Aug 8, 2019   SOURCE: BusinessWire

Global Commercial and Military Parachute Market 2019-2023 | Development of Parachutes for Space Applications to Boost Growth | Technavio

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190808005445/en/

Technavio has announced its latest market research report titled global commercial and military parachute market 2019-2023. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global commercial and military parachute market 2019-2023. (Graphic: Business Wire)

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.