Market Analysis
Global Military Simulation and Virtual Training Market is anticipated to touch USD 15,162.1 million at a 4.12%CAGR between 2020 – 2025, as per the recent analysis by Market Research Future (MRFR). Simulation & virtual training are affordable substitutes for live training utilized for combating operations and different battlefield missions.
Various factors are propelling the global military simulation & virtual training market growth. As per the latest MRFR report, such factors include fall in military budgets, use of virtual training for cost-effectiveness and safety of trainees, rising civil unrest and political disputes, growing demand for unconventional and conventional military software and equipment, and growing need for trained workforce in the Naval. Additional factors adding market growth include a rising focus on maritime security and virtual training for naval operations and the use of simulators to train combat aircraft pilots.
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On the contrary, lack of interoperability, shortage of skilled simulator trainers, challenges for simulator manufacturers, and the grave effect of the ongoing COVID-19 pandemic are factors that may limit the global military simulation & virtual training market growth over the forecast period.
Key Players
Eminent players profiled in the Global Military Simulation and Virtual Training Market Report include Raytheon Company (US), Thales Group (France), Saab AB (Sweden), United Technologies Corporation (US), Northrop Grumman Corporation (US), Meggitt PLC (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), L3Harris Technologies, Inc. (US), Cubic Corporation (US), and CAE Inc. (Canada).
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global military simulation & virtual training market based on training type and platform.
By platform, the global military simulation & virtual training market is segmented into airborne, naval, and ground. The airborne segment is again segmented into UAV flight simulation and training, rotary flight simulation, and jet flight simulation and training. The ground segment is sub-segmented into ground vehicle and simulation and training, the combat simulation and training, battlefield simulation and training, and others. The naval segment is further segmented into submarine simulation and training, ship bridge simulation and training, and others. Of these, the airborne segment will lead the market over the forecast period and is likely to touch USD 7,642.3 million by 2025.
By training type, the Global Military Simulation and Virtual Training Market is segmented into constructive and gaming simulation, virtual reality, and live. Of these, the live training type will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global military simulation & virtual training market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific, Latin America & the Middle East and Africa (MEA). Among these, North America will spearhead the market during the forecast period. The region is projected to grow at a 4.26% CAGR. Increasing investments in R&D, companies focusing on technological advances, accessibility of advanced military infrastructure, and favorable rules and regulations by the government associated to training military personnel & accessibility of advanced military infrastructure are adding to the global military simulation & virtual training market growth in the region. Canada has the maximum share in the region for the presence of top industry players in the country.
The global military simulation & virtual training market in the APAC region is predicted to have healthy growth over the forecast period. Burgeoning demand for unconventional and conventional military software and equipment is adding to the military simulation & virtual training market growth in the region. Military simulation & virtual training helps in reducing the equipment’s wear and tear, allows cost savings, and offers the ability to meet the varied need that is adding to the market growth.
The global military simulation & virtual training market in Europe is predicted to have notable growth over the forecast period, and that in Latin America & the MEA is predicted to have sound growth over the forecast period.
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