June 2023, Research Report on the Global Simulators Market.
Market Forecast
Simulators Market is projected to reach USD 31.8706 Billion by 2032 and register a CAGR of 4.31% during the forecast period 2032
Factors such as the increasing demand for pilots in the aviation industry and the need to reduce pilot training costs are expected to drive market growth. Additionally, increasing collaborations between prominent simulator providers and aviation training providers are also expected to drive the growth of the market. For example, in 2018, TRU Simulation + Training Inc. and FlightSafety International, an aviation training company based in the US, announced plans to form a joint venture to provide training solutions for Textron aviation’s broad product portfolio and general aviation aircraft.
However, issues related to the lack of interoperability and long product lifecycle might hamper the growth of the market.
Market USP
The growing adoption of AR technology in the aerospace & defense industry and the growing adoption of UAVs are projected to drive the growth of the Simulators Market.
Growth Opportunities in the Market
The Military Training Segment to Grow at the Higher CAGR: The military segment is anticipated to grow at the higher CAGR during the forecast period. The growing adoption of simulators by the armed forces to offer enhanced training to pilots is expected to drive the growth of the segment. For example, in April 2020, Saab AB signed a contract with the UK Army to provide services and support to the Direct Fire Weapon Effects Simulator (DFWES).
The Products Segment Dominated the Market in 2019: The products segment dominated the market in 2019 owing to increasing product launches by companies such as CAE Inc. and Ryan Aerospace. For example, in 2018, Ryan Aerospace launched the HELIMOD Mark III, a simulator with a helicopter vertical reference feature and long line training operations.
The Airborne Segment Is Expected to Register the Highest CAGR: The airborne segment is projected to register the highest CAGR from 2020 to 2026, due to the increasing use of unmanned aerial vehicles (UAVs) for surveillance and assault and the rising requirements for fighter aircraft and attack helicopters by countries, such as India, China, the US, and Saudi Arabia, which will increase the demand for pilots, in turn, driving the demand for flight simulators for these aircraft.
The Live, Virtual & Constructive Simulation Segment Is Expected to Register the Highest CAGR: The live, virtual & constructive simulation (LVC) segment is projected to record the highest CAGR during the forecast period. The increasing demand for low-cost LVC military crew training solutions is expected to drive the growth of the segment.
Key Players
Other Prominent Players