LONDON--(BUSINESS WIRE)--The global commercial and military parachute market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
The designs of aircraft ballistic recovery systems that are currently available limit applicability to light aircraft that have a maximum weight of 7,700 lbs. However, technological advances in the development of parachute textile with high tensile strength and low shearing failure are anticipated to boost the performance of these systems. Thus, these systems are expected to be equipped in a number of new aircraft models, which will lead to market growth.
As per Technavio, the development of parachutes for space applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global commercial and military parachute market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Commercial and Military Parachute Market: Development of Parachutes for Space Applications
The scope of application of parachute systems is expanding to encompass space with extensive research initiatives being undertaken to develop parachutes that can be deployed in space. For instance, NASA is developing a parachute system for integration into its Orion space shuttle. The system is designed to include several types of parachutes that are deployed for a variety of purposes at different stages of descent. Thus, the development of parachutes for space applications will be a key trend that will boost the growth of the market.
“Apart from the development of parachutes for space applications, other factors such as the prospective use of nanotechnology for parachute manufacturing, and the emergence of detachable cabin concept will have a significant impact on the growth of the commercial and military parachute market value during the forecast period,” says a senior analyst at Technavio.
Global Commercial and Military Parachute Market: Segmentation Analysis
This market research report segments the global commercial and military parachute market by type (round, ram air, square and cruciform, and drogue), and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the commercial and military parachute market in 2018, followed by Europe, APAC, MEA, and South America, respectively. The market dominance of North America can be attributed to increasing defense expenditure towards the upgrading of existing paratrooping capabilities in the US.
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Five Forces Analysis
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