Military Parachute Global Market Report 2023
Major players in the military parachute market are Airborne systems Inc., Butler parachute systems, CIMSA Ingeniería de Sistemas S.A., FXC Corporation, Mills Manufacturing, SPEKON Company, Magam Safety Ltd.
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Parachute Global Market Report 2023" - https://www.reportlinker.com/p06479950/?utm_source=GNW
, VITAL Parachute Inc., Aerodyne Research LLC, Atair Aerospace Inc., Avic Hongguang Airborne Equipment, BAE System Plc., Ballenger International LLC, Cirrus Design Corporation, Global SDN BHD, Safran SA, Zodiac Aerospace, Complete Parachute Solutions Inc., and Fujikura Parachute Co Ltd.
The global military parachute market is expected to grow from $1.23 billion in 2022 to $1.32 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The military parachute market is expected to reach $1.71 billion in 2027 at a CAGR of 6.7%.
The military parachute market consists of sales of parachutes for airborne troops, cargo, extraction, and deceleration.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A military parachute is a troop primary parachute created for the purpose of carrying out individual, group, and mass leaps from military aircraft and helicopters as well as combat and training jumps. It entails jumping out of a plane, holding onto a "static line" attached to the aircraft while waiting for the canopy to open automatically.
North America was the largest region in the military parachute market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in military parachute report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of the military parachute are round-type parachutes, cruciform parachutes, ribbons, ring or annular parachutes, and ram air parachutes.Round-type parachutes refer to parachutes that are round and are employed in military, emergency, and freight applications.
The various components include canopy, cords, tapes or webbings, and metal and are used in various applications such as personnel parachutes, and cargo parachutes.
Increasing military expenditure is expected to propel the growth of the military parachute market going forward.Military expenditure is the amount spent on weapons, weapons systems, operations, maintenance, personnel, and other specific military equipment.
Government spending on the military would support the development of various aspects of the military including military parachute. For instance, in December 2022, according to the European Defense Agency, a Europe-based defense agency, member states are spending a record amount of $53.4 USD billion (€52 billion) on the purchase of defense equipment, a rise of 16% compared to 2020. Further, total European defense spending reached a new high of $228.6 USD billion (€214 billion), up 6% from 2020 and continuing a seven-year trend of expansion. Therefore, increasing military expenditure is driving the military parachute market.
Advancements in parachute technology are a key trend gaining popularity in the military parachute market.Major companies operating in the military parachute market are adopting new technologies to sustain their position in the market.
For instance, in August 2021, Technodinamika Group, a Russia-based technology company launched Gorizontal-4000 cargo parachute system technology to airdrop Taifun-VDV 4x4 armored. The new system is simpler to set up and separates after it lands, enabling soldiers to leave the drop zone right once and flee danger.
In April 2022, Aviation Safety Resources, a US-based aerospace company acquired Pioneer Aerospace Corporation for an undisclosed amount. With this acquisition, ASR-Pioneer will be able to satisfy the demands of the advanced air mobility and other expanding markets in terms of manufacturing capacity. Pioneer Aerospace Corporation is a US-based aerodynamic deceleration manufacturer that develops the most advanced military free-fall parachute system
The countries covered in the military parachute market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The military parachute market research report is one of a series of new reports that provides military parachute market statistics, including military parachute industry global market size, regional shares, competitors with a military parachute market share, detailed military parachute market segments, market trends, and opportunities, and any further data you may need to thrive in the military parachute industry. This military parachute market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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