Global commercial crew aircraft parachutes market is expected to reach US$ XX billion by 2027 (Market size would be revealed in the final copy of the purchased report); growing at a CAGR of XX% from 2020 to 2027 (CAGR would be revealed in the final copy of the purchased report). Security as one of the major issues in commercial aircraft thus deployment of parachute seems to be mandatory. Increase in accidents and technical issues has raised questions on the security of the passengers on board. With an increase in such accidents, the flyers would restrict their journeys to roadways, railways or seaways which would act as the major restraint for global commercial flights market. Ongoing research and development for deployment of parachutes in commercial aircraft are the factors expected to boom in the coming years. Deployment of these parachutes would result in rising in the number of flyers and an increase in the number of commercial aircraft. Safety issues related to the passenger and aircraft would be resolved as well. Thus, the crew dragon parachutes are expected to gain tremendous popularity in the coming years.
An example, the Sukhoi Superjet 100 and Moscow crash landing, SU1492 exploded into a fireball. This raises safety concerns regarding commercial aircraft. These unexpected accidents inculcate the feeling of an unsafe journey which inculcates the feeling of an unsafe safe journey; its solution seems to be unexpected without a commercial crew parachute.
Once deployed, replacement and maintenance would be the major factors for the growth of the global commercial crew aircraft parachutes market. Companies such as SpaceX and Boeing are continuously working in this commercial crew space race. However, although Boeing claims of its successful tests of Starliner crew capsule but NASA is still struggling with the perfection of its parachutes for its astronauts. "It's part of our path to qualify the entire landing system to fly NASA astronauts," Boeing Space tweeted. NASA says SpaceX and Boeing's recent spaceship parachute tests did not go well. Also, NASA and SpaceX confirmed that a test of parachutes for SpaceX’s Crew Dragon spacecraft or also known as dragon crew spacecraft mission did not go as planned. Issues are expected to be resolved in the coming years with an increase in the pace of research and development across this industry.
The dragon crew parachutes market or crew dragon parachutes market is segmented by material type, component, sector (commercial, private and government), capacity and geography. Primarily, the U.S. is the major market at present but in coming years other countries are expected to work on this technology and develop their own manufacturing base. However, the U.S. market is an opportunistic market currently and is expected to grow by leaps and bounds in the coming years. The companies from other countries are also expected to get pulled in this project, seeing the huge opportunity in the coming years. Boeing, SpaceX, and NASA are the key players currently working on this technology to have a better option for the safety of people flying in an aircraft, whether commercial, private or government.
The key players acting in the global crew dragon parachutes market would be the aircraft companies themselves or the companies who would outsource these parachutes for the airline companies. Although, this market is at its nascent stage at present but is expected to witness huge growth opportunity in the coming two to three years, seeing the necessity of these parachutes for passengers’ safety.