Chicago, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Flight Simulator Market size is projected to grow from USD 7.4 billion in 2022 to USD 10.3 billion by 2027, at a CAGR of 6.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. The increased adoption of advanced technologies in the aviation sector is driving revenue growth in the flight simulator market. The use of augmented reality and virtual reality in flight simulation is also propelling market expansion.
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The rising need for low-cost pilot training is a key driver driving market revenue growth. Because the cost of flying an original aircraft is substantially higher, it functions as an artificial flight environment developed for both military and commercial reasons. These simulation systems require safety precautions, upgraded engines, and dependable navigation and transmission systems to ensure that no human lives are lost while training. This aspect is expected to boost future flight simulator use.
The full flight simulators segments projected to lead the market during the forecast period
The flight simulator market is segmented into four categories based on type: Full Flight Simulators (FFS), Flight Training Devices (FTD), Flight Mission Simulators (FMS), and Fixed Base Simulators (FBS).
The Full Flight Simulators (FFS) sector accounted for the highest market share in 2021 and is predicted to expand rapidly over the projection period. FFS delivers superior crew, pilot, and ground support training. Full flight simulators teach commercial pilots, business jet pilots, rotary wing pilots, and helicopter pilots.
The services segment projected to have the highest CAGR growth flight simulator market during the forecast period
The flight simulator market is segmented into products and services based on the solution. Due to a rise in flight simulator maintenance costs, revenue from the services category is predicted to expand rapidly throughout the projection period. They are utilized for both regular and main training. Constant technological advancements and new features are driving a need for simulation technology upgrades, boosting the segments revenue growth.
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North America is projected to lead the market during the forecast period.
According to geographical analysis, the flight simulator market in North America will account for the largest market share in 2021, owing to the regions high flight simulator use rate. An increase in air travel demand, the key driver for increased demand for pilot training, is expected to boost market expansion. The presence of multiple OEMs in the area is also fuelling market expansion. OEMs in the region are collaborating with airlines to boost their regional market positions. CAE Inc., L3Harris Technologies, Inc., FlightSafety International, and Tru Simulation + Training Inc. are among the key companies present in this region. High disposable wealth and technological advancements are driving the regions rising usage of flight simulator systems.
The key market players in the flight simulator market are CAE Inc. (Canada), L3Harris Technologies, Inc. (US), Thales SA (France), Saab AB (Sweden), Indra (Spain), Flight Safety International (US), The Boeing Company (US), Airbus S.A.S. (Netherlands), Tru Simulation + Training Inc. (US), and Raytheon Company (US).
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