It is estimated that the global parachute market will be US $2.3 billion worth by 2032, and parachute manufacturers in India are rising to this demand. Within India, this industry segment has seen fantastic growth in recent years thanks to the government’s “Make in India” initiative. Besides two Defence PSUs namely OEF Hazratpaur and OPF Kanpur, a few Private Defence Firms such as Oriental Industries, Kusumgar etc have entered the market. But it is not just the demand from the armed forces that is fuelling this growth, and it is also the demand from civilian sectors that are making this segment important.
In the military segment, the demand for parachutes is from all military branches. The army and navy perform airborne missions, not to mention the air force. Parachutes are an integral part of such missions. In recent times, joint military exercises with friendly nations have increased, so parachutes are in demand. Apart from that, cargo transfer and rescue missions also need to have parachutes.
Aerial sports like skydiving is another reason for the rapid growth of the parachute manufacturing industry. Asia-Pacific region especially is seeing a rapid boom in this aerial sport as the disposable income of the people in this region is increasing. Even indoor skydiving is on the rise opening up a new market for leaders in this business.
Another parachute that is often in demand from recreational businesses is parasailing parachutes. They are now a fixed entertainment on most beaches in India and where there is ample water sports space. Even land parasailing is on the rise leading to further demand for parachutes in the country.
Pilot parachute manufacturers for Indian air forces often have other supplies for civilians. They are made using the same materials that are used for making parachutes. Take, for example, rucksack bags. Outdoor activities, especially hiking and camping, are very important to the new generation and the demand for such loads. Since the companies are already proficient in making supplies for the military, which have stringent standards, the bags made by them for civilian usage are much better than other manufacturers. They also make other items like rain ponchos, mosquito nets, and even clothing!
The parachute industry, especially the military parachute market, has a fantastic growth outlook of 5.5% for the years between 2022 to 2032. Thankfully, the parachute manufacturers in India are ready to face this increase in demand and prepared for any challenges the market can throw at them.