Dublin, April 18, 2022 (GLOBE NEWSWIRE) -- The "Military Simulation and Training Market by Application (Army, Aviation, Naval), Type (Live, Virtual, Constructive), Platform (Land, Maritime, Airborne), Solution, Environment (Synthetic, Gaming), Technology & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Military Simulation and Training market size is forecasted to grow from an estimated USD 9.2 billion in 2022 to reach USD 12.2 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. Increasing defense spending in the world and new technological developments to help strengthen military capabilities and efficiency is expected to drive the market for Military Simulation and Training across the globe. Increasing geopolitical tensions across regions and overall strengthening activities across the world are triggering the defense spending across these regions.
This, in turn, is pushing manufacturers and system component providers to design and manufacture more high technology, high resolution, military simulators for defense personnel to get trained upon.
The COVID-19 pandemic has caused significant damage to the economic activities of countries across the world. The manufacture of digital battlefield products, including systems, subsystems, and components, has also been impacted. Although military simulation and training products for defense applications are of prime importance, disruptions in the supply chain have halted their manufacturing processes for the time being. Resuming manufacturing activities depends on COVID-19 exposure, the level at which manufacturing operations are running, and import-export regulations, among other factors. While companies may still take orders, delivery schedules may not be fixed. Most key players in the Military Simulation and Training markets like Lockheed Martin Corporation (US), Raytheon Technologies (US), and Rheinmetall AG(Germany) have declared that business has largely be returned to normal but acknowledged the impact of cost and schedules on most programs.
Based on platform, the land segment is expected to grow at the highest CAGR of 6.2% during the forecast period. The growth in demand for military vehicles across the land, sea, and aerial platforms would drive the market growth. Several countries are modernizing their military fleets by inducting newer generation vehicle platforms. This is generating a simultaneous demand for simulation-based training for the military personnel on these platforms, thereby propelling the market prospects of the related military simulators.
Based on Application, Aviation makes the largest share of the market during the forecasted year.
The aviation segment is expected to have a larger market share in the forecasted year. 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 cost the lives of people on board and result in the loss of sophisticated military property and compromise 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
North America is projected to make the largest share of the market during the forecasted year.
The rising orders to replace the old navy fleet with new ones from the US and Canada and the rise in export of goods are the major factors driving the demand for new ship commanders and crew. This also leads to increased demand for military training systems. According to Boeing Technician Outlook 2019, North America is anticipated to require more than 193,000 aircraft technicians and maintenance crew between 2019 and 2038. This is anticipated to fuel the demand for maintenance crew training across the region during the forecast period
This region is expected to lead the market from 2021 to 2026, owing to increased investments and the adoption of advanced military simulators for all the platforms by countries in this region.
Market Dynamics
Drivers
- Acceptance of Virtual Pilot Training to Ensure Aviation Safety
- Need for Cost-Cutting Technique in Pilot Training
- Reduction in Military Budgets of Developed Economies
Restraints
- Longer Product Lifecycle
- Lack of Interoperability
Opportunities
- Development of Simulators for Unmanned Aerial Systems (UAS)
- Simulators for Air Accident Investigation
Challenges
- Stringent Regulatory Approvals
- Minimization of Weight and Size to Maintain Advanced Features
Companies Mentioned
- Avion Group
- Avt Simulation
- Bae Systems plc
- Bohemia Interactive Simulations
- Booz Allen Hamilton
- Cae Inc.
- Cubic Corporation
- Eca Group
- Elbit Systems Ltd
- Frasca International, Inc.
- Indra Sistemas Sa
- Inveris Training Solutions
- Kongsberg Maritime
- Leonardo Spa
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Precision Flight Controls, Inc.
- Raytheon Technologies
- Rheinmetall Ag
- Saab Ab
- St Engineering
- Textron
- Thales Sa
- The Boeing Company
- Virtra
- Vstep Bv
For more information about this report visit https://www.researchandmarkets.com/r/2fgwvd
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