The global market for the military parachute is expected to move forward with a substantial boost from several factors during the forecast period of 2018 to2023. It will achieve an impressive CAGR in the process. Market Research Future (MRFR) predicts factors like rising defense expenditure, better technologies, increased awareness regarding safety protocols, military training, and others will help the global market is growing ahead with significant ease. The market will also get traction from growing tensions among several countries.
However, in developing countries, price is a pain point for the military parachute market.
The global military parachute market, as discussed by the experts of MRFR, has been segmented by type, component, and application. In this understanding of the market, factors and figures play a crucial role as they support an all-inclusive study.
By type, the global report on the military parachute market has been segmented into square or parafoil parachute, ram-air parachute, round parachutes, and others. The round parachutes segment had the largest market share in 2017. Meanwhile, the square or parafoil parachute segment is predicted to be the faster-growing market during the forecast period. This is primarily due to increased steerability and better descent control.
By component, the study on the global military parachute market has been segmented into cords, webbings, tapes, canopy, and metal. The canopy segment fetched the maximum market revenue in 2017. The cords segment is expected to grow with the maximum CAGR during the forecast period as the defense expenditure is now focusing on acquiring advanced cords for better protection.
By application, the military parachute market study has been segmented into combat and training. The combat segment was the leading one in 2017. However, growth in military activities would boost the training sector as well.
North America would rule the global market with its rising defense expenditure. In countries like the US and Canada, a significant budget investment for the defense sector is expected to boost the market. In Europe and Asia Pacific, the market is set to increase intake by boosting the front with technology and investment.
The global market for the military parachute is getting support from companies like Zodiac Aerospace (France), Airborne Systems Inc. (UK), FXC Corporation (US), Butler Parachute Systems (US), SPEKON Company (Germany), Mills Manufacturing (US), Atair Aerospace (US), Cimsa Ingeniería de Sistemas S.A. (Spain), Parachute Systems (South Africa), Cirrus Aircraft (China), and NH Global SDN BHD (Malaysia). These companies are using their strategic skills to penetrate the market at a greater level.
These strategies mostly rely on collaborations, mergers, acquisitions, and other techniques. Companies are also preferring innovations and marketing strategies to edge out others and establish their market stand. This process is helping the brands in securing quality spots. MRFR made an attempt to get the hang of their latest market steps to ensure its market study remains holistic in terms of finding trends as well.
In May 2020, the Russian Military, in a special trial of their latest gears, attempted a 10kms fall from the airplane and safely landed in the Franz Josef Land archipelago. The attempt was to commemorate the 90th anniversary of the Russian Airborne Troops. This successful landing is also showing the growing competition between the Russian and American troops over the regions in the Arctic circle.
It is primarily due to the increasing demand for unclaimed shipping routes and pockets of various natural resources that countries are trying to occupy. This will definitely boost the demand for military parachutes in the region.