DUBLIN--(BUSINESS WIRE)--Sep 27, 2021--
The "Military Simulator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2030)" report has been added to ResearchAndMarkets.com's offering.
The Military Simulator Market is estimated to register a CAGR of more than 3.5% during the forecast period (2021-2030).
- Collins Aerospace (Raytheon Technologies Corporation)
- CAE Inc.
- L3Harris Technologies, Inc.
- FlightSafety International (Berkshire Hathaway Inc.)
- FRASCA International Inc.
- Thales Group
- VSTEP BV
- Rheinmetall AG
- Zen Technologies Limited
- Ruag AG
- Krauss-Maffei Wegmann GmbH & Co. KG
- FAAC Incorporated
- ECA Group
- General Dynamics Information Technology, Inc.
- Kongsberg Digital
Key Market Trends
Air Segment is Expected to Experience the Highest Growth During the Forecast Period
The air segment of the market studied held the highest market share in 2020. The segment is also expected to register the highest CAGR during the forecast period. This is majorly due to the complexity and risk involved in aircraft compared to the other end users. For example, a single mistake by pilots on board a military aircraft while landing or take-off will not only cost the lives of people on board but also result in loss of sophisticated military property as well as compromising the mission. Such complexity has forced the military authorities to incorporate simulator-based training for pilots. Moreover, the increasing adoption of newer generation aircraft that incorporate complex technologies in the military may require training for pilots to familiarize themselves with the latest equipment and systems. In such situations, providing hands-on experience may be difficult due to high-cost involvement. In such cases, the simulators act as the preferred option.
For instance, as of 2020, the operating cost of the USAF's F-35A is estimated to be about USD 44,000 per flight hour. In this regard, the F-35 pilots are first trained on simulators, instead of the actual aircraft, which helps in cost-cutting. Pilots are typically trained for about 30 hours on the F-35 full-mission simulators, before getting airborne on their first sortie in the F-35. Lockheed Martin is also planning to connect full-mission simulators in the US and in the UK through a software upgrade, allowing the Air Force pilots in these countries to virtually train with one another across international borders. Furthermore, the USAF aims to deploy and connect more full-mission simulators in the years to come. Such initiatives also help the militaries increase their interoperability without conducting joint military exercises on actual aircraft, which is expected to drive the market growth during the forecast period.
North America Held the Largest Market Share in 2020
North America held the largest market share in 2020, and the region is also expected to exhibit the highest growth rate during the forecast period. The US has been the largest military spender in the world over the years. According to SIPRI, in 2020, the military expenditure of the country grew by 4.4% to reach USD 778 billion, accounting for 39% of the global military expenditure in 2020. The Armed Forces of the country are procuring several newer generation military vehicles across the land, air, and sea-based platforms, amidst the ongoing race for technological superiority. Simultaneously, the country is investing in the development and procurement of related simulator solutions, which is expected to drive market growth in the region.
Though the US Air Force has been procuring simulators on a large scale for several years, the U.S. Navy is investing heavily in simulation to improve its navigation training and has budgeted for new integrated bridge simulators to fill the capacity gaps. The efforts to increase ship simulator capacity are further supported with the construction of new buildings in San Diego and Norfolk to house multiple simulation facilities. On the other hand, the Royal Canadian Air Force plans to combine two training programs under a single, multibillion-dollar project, the Future Aircrew Training program, or FAcT, under which the number of pilots trained annually will increase. Such developments are expected to drive the growth of the market in the North American region during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD billion)
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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SOURCE: Research and Markets
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PUB: 09/27/2021 05:28 AM/DISC: 09/27/2021 05:28 AM