Enjoy complimentary customisation on priority with our Enterprise License!
The market trends and analysis report covers an in-depth analysis of market growth factors like the growth of skydiving tourism, the development of parachutes for space applications, and the reliability concerns associated with parachute systems.
To learn more about this report, View Sample PDF
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Aerodyne Research LLC, Atair d.o.o., Ballenger International LLC, Butler Parachute Systems, CIMSA Ingenieria de Sistemas SA, Fujikura Ltd., FXC Corp., MarS as, Mills Manufacturing Corp., NZ Aerosports Ltd, Parachute Laboratories Inc., Parachute Systems, Parachutes Australia, Performance Designs Inc., Precision Aerodynamics, Sachsische Spezialkonfektion GmbH, Safran SA, Skylark, and Transdigm Group Inc.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growth of skydiving tourism is the key factor driving the market. Skydiving is an adventure sport that involves jumping from an aircraft and performing certain acrobatic maneuvers during free falls. The demand for skydiving equipment such as parachutes and associated accessories can be attributed to several factors, including the evolving lifestyle of consumers in the form of an increasing number of outdoor vacation trips and the presence of favorable government policies to promote adventure tourism. The aggressive digital marketing initiatives undertaken by major skydiving centers across the world have helped create a sustainable business model and increased interest and participation in adventure sports.
Further, rising per capita income drives the market, resulting in a sustained increase in international tourism. People's disposable incomes are rising all over the world, boosting leisure travel by shifting preferences and expanding opportunities. These factors will boost the growth of skydiving tourism, which in turn will propel the growth of the market during the forecast period.
The development of parachutes for space applications is the primary trend shaping the market. The scope of application of this system has widened to encompass even space. Extensive R&D efforts are being undertaken to develop parachutes that are capable of being deployed in space. The National Aeronautics and Space Administration (NASA) is developing this system for integration into its Orion space shuttle, which the organization is planning to launch in 2024.
Moreover, airborne has been contracted to develop this system. The company's R&D efforts are directed toward the development of high-performance materials for parachutes and the designing of a highly reliable system that can withstand the failure of either a drogue or a main parachute. SpaceX is also testing the recovery system for its Crew Dragon capsule. The Crew Dragon capsule can carry up to seven astronauts and is a fully integrated system. Thus, such developments are expected to significantly augment the market prospects of companies during the forecast period.
Reliability concerns associated with parachute systems is a challenge that affects the market. These are essential safety equipment in a wide range of industries, including the military, aviation, sports, and recreation. When dependability issues arise, they can have serious consequences, such as damage or death, tarnishing the reputation of the manufacturers and the industry as a whole. Moreover, major accidents serve as a sobering reminder of the dangers associated with defective systems.
Additionally, reliability problems might dissuade potential purchasers, including military and civilian organizations, from investing in this equipment, resulting in lower demand and slower market growth. Disparities in regional skydiving legislation have led state or local authorities to propose temporary or permanent bans, claiming procedural difficulties. Therefore, such litigious events may impede market growth during the forecast period.
Get a detailed analysis of drivers, trends, and challenges Request Free PDF Sample !
The nylon segment will account for a major share of the market's growth during the forecast period.?Nylon offers durability, flexibility, and lightness, ideal for recreational, military, and aerospace applications. Growing adventure sports participation drives demand, while technological advancements enhance performance. Military modernization efforts also boost demand for nylon parachutes. The nylon segment was valued at USD 566.11 million in 2018. Manufacturers like Aerodyne and Performance Designs Inc. specialize in nylon parachutes, valued for their strength-to-weight ratio, flexibility, and cost-effectiveness compared to silk and Kevlar alternatives. Hence, these factors will propel the growth of the nylon segment in the market during the forecast period.
To gain further insights on the market contribution of various segments Request a PDF Sample
The market is segmented by type into round, ram air, square and cruciform, and drogue. The round segment will account for the largest share of this segment.?
North America is estimated to contribute 32% during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America dominates the market, led by the US's extensive use and export of parachutes, particularly in defense operations. Despite plans for full adoption of the T-11 parachute, significant drawbacks necessitate ongoing research and development. Commercially, skydiving drives demand, with numerous registered drop zones across the region. These are finding new applications in space capsule recovery and cargo delivery via drones, with companies like SpaceX and ParaZero innovating in this space. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market is diverse, catering to both the commercial market and the military market with various product types and applications. Market segmentation is evident across different regions, offering a wide array of parachute options such as round, ram air, Rogallo-wing, ribbon and rang, and annular. Further, applications range from rescue and recovery operations to aero sports and cargo carrying, each requiring specific components like canopies, cords, tapes, and webbings. The market also includes break chutes for safety measures during descent.
Furthermore, innovations in metal and airborne systems drive advancements in the industry, with emerging trends like NZ Aero-sports gaining traction. The market caters not only to military needs but also to recreational and commercial activities, reflecting its versatility and adaptability. In addition, as the demand for these continues to evolve, particularly in sectors like aero sports and cargo transportation, the industry remains dynamic, offering opportunities for growth and development in various applications and regions worldwide.
|
Parachute Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2023 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.21% |
|
Market Growth 2024-2028 |
USD 430.07 million |
|
Market structure |
Fragmented |
|
YoY growth (%) |
4.45 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 32% |
|
Key consumer countries |
US, Canada, China, Germany, and UK |
|
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
|
Key companies profiled |
Aerodyne Research LLC, Airborne system, Atair d.o.o., Ballenger International LLC, Butler Parachute Systems, CIMSA Ingenieria de Sistemas SA, Fujikura Ltd., FXC Corp., MarS as, Mills Manufacturing Corp., NZ Aerosports Ltd, Parachute Laboratories Inc., Parachute Systems, Parachutes Australia, Performance Designs Inc., Precision Aerodynamics, Sachsische Spezialkonfektion GmbH, Safran SA, Skylark, and Transdigm Group Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
