Military-training segment of simulator market to grow at fast clip to 2025, study saysNews
February 10, 2020
NORTHBROOK, Ill. The simulators market -- estimated at $21.5 billion in 2019 -- is projected to reach $27.9 billion by 2025, at a combined annual growth rate (CAGR) of 4.4% from 2019 to 2025, with the military simulator market growing at the at the highest CAGR during the forecast period, according to a new study from MarketsandMarkets, "Simulators Market by Type (ATC, FMS, Driving, Vessel Traffic Control), Solution, Platform (Airborne, Land, Maritime), Technique (Live, Virtual & Constructive, Synthetic Environment, Gaming), Application, Region -- Global Forecast to 2025."
According to the study, mounting demand for pilots in the aviation industry and the acceptance of virtual pilot training to ensure safety are some of the significant factors attributing to the growth of the simulators market during the forecast period.
The study authors found that high expenses and risk to life and limb involved in military training have led the defense forces of different countries across the globe to adopt computer simulation models, computer war games, and simulators for personnel training; continuous advancements in simulation technologies related to simulation and cost-cutting of operational training costs are thereby leading to the increased use of simulators in military training.
Broken out by technique, the study found that the live, virtual and constructive simulation (LVC) segment is projected to grow at the highest CAGR during the forecast period, as several notable defense organizations worldwide are increasingly adopting LVC training environments in their training programs. Such training environments save money and push the boundaries of conventional training, which is anticipated to fuel the growth of this segment during the forecast period.
For additional information, visit the MarketsandMarkets website.