Portland, OR, Nov. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global military simulation and training market generated $11.56 billion in 2020, and is projected to reach $20.58 billion by 2030, witnessing a CAGR of 6.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in territorial conflicts worldwide has led to the growth in defense expenditure, which in turn, drives the growth of the global military simulation and training market. However, high costs associated with military simulation and training services & products restrain the market to some extent. On the other hand, contracts & agreements with military forces and defense modernization present new opportunities in the upcoming years.
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COVID-19 Scenario of Military Simulation and Training:
- The outbreak of the COVID-19 pandemic had a negative impact on the global military simulation and training market, owing to commute restrictions.
- The global lockdown had weakened the financial performance of the market players in 2020, which sequentially, impacted the overall economy of several countries.
- However the market is soon going to recover as key market players are formulating strategic cost-saving plans.
The report offers detailed segmentation of the global military simulation and training market based on training type, application, and region.
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Based on training type, the live training segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 7.0% from 2021 to 2030. The report also mentions and analyzes virtual training, constructive training, and gaming simulation training.
Based on application, the airborne simulation segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 6.6% from 2021 to 2030. The report also discusses segments including naval simulation and ground simulation training.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 6.9% during the forecast period. The report also discusses regions including Asia-Pacific, Europe, and LAMEA.
Leading players of the global military simulation and training market analyzed in the research include CAE, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Meggitt PLC, Northrop Grumman Corporation, Raytheon Technologies, Rheinmetall AG, SAAB AB, Textron Inc., and Thales Group.
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