Parachuting has become a necessary military capability as there is limited access to certain places and air insertion is the only option
The global parachute market is expected to grow from an estimated USD 910.50 million in 2015 to USD 1.21 billion by 2020, at a CAGR of 5.92% from 2015 to 2020. The market for parachute is driven by various factors, such as increasing demand by military for future battlefield operations, airplane recovery parachute system, and growth of aero sports.
Military application segment to capture highest market size during the forecast period
The key applications considered for the market study are military, cargo, sports, rescue, recovery, and break chutes, wherein the overall parachute market is dominated by the military segment. However, the sports segment is projected to grow at a comparatively higher CAGR during the forecast period of 2015 to 2020, primarily driven by the growth of aero sports. This trend is mainly being witnessed in the North American and European region.
North America dominates; Asia-Pacific to grow at the highest rate
The North American region dominates the global parachute market; increasing demand for cargo and personal parachutes for air delivery systems are the major drivers for the parachute market across North America. The U.S. defense force is one of the largest in the world and there has been a continuous increase in the defense spending by the U.S. government. The market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The key factors that will drive the growth of APAC parachute market are the rise in maritime patrol services in the Indian Ocean and South China Sea and the increase in defense expenditures of India and China. The exports of small parachute in China grew by 284% in 2012 as compared to 2009, as stated by NISAT. Huge domestic production base and consumption pattern of small parachute is witnessing a strong growth in the APAC market.
