The new commercial and military parachute market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Commercial and Military Parachute Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the commercial and military parachute market.
"One of the primary growth drivers for this market is the Development of Advanced Aircraft Ballistic Recovery Systems," says a senior analyst for the Industrials industry at Technavio.
The development of advanced aircraft ballistic recovery systems will also influence the growth of the commercial and military parachute market. An aircraft ballistic recovery system consists of a rocket-deployed parachute that is used to decelerate an aircraft while landing on short runways or in cases of engine failure or fuel exhaustion. The use of drogue parachutes in fighter jets operating in cold regions ensure safe landing by minimizing the risk of runway skidding due to ice. Few aircraft manufacturers provide advanced aircraft ballistic recovery systems as standard fitment with their aircraft. Although the use of advanced aircraft ballistic recovery systems is limited to aircraft having a maximum weight of 7,700 lbs., technological advancements in the development of parachute textiles with high tensile strength and low shearing failure will boost its adoption in several new aircraft models. The development of advanced aircraft ballistic recovery systems will be a significant factor driving the growth of the commercial and military parachute market.
As the markets recover Technavio expects the commercial and military parachute market size to grow by USD 309.06 million during the period 2020-2024.
Commercial and Military Parachute Market Segment Highlights for 2020
The commercial and military parachute market is expected to post a year-over-year growth rate of -27.52%.
The round parachute market segment will account for the highest commercial and military parachute market share.
The emergence of new product offerings with enhanced application profile will be one of the significant factors fueling commercial and military parachute market growth in this segment.
33% of the growth will originate from the APAC region.
The need to ensure national security and achieve military dominance and the rising popularity of skydiving will significantly drive commercial and military parachute market growth in this region over the forecast period.
China is one of the key markets for commercial and military parachutes in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The commercial and military parachute market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
The commercial and military parachute market is segmented by Type (Round, Ram air, Square and cruciform, and Drogue) and Geography (North America, Europe, APAC, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Aerodyne Research LLC, BAE Systems Plc, Ballenger International LLC, CIMSA Ingenieria de Sistemas SA, FXC Corp., Mills Manufacturing Corp., Rostec State Corp., Sachsische Spezialkonfektion GmbH, Safran SA, and TransDigm Group Inc.
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