A parachute is a device which is used to reduce the speed of a falling object. This is done by creating a drag or a lift that helps in slowing down someone or something from falling down. A drag is an opposite force or push created on something from air and water. Larger the surface area of the parachute, greater is the drag created. Parachutes are lightweight and have a very large surface area.
This helps in holding a lot of air in it as it falls down, thus causing a drag. Parachutes follow the law of gravity. Various types of parachutes are available in the market including round parachutes, square parachutes, ring parachutes and many more. Among these, the round parachute generates drag by holding as much air as it can, slowing down the speed of the falling object. However, a square parachute creates lift.
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It is mainly due to the shape of wings that allows air to flow faster over the top of the wing than the bottom. This causes difference in air pressure as a low pressure area is created at the top of the wing in comparison to the higher pressure below. This causes the wing to lift toward the low pressure area. Parachutes are used to drop payloads including people, equipment, bombs, relief aids, and so on from airborne platforms. Currently, parachutes are used for both commercial and military applications. Some of the main applications of commercial parachutes include entertainment and performance use, aviation use, and others.
The main drivers that have positively helped in the growth of the commercial parachute market 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.
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Regulations and checks imposed on parachutes manufacturers are very strict as commercial parachutes come with considerable amount of life risk if it fails operationally. Lawmakers are constantly modifying the rules and regulations to ensure public safety during dangerous activities such as skydiving, and this negatively impacts the growth of the parachute industry. Several reports of failure and unfortunate deaths of skydivers due to parachute failure is creating certain doubts with regards to the safety of parachutes. This is expected to impact the product’s mass adoption rates among consumers. However, various vendors are trying to use nanotechnology in their parachute products in order to increase the quality and durability of commercial parachutes.
The global commercial parachute market can be categorized based on product type, application, component, and region. The product type segment can further be classified into round parachute, square or parafoil parachute, ring or ribbon parachute, cruciform parachute and others. Based on application segment, the global commercial parachute market can be categorized into entertainment and performances use, aviation use, and other. On the basis of component segment, the global commercial parachute market can be categorized into canopy, cords, tapes, webbings, metal and others. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.