(MENAFN- GetNews) Global Military Parachute Market: Information by Type (Round Parachutes, Ram-Air Parachute, Square Or Parafoil Parachute, and others), by Component (Canopy, Cords, Tapes, Webbings, and Metal), Application (Combat and Training), & by Region—Forecast till 2023
Market Synopsis:
As per Market Research Future (MRFR)'s analysis, the global military parachute market is expected to expand constantly at a CAGR of 7% during the forecast period of 2018 to 2023. Parachutes are used for multiple purposes in the defense sector, and a substantial portion of the defense budget is allocated for these parachutes every year. The demand for parachutes is only prognosticated to increase over the next couple of years. Furthermore, the technological advancements are also likely to propel the expansion of the military parachutes market across the review period.
Military parachutes serve both the purposes of training and combat. Every year troops of men are trained across different nations with parachutes. The developments in the parachute technology also intensify the need for the training of existing military men. This, in turn, has motivated the growth of the military parachute market and catapulted it on an upward trajectory.
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These parachutes are often used for dropping supplies in the disaster-stricken areas. Natural calamities such as earthquakes, tsunami, flood, etc. have necessitated the use of parachutes for making food and other supplies available to the victims. This is one of the major factors responsible for driving the expansion of the military parachute market. However, factors such as declining defense budgets, and overstock of parachute inventory are poised to check the expansion of the market over 2023.
Market Segmentation:
By type, the global military parachute market has been segmented into round parachutes, ram-air parachute, square or parafoil parachute, and others.
By component, the military parachute market has been segmented into canopy, cords, tapes, webbings, and metal.
Based on application, the global military parachute market has been segmented into combat and training.
Regional Analysis:
The global military parachute market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is expected to retain the dominant share of the market through the assessment period. Its growth can be attributed to the presence of key players in the region. Furthermore, the region houses the largest and the most advanced army of the world in the U.S. This is likely to work in favor of the expansion of the military parachute market over the next couple of years.
Asia Pacific has been prognosticated to exhibit the steepest rise in the growth of themilitary parachute marketin the forthcoming years. The region has seen a drastic increase in the training activities being conducted every year. This is presumed to drive the growth of the market in the region.
Competitive Dashboard:
Some of the key players profiled in the report are FXC Corporation (U.S.), Zodiac Aerospace (France), Airborne Systems Inc. (U.K.), Butler Parachute Systems (U.S.), Atair Aerospace (U.S.), SPEKON Company (Germany), Cirrus Aircraft (China), Cimsa Ingeniería de Sistemas S.A. (Spain), Parachute Systems (South Africa), Mills Manufacturing (U.S.), and NH Global SDN BHD (Malaysia).
Industry News:
In January 2019, a virtual reality parachute jump simulator has been demonstrated by the Russian military at the 209th Special Parachute Training Centre, Ryazan.
In January 2019, the U.S. Army and the U.S. Marine Corps have announced the successful testing of a new low-cost parachute system which comprises of four high-velocity-high-cost, four low-velocity-low-cost, and two Joint Precision Aerial Delivery Systems. The test was conducted at Camp Buehring, Kuwait.
In October 2018, some of the members of the U.S. Navy parachute team, 'The Leap Frogs, have performed at the San Francisco Fleet Week (SFFW) 2018.
In July 2018, the U.S. military has conducted the fifth parachute training in the Tsuken Island training area.
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