(MENAFN- GlobeNewsWire - Nasdaq) The global military simulation and training market is expected to expand due to the growing acceptance of virtual pilot training to ensure safety, which fuels the expansion of the military simulation and training market.
Wilmington, Delaware, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Military Simulation and Training Market by Application (Army, Aviation and Naval), Type (Live, Virtual and Constructive), and platform (Land, Maritime and Airborne): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the military simulation and training market was valued at $12.9 billion in 2023, and is estimated to reach $20.9 billion by 2033, growing at a CAGR of 5.2% from 2024 to 2033.
The global military simulation and training market has witnessed an increase in demand for conventional and unusual military equipment and software, as well as a growing requirement for qualified navy staff. Military simulation and virtual training decrease equipment wear and tear, allow for cost savings, and provide the ability to meet a variety of criteria, all of which contribute to overall market growth. Governments around the world are cutting military spending owing to a lack of funding. Defense ministries from various governments have decreased training funds and restrained operations of the military. It has strengthened the military's focus on finding cheaper and more effective solutions to their needs. These factors are projected to fuel the market's growth over the forecast period.
Prime determinants of growth
The development of simulators for unmanned aerial systems (UAS), as well as the increasing demand for simulators for air accident investigation offer several opportunities for market growth. However, longer product lifecycle and lack of interoperability restrain market growth.
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By Type
The live segment is expected to grow faster throughout the forecast period.
The live segment is anticipated to experience faster growth in the military simulation and training market during the forecast period. A live simulation involves actual individuals controlling real systems. Live sims are military training exercises that employ actual equipment as they are not carried out against a real enemy, they are classified as simulations. For instance, a pilot in a real plane completing formation training with other pilots in actual planes.
A simulation in which real people use false systems. Virtual simulations put a human-in-the-loop in a critical position, evaluating their abilities to communicate, make decisions, and control their movements. In a constructive simulation, imaginary actors use fictitious equipment.
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By Application
The aviation segment is expected to grow faster throughout the forecast period.
The aviation segment is anticipated to experience growth in the military simulation and training market during the forecast period, owing to an increase in its adoption of more sophisticated and risky aircraft than other end users, which led to this trend. A single error by pilots aboard a military aircraft during landing or take-off often leads to fatalities, loss of complex military property, and endanger the mission. Military authorities now use simulator-based training for pilots due to the intricacy of the situation.
By Platform
The land segment is expected to grow faster throughout the forecast period.
The land segment is anticipated to experience growth in the military simulation and training market during the forecast period. Several countries are modernizing their military fleets by introducing newer generation vehicle platforms. The demand for simulation-based training for military personnel on these platforms is driving growth in the market for military simulators. Disputes over borders and natural resources have prompted the military to prioritize modernizing its troops. It is predicted to fuel demand for ground-based military simulation and virtual training, becoming the second-largest market. Tanks are an essential component of ground warfare, yet their employment in training incurs considerable running costs.
By Region
North America to maintain its dominance by 2033
North America is expected to maintain its dominance in the military simulation and training market by 2033 as governments released procurement of these solutions due to their strategy of maintaining their army personnel ready for deployment in war-like conditions on short notice. The United States Air Force reduces flight hours to save time and money. Some of its projects include the Army's Live Training Transformation (LT2) systems, F-35 aircraft simulators, the U.S. Air Force's F-16 Training System, and Long-Range Strike-B simulators. strength yet lightweight design.
This increase is linked to the U.S. Navy's expansion of autonomous and unmanned ships, submarines, and planes. It resulted in an increase in the U.S. Sea Fleet from 293 to more than 355 ships. Furthermore, North American countries such as Canada and U.S. have boosted their military spending, accounting for 94% of overall regional spending in 2020. Demand for Military Simulators and Virtual Training is likely to rise.
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Players:
CAE Inc. Rheinmetall AG Thales FlightSafety International Inc. Collins Aerospace (RTX Corporation) Lockheed Martin Corporation BAE Systems plc Boeing Company Frasca International, Inc. TRU Simulation + Training Inc.
The report provides a detailed analysis of these key players in the global military simulation and training market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry News
In August 2022, Northrop Grumman & Terma signed an MoU to collaborate on electronic warfare simulation & training opportunities in Northern Europe. Fourth & 5th generation aircraft will receive realistic air combat training due to the company's simulation & training capabilities. In July 2022, the Rheinmetall AG introduced simulators for the NH 90 NFH Sea naval helicopters. Moreover, Naval Air Squadron 5 of the Bundeswehr can perform practical maintenance & repair tasks because of these simulators.
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