The Holographic Spacesuits are easily transportable spacesuits used commonly through the galaxy.
During a major battle with the Sovereign where the Celestial Ego saving the Guardians of the Galaxy, Drax realized that the pilot Zylak was the one surviving Sovereign still shooting at them. Taking one of the Holographic Space Suits and tethering himself to the ship, Drax stepped out of the Milano in mid-flight with a gun and attempted to shoot Zylak's Omnicraft out of the sky himself, eventually succeeding. As the ship crashed on the planet Berhert, the suit protected Drax from the worst of the crash before it was destroyed.
At the climax of the Battle on Ego's Planet, the Guardians were evacuating due to Ego's death, Yondu Udonta decided to stay so he could save Peter Quill. Rocket gave him the last space suit and Aero-Rig. As Ego exploded, Udonta, wearing the Aero-Rig rescued Quill from the destruction and flew him to safety. Udonta gave the spacesuit to Quill and saved his life, sacrificing his own. Quill watched as Udonta suffocated and froze right in front of him not being able to do anything about it. Quill held onto Udonta as he mourned his lost and waited for the other Guardians to retrieve them. 
The Holographic Spacesuits, when not in use, are large hemispheres that the user attaches on their back, causing it to activate and coat the user in a hologram-like shell which protects the wearer in the vacuum of space, also providing breathable air.