Market Size of Parachute Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.36 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 6.32 % |
| Fastest Growing Market | Latin America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Parachute Market Analysis
The Parachute Market size is estimated at USD 1.36 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 6.32% during the forecast period (2024-2029).
Paratroopers widely use parachutes for combat operations in the military. The military parachute market is experiencing growth due to increasing security concerns arising from territorial conflicts and global terrorism. Military forces are now more focused on improving their rapid deployment capabilities, which in turn necessitates the use of high-performance parachutes for quick and safe troop insertion.
The military's increasing use of UAVs in operations provides an opportunity to deploy specialized parachute systems for their safe recovery. Moreover, the growth of the market is being driven by advancements in parachute materials such as lightweight and smart textiles, and the deployment of advanced guidance and control systems.
However, stringent regulations and high development costs are expected to hinder market growth. Developing an advanced military parachute requires significant research and development expenses, which can be challenging for smaller companies with limited resources. Nonetheless, with the rise in defense expenditures and growing global conflicts, the market segment is expected to grow positively during the forecast period.
