The parachute Market has been valued US$ 564.3 million in the year 2021 and it is estimated to reach US$ 809.8 million by the year 2027, with a CAGR of 5.71% from 2022 to 2027. Parachute a cloth canopy which fills with air and allows a person or heavy object attached to it to descend slowly when dropped from an aircraft, or which is released from the rear of an aircraft on landing to act as a brake ; these are the main factors that have considerably increased the demand for the Parachute in the market, thereby driving the huge growth of the Parachute market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Parachute in the market is mainly due to the includes growing demand among thrill seekers who operate parachutes during recreational activities, and growth of aero sports globally. Also, as incomes continue to rise especially in emerging economies, more consumers will try skydiving, thus boosting the overall commercial demand for parachutes. The major restraint affecting the growth of the commercial parachute market include the stringent regulatory compliance and lawsuits. Regulations and checks imposed on parachutes manufacturers are very strict as commercial parachutes come with considerable amount of life risk if it fails operationally; these are the main factors that have considerably increased the demand for the Parachute in the market, thereby driving the huge growth of the Parachute market in the upcoming years

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The report is segmented as:

Parachute Market is segmented on the basis of by :

By Type (Round, Cruciform, Ram-Air parachutes, and others);

By Application (Military and Commercial)

Geographical Segmentation:

Parachute Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Parachute is due to growing demand among thrill seekers the these are the main factors that have considerably increased the demand for the Parachute in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Parachute Market

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Impact of COVID-19 on Market

Covid -19 pandemic has created huge losses in every sector across the world, and temporary lack of growth in export and import activities, which has impacted the raise of Parachute market growth. Due to covid-19 many companies has shut down and stopped their production and has decreased the availability of Parachute. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Parachute market growth.

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