Military Simulation and Virtual Training Market (By Type - Flight, Vehicle, Battlefield, Virtual Boot Camp; By Application - Ground, Air, Naval) - Global Industry Size, Share, Trends and Forecast 2018 - 2026; Intensifying demand for conventional and unconventional military equipment and software, increasing instances of political and civil conflict, rising need for skilled workforce in the naval and escalating need to reduce training expenditure to drive the market growth.
LOS ANGELES, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Global military simulation and virtual training market is projected to grow at CAGR around 4.0% over the forecast period and reach US$ 15.12 Bn by 2026.. According to the report titled “Military Simulation and Virtual Training Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026”. Intensifying demand for conventional and unconventional military equipment and software, increasing instances of political and civil conflict, rising need for skilled workforce in the naval and the escalating need to reduce training expenditure are some of the fundamental factors that are driving the global military simulation and virtual training market growth globally. The market in the North America is likely to dominate the overall market during the forecast time frame due to numerous technological advancements, increased investment in research and development and the existence of established market players in the region.
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Flight simulation to drive the market growth
Based on platform, the global military simulation and virtual training market is segmented into flight simulation, battlefield, vehicle, and virtual boot camp. The flight simulation segment accumulated the highest market share in 2017 and is anticipated to dominate the market over the forecast period owing to the growing penetration of military simulation and virtual training in commercial and military flight training practices. The high risk concerning to loss of human lives and continuously mounting production cost of aircrafts is some of the key factors that supplement the growth of the flight simulator adoption across the globe. Moreover, the virtual boot camp segment is also expected to grow at considerable CAGR around 5.2% throughout the forecast period due to the increasing investments in the modernization of the military and rising internal and external security threats. Virtual boot camp test systems are extremely effective in Air Force, Navy, and Army as it encourages them learn important physical wellness schedules, and kill drill requirements during training camp. The test system additionally needs less instructors and helps open up numerous mentors for other necessary duties.
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Rise in demand for border surveillance expected to escalate the demand for Military Simulation and Virtual Training in air applications
In terms of application, the global military simulation and virtual training market is bifurcated into ground, air, and naval. Air application segment lead the overall market by contributing the market share of US$ 4.82 billion in 2017. This growth is mainly attributed to the rise in battlefield operations and increasing demand for border surveillance. The ground segment is also expected to grow at considerable pace throughout the forecast period owing to the growing focus on modernizing army troops. Furthermore, due to the low training costs, and superior accuracy in measuring the training, objectives are propelling the adoption of ground-based simulators, thereby increasing the growth of ground segment.
Growing military expenditure and increasing awareness regarding simulation and training methods to create more opportunities in the North America market
Geographically, the global military simulation and virtual training market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accumulated the highest market share in 2017. This growth is mainly attributed to the introduction of numerous technological advancements in aerospace and defence industries and increasing defence budgets. North America is anticipated to grow at significant CAGR over the forecast period. North American countries have authorized the procurement of military simulation and virtual training solutions owing to their strategy of keeping its army troops ready for deployment in war-like situations at short notice. The U.S. Air Force is mainly focusing on reducing the overall flying hours to minimize time and cost. Asia Pacific is anticipated to grow at highest CAGR around 5.0% during the forecast period owing to the increased military expenditure and focus on offering cost effective training to armed forces in countries such as China and India.
Market Players
The military simulation and virtual training market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are BAE Systems, Thales Group, Cubic Corporation, CAE, Aai Corporation, Rockwell Collins Inc., Northrop Grumman Corporation, Bohemia Interactive Simulations, Lockheed Martin Corporation, L3 Link Training & Simulation, and others.
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