Global Military Simulation and Virtual Training Market Worth Around USD 15.12 Billion by 2026: Acumen Research and Consulting
Global military simulation and virtual training market is projected to grow at CAGR around 4.0% over the forecast period and reach US$ 15.12 Bn by 2026.
According to the report, the global market will continue to be influenced by a range of macroeconomic and regulatory factors. Increasing instances of political and civil clashes, expanding demand for conventional and unconventional military equipment, rising need for skilled workforce and escalating need to reduce training expenditure across the globe have boosted the growth of the global military simulation and virtual training market. The market in the Asia Pacific is likely to expand at highest CAGR due to numerous technological advancements, increased the focus of military and increasing government spending in the region.
Flight simulation segment to remain highly lucrative followed by virtual boot camp
Flight simulation is expected to be the leading segment of the global military simulation and virtual training market during the forecast period, owing to the owing to the increasing penetration of military simulation and virtual training in commercial and military flight training practices. The emergence of portable simulation systems is expected to escalate the adoption of flight simulators across the globe, thereby increasing the growth of the segment. Flight simulators are capable of improving the military techniques for various ground-based, naval and airborne platform applications and offers strategic experience to defence force. The demand for flight simulators is increasing rapidly as it enhances the overall understanding of armed forces and training capabilities. Factors such as constantly growing production cost of aircrafts and high risk regarding to loss of human lives are helping the military simulation and virtual training market growth. Additionally, the virtual boot camp segment is also expected to grow at considerable CAGR throughout the forecast period due to the increasing investments in the modernization of the military and rising internal and external security threats.
The adoption of military simulation and virtual training systems in various air applications to boost the overall growth of the market
Air application segment is anticipated to lead the market by contributing the highest revenue share by 2026. This development is essentially ascribed to the rise in combat zone operations and expanding demand for military security. The ground segment is likewise expected to grow at extensive pace during the forecast period owing to the development of armed force troops. Moreover, because of the low training costs, and superior accuracy the growth of ground segment is increasing.
North America to continue to hold largest share in the overall market
Geographically, the global military simulation and virtual training market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounted for largest market share in 2017 due to the numerous technological advancements in aerospace and defence industries and increasing defence spending. North America is anticipated to grow at significant CAGR over the forecast period owing to the growing focus on reducing the overall flying hours to minimize time and cost and enhance capabilities and the overall understanding of armed forces. Also the rising need for modification of existing military simulation and virtual training equipment and installation of new advanced equipment is anticipated to drive the growth of the regional military simulation and virtual training market. Asia Pacific is expected to grow at highest CAGR during the forecast period owing to the increasing awareness towards advanced military products and growing modernization of military infrastructure. Moreover, increased military expenditure and focus on offering cost effective training to armed forces in countries such as China and India is boosting the market growth in the region.
The Amada, Matcor Matsu Group Inc., Atlas Copco and BTD Manufacturing, are likely to continue to lead the global Military Simulation and Virtual Training market
The military simulation and virtual training market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are BAE Systems, Thales Group, Cubic Corporation, CAE, Aai Corporation, Rockwell Collins Inc., Northrop Grumman Corporation, Bohemia Interactive Simulations, Lockheed Martin Corporation, L3 Link Training & Simulation, and others. Industry participant battle on the basis of price, new innovated product launch, and expanding market presence.
The report is readily available and can be dispatched immediately after payment confirmation.