Global Military Simulation & Virtual Training Market size was valued at US$ XX Mn. in 2019 and is expected to grow at a CAGR of 5.42% over 2020-2026, to account for US$ XX Mn. in 2026.
Overview of Global Military Simulation & Virtual Training Market
Military simulation & virtual training is capable of enhancing the military techniques for applications related to ground-based, naval, and airborne platform providing strategic experience to soldiers. Military simulation training improves the overall understanding of soldiers & training capabilities.
Dynamics of Global Military Simulation & Virtual Training Market:
As per the MMR research, a majority of the military simulation & virtual training industry, which is highly focused, is captured by technology companies in Europe and the U.S., including Boeing, CAE, Lockheed Martin, L-3 Link Simulation & Training and Saab Sensis Corporation. These companies operate internationally through established subsidiaries in major countries like the U.S., Canada and the U.K.
The major factor responsible for the growth of the global military simulation & virtual training market is growing investments in simulations by many governments to provide a better and safe training environment. Furthermore, the adoption of virtual training to ensure cost- reduction and effectiveness in military budgets in developed economies are also contributing to the growth of the military simulation & virtual training market. However, the global military simulation & virtual training market is hampered by the lack of interoperability and challenges for manufacturers of simulators.
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Segmentation of Global Military Simulation & Virtual Training Market
By application, the ground segment dominated the military simulation & virtual training market with valued around US$ XX Mn. in 2019 thanks to growing investment for military ground equipment from developing economies. However, the air segment is expected to account for the largest XX% market share by 2026 owing to high spending in the aero-defense industry.
Based on platform type, the flight segment is estimated to account for xx% of the total market share in 2019 and is expected to grow at the highest CAGR of 5.437% during the forecast period. This segment is attributed to the wide adoption of flight simulation techniques to reduce the penetration of live training, therefore helping the government decrease operating costs.
Regional Analysis of Global Military Simulation & Virtual Training Market:
The MMR report offers a brief analysis of the major regions in the military simulation & virtual training market, namely, Europe, APAC, North America, South America, and the Middle East & Africa. Among these regions, North America accounted for the largest market share in 2019, with a market value of US$ XX.11 Mn; the regional market is expected to register a CAGR of 6.78% during 2020-2026. The growing investments by defense ministries in military training is one of the major factors contributing to the military simulation & virtual training market growth in North America over 2020-2026.
Spending in APAC will primarily be driven by the modernization of armed forces and equipment procurement which will consequently boom the demand for military simulators. Major programs such as fifth-generation aircraft simulators & Rafale simulators by India, the J-31, & J15 flight simulators by China, and HATS (Helicopter Aircrew Training System) program and Sea 1000 future submarine simulators by Australia, among others. Latin America, Middle East & Africa will account for XX%, and XX% of the global military simulation & virtual training market respectively.
Key Development of Global Military Simulation & Virtual Training Market:
The MMR report also focuses on the global major leading industry players of the military simulation & virtual training market providing information like company profiles, production, cost, and revenue. For example, In July 2018, Northrop Grumman Corporation was awarded a contract of US$ 128 million by the U.S. Army to offer sustainment & operation of virtual, live, constructive training and simulation systems. Northrop Grumman Corporation has been supporting the army program, MTCCS - III Corps, for the past 16 years. The company offers mission command training to over 70,000 service members yearly.
The objective of the report is to present a comprehensive analysis of the Global Military Simulation & Virtual Training Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Military Simulation & Virtual Training Market dynamics, structure by analyzing the market segments and projects the Global Military Simulation & Virtual Training Market size. Clear representation of competitive analysis of key players by End Use, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Military Simulation & Virtual Training Market the report investor’s guide.
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Global Military Simulation & Virtual Training Market, by Region
• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Key players operating in the Global Military Simulation & Virtual Training Market
• Northrop Grumman Corporation
• Cubic Corporation
• CAE
• AAI Corporation
• Rockwell Collins Inc.
• Lockheed Martin Corporation
• BAE Systems
• L3 Link Training & Simulation
• Thales Group
• Bohemia Interactive Simulations
• Boeing
• Saab Sensis Corporation
• Alenia Aeronautica
• Kratos Defense and Security Solutions
• Others
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