Future Market Insights’ published market report titled “Military Parachute Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2027” examines the Military Parachute market and offers crucial market insights for the next ten years. According to company’s analysis, the global sales of military parachutes is estimated to be valued at US$ 918.4 Mn by the end of 2019 and is expected to register 4.6% CAGR over the period of 2019–2027. This report analyses the demand for Military Parachutes and its break-up on the basis of different types and applications.
The Military Parachute market report has been segmented on the basis of product type, applications and region. By product type, the round type segment is anticipated to register significant growth over the forecast period in the Military parachute market with manufacturers focusing on developing integrated solutions for military parachutes as per the demand from different countries.
Factors Driving the Military Parachute Market: According to estimates, the global military parachute market is anticipated to reach approximately US$ 958.4 Mn by 2020. Governments of major countries have increased their military budget over the past couple of years in a bid to display their military strength to the world. Countries, such as the US, Russia and China, spend heavily on their military and have observed significant increase in military expenditure over the past couple of years. Similarly, countries, such as India, Saudi Arabia and North Korea, have also increased their military budgets to establish their strength in terms of global dominance. For instance, the U.S. has 199,485 (approximately 15% of total troops) military personnel deployed overseas in countries, such as Japan (39,345), Germany (34,805), Afghanistan (9,294), Iraq (5,540) among others, and has approximately 800 bases, which cost US$ 800 billion in terms of maintenance.
Round-Type Military Parachute Segment to Capture Significant Share: On the basis of product type, the military parachute market has been segmented into round type, cruciform parachutes, ribbon and ring/annular. Round-type military parachute segment captures significant share in the market.
Personal Parachute Segment Projected to Be an Important Segment in the Market: By application, the personal parachute segment is projected to be an important segment in the market. Political unrest and economic instability in Latin America, Africa and Middle East countries have created an increase in the number of migrants fleeing across borders to more economically stable countries in North America and Europe. With increase in the number of migrants, countries, such as US, Germany, France, UK and other European countries, have increased security and military deployment at borders to regulate people migrating from their countries. Given the increasing number of security and military deployments in the above-mentioned countries, the demand for deployable military parachutes is expected to be expand during the forecast period.
Military Parachute Market Will Be Dominated by APEJ and North America: The military parachute market is being driven by the continuous investments being made by governments in the military sector. APEJ and North America regions are estimated to be the important regions in the global military parachute Market, with China, the U.S and India being key contributors to the growth of the APEJ military parachute Market. The NAFTA region is expected register significant growth in the military parachute market owing to high military expenditure in the region. The U.S. is expected to hold prominent market share in the North America Military parachute market owing to the presence of many manufacturers in the region. In Western Europe, Germany is projected to be an important region in the military parachute market over the forecast period.
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Military Parachute Market: Competitive Landscape: Some of the players reported in this study on the global military parachute market are Airborne System, BAE Systems Plc, Mills Manufacturing, Spekon, Ballenger International, Safran SA, Butler Parachute Systems Group Inc., Complete Parachute Solutions, Inc., Aerodyne Research, LLC, Cisma CIMSA Ingeniería de Sistemas, S.A. and Cirrus Design Corporation.