DUBLIN, Dec. 16, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/mxkq3n/parachute_market) has announced the addition of the "Parachute Market by Application, by Type, by Component, by Region - Global Forecasts to 2020" report to their offering.
The global parachute market is estimated to register a market size of USD 1.21 Billion by 2020, witnessing a CAGR of 5.92% from 2015 to 2020.
The bulk of the demand for parachutes has been propelled by its deployment for military activities with defense sector being the largest consumer. The growth in demand for parachutes will further be aided by the increase in rate of conflicts globally, increasing use of UAVs for ISR activities, and increasing use of parachutes for recreation. The growth will further be aided by technological advancements such as the use of lightweight fabric, incorporation of GPS systems, drogue chutes, and recovery parachutes.
Military and cargo are the two key application segments considered in the market study. The military segment dominated the overall parachute market as of 2014. The sports application segment is projected to grow at the highest CAGR during the forecast period of 2015 to 2020. The countries in North American and European regions have been involved in several activities to strengthen their military forces, mainly with the objective of being battle-ready. This battle-readiness demands adequate number of paratroopers. Parachutes have made it possible to deliver supplies and equipment to soldiers in warzone. Combat drop and search & rescue operations can be carried out effectively on land and water with the help of parachutes.
Among the parachute types covered in the report, the round parachute segment dominates the parachute type market. In military, round parachutes find their application mostly in ejection seats, cargo, and drogue chutes. These parachutes are also used in civilian applications such as aircraft recovery systems and parasailing. The market for round parachutes will witness high growth rate in the Asia-Pacific region owing to the increasing expenditure on enhancing the air supremacy by countries such as India and China.
The ram-air parachute segment is projected to grow at the highest CAGR during the forecast period. Airborne Systems is a key manufacturer of ram-air parachutes in the North American region, and is expected to dominate the ram-air parachutes market. The U.S. military uses Military Free Fall Advanced Ram-Air Parachute Systems (MFF ARAPS). It replaced MC-4 systems with MFF ARAPS. In the U.S., a ram-air parachute system implementation project for the U.S. forest service is underway.
Matured markets such as North America and Europe invest heavily in development and procurement of technical textiles for recovery and troop parachutes. Emerging markets have faced slower recognition of parachutes and their potential benefits due to lack of funds and awareness. Development in these markets is expected to speed up during the forecast period as they offer several untapped and unexplored opportunities.
The global parachute market is diversified and competitive, with the majority of players from the North American and European regions. The market is dominated by companies based on their core competencies.
Key players in this market include Airborne Systems (U.S.), Mills Manufacturing (U.S.), Butler Parachute Systems (U.S.), Spekon (Germany), FXC Corporation (U.S.), and CIMSA Ingenieria (Spain).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Global Parachute Market, By Application
8 Global Parachute Market, By Type
9 Global Parachute Market, By Component
10 Global Parachute Market, By Region
11 Competitive Landscape
12 Company Profiles
- Airborne Systems
- Atair Aerospace, Inc.
- Ballenger International, LLC
- Butler Parachute Systems Group, Inc.
- Cimsa Ingenieria De Sistemas, S.A.
- Cirrus Aircraft
- FXC Corporation
- Mills Manufacturing
- NH Global SDN BHD
- Parachute Systems
- Zodiac Aerosafety
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SOURCE Research and Markets