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.
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.
Based on application, the market has been categorized as combat and training. In 2017, the combat segment accounted for the larger market share. However, training is estimated to be the faster-growing during the forecast period. An increase in the number of military training across the globe is propelling the growth of the segment.
Based on component, the market has been divided into canopy, cords, tapes, webbings, and metal. The canopy segment is expected to be the fastest-growing segment during the review period. The cords segment is projected to register the highest CAGR during the review period. This can be attributed to the increased demand for lightweight nylon kernmantle cords.
In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period.
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