Press release
Global Commercial and Military Parachute Market Size, Share, Revenue, Growth, Insights, Forecast to 2029
The global Commercial and Military Parachute market is projected to grow from US$ 1438.7 million in 2023 to US$ 2159.1 million by 2029, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.
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Commercial and Military Parachute Market
A parachute is a device used to slow the motion of an object through an atmosphere by creating drag (or in the case of ram-air parachutes, aerodynamic lift). Parachutes are usually made out of light, strong fabric, originally silk, now most commonly nylon.
The development of parachutes for space applications will be one of the critical commercial and military parachute market trends. The commercial and military parachute market is witnessing extensive R&D efforts to develop parachutes that can be deployed for space applications. For instance, Airborne Systems Ltd. has been contracted by the National Aeronautics and Space Administration (NASA) to develop a parachute system for integration into the Orion space shuttle. The system consisting of 11 parachutes will ensure the safe return of Orion's future crews. Similarly, SpaceX is testing a parachute recovery system for its Crew Dragon capsule. Such developments of parachutes for space applications are expected to fuel the growth of the commercial and military parachute market during the forthcoming years.
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By Type
• Round
• Ram-air
• Square and Cruciform
• Drogue
By Application
• Commercial
• Military
Key Companies:
BAE Systems Plc, Mills Manufacturing Corp., Rostec State Corp., Sächsische Spezialkonfektion GmbH, Safran SA, TransDigm Group Inc.
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