ID: MRFR/A&D/8222-HCR | February 2021 | Region: Global | 168 pages
Global Simulators Market is projected to reach USD 29,100 Million by 2026 and register a CAGR of 4.31% during the forecast period. A simulator is a device that artificially recreates the controls and operation of a vehicle, aircraft, or other complex systems, and is used for training purposes. The growing demand for pilots across the globe and the need to reduce pilot training costs are expected to drive the growth of the market.
The Global Simulators Market is expected to register significant growth during the projected period owing to factors such as the growing adoption of virtual pilot training to ensure aviation safety and the development of simulators for air accident investigations. Additionally, increasing product launches by prominent companies are also expected to drive the growth of the market. For example, in 2017, Lockheed Martin Corporation launched a version of the flagship simulation software Prepar3D v4 that consisted of 64-bit systems to provide unparalleled realism. The Prepar3D features developments in a fully reformed user interface, which is used to train pilots for air, land, underwater, and space missions.
However, issues related to the lack of interoperability and long product lifecycle might hamper the growth of the market.
The growing adoption of AR technology in the aerospace & defense industry and the increasing adoption of UAVs are expected to drive the growth of the market.
Other Prominent Players
Frequently Asked Questions (FAQ) :
The market value by the end of 2026 can be USD USD 29,100 Million.
The market can expect to progress at a rate of 4.31% in the coming years.
The top barrier for market growth can be the issues in relation to the lack of interoperability as well as the product lifecycle.
The high uptake of the AR technology across the aerospace & defense sector along with the rising use of UAVs can be a few growth boosters in the global market.
The leading competitors in the global market are CAE Inc. (US), L3Harris Technologies, Inc. (US), Thales Group (France), Saab AB (Sweden), Indra (Spain), Flight Safety International (US), Boeing (US), Raytheon Technologies Corporation (US), Airbus S.A.S. (Netherlands), Tru Simulation + Training Inc. (US) and more.