The global military parachute market is estimated to register a CAGR of more than 7% during the forecast period of 2018 to 2023.
The global military parachute market has been segmented on the basis of type, component, application, and region.
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Based on type, the market has been divided into round parachutes, ram-air parachute, square or parafoil parachute, and others. In 2017, the round parachutes segment accounted for the larger market share. However, the square or parafoil parachute segment is estimated to be the faster-growing market during the forecast period as these types of parachute has higher demand due to its material and design advantages, thus the parafoil parachute would be in high demand in the forecast period.
The key players in the global military parachute market are Butler Parachute Systems (US), Zodiac Aerospace (France), Airborne Systems Inc. (UK), FXC Corporation (US), Atair Aerospace (US), SPEKON Company (Germany), Mills Manufacturing (US), Cimsa Ingeniería de Sistemas S.A. (Spain), Cirrus Aircraft (China), Parachute Systems (South Africa), and NH Global SDN BHD (Malaysia).
Parachutes are generally used to minimize the speed of the object falling on Earth. Large military planes often drop the cargo and supplies over military bases in remote areas using parachutes. The major drivers for the growth of the global military parachute market are the increase in deployment of parachutes in military operations, and advancements in parachute technology. However, the restraints to the market are the declining defense budgets, overstock of parachute inventory within defense sector, and government procedures.
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