Market Insights.
Key Insights from the Military Parachute Market:
- The North American region dominates the market share, propelled by prominent parachute manufacturers like Mills Manufacturing, BAE System Plc, and Airborne Systems situated in the US.
- Europe commands a significant market share, attributed to substantial investments in parachute production within the region.
- The Asia-Pacific region is projected to contribute over 30% of the market share during the forecast period, driven by increased defense equipment spending in the upcoming years.
Prominent Companies in the Military Parachute Market:
- Airborne Systems
- Butler Parachute Systems
- Cimsa Ingenieria De Sistemas, S.A.
- Complete Parachute Solutions, Inc.
- Fujikura Parachute CO., LTD.
- FXC Corporation
Recent Developments in the Global Military Parachute Market:
- Lockheed Martin Contract for F-35 Parachutes: In July 2021, Lockheed Martin, a renowned aerospace and defense company, secured a significant contract valued at USD 62 million. The contract was awarded to supply parachutes and drag chute systems for the F-35 Lightning II combat aircraft. Under this contract, Lockheed Martin is tasked with delivering 190 parachutes and 56 drag chute systems. These systems are intended for non-Department of Defense (DOD) participants and Foreign Military Sales (FMS) clients. This contract highlights the company’s role in providing crucial equipment to enhance the performance and safety of advanced combat planes.
- Testing of T-11R Single Pin Troop Reserve Parachute: In January 2021, the US Airborne and Special Operations Test Directorate (ABNSOTD) conducted comprehensive testing on the new T-11R Single Pin Troop reserve parachute. The purpose of the testing was to ensure the functionality and reliability of the parachute from both rotary and fixed-wing high-performance aircraft. Successful testing of the T-11R Single Pin Troop reserve parachute is expected to facilitate its mass induction. The significance of this development lies in the potential enhancement of safety for military personnel during airborne operations by utilizing advanced reserve parachute systems.
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Market Segmentation Analysis:
By Product Type:
- Round-type Parachute
- Cruciform Parachute
- Ribbon and ring/ Annular
- Ram air parachute
By Application:
- Personnel parachutes
- Cargo Parachutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Explore This Report From Different Publication:
Military Parachute Market Size @ https://www.openpr.com/news/2880215/military-parachute-market-to-grow-at-a-rate-of-5-5-cagr-during
Military Parachute Market Share @ https://www.digitaljournal.com/pr/news/future-market-insights/military-parachute-market-is-expected-to-generate-huge-profits-by-2032
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