Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global simulator market size was valued at USD 14.78 billion in 2021 and is projected to grow from USD 16.12 billion in 2022 to USD 30.41 billion by 2029, exhibiting a CAGR of 9.49% during the forecast period. This information is provided by Fortune Business Insights™, in its report titled, “Simulator Market Size, 2023-2029.”
The simulator market refers to the industry that develops and sells simulators, which are computer-based systems designed to replicate real-world environments or processes for training, education, research, or entertainment purposes. Simulators are widely used in various industries, including aviation, military, healthcare, automotive, gaming, and virtual reality (VR).
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List of Key Players Mentioned in the Simulator Market Report:
- CAE Inc. (Canada)
- Raytheon Technologies Corporation(U.S.)
- L3 Harris Technologies Inc. (U.S.)
- BAE Systems Plc (U.K.)
- Boeing Company (U.S.)
- Frasca International Inc (U.S.)
- Tecknotrove Systems Pvt Ltd (India)
- Kongsberg Group (Norway)
- Indra Sistemas, SA (Spain)
- PulseWorks LLC (U.S.)
- Cre8tive Rooms LLC (U.K.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 9.49% |
| 2029 Value Projection | USD 30.41 Billion |
| Market Size in 2022 | USD 16.12 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Simulator Market Growth Drivers | Increasing Demand for Training Applications in Military, Aviation, and Naval Training to Surge the Demand for Simulators |
| Modernization in Technology with AR, VR, and Ergonomics is Driving Market Growth |
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https://www.fortunebusinessinsights.com/simulator-market-107016
COVID-19 Impacts:
Simulator Deliveries Were Delayed Due to COVID-19 Pandemic
The COVID-19 pandemic outbreak and strict lockdown procedures had a significant impact on the simulator business, forcing temporary closure of aircraft, automotive, and marine simulator facilities. The pandemic had a significant influence on the aviation and automotive industries. The number of active pilots abruptly decreased. Such simulant supply was delayed as a result of the decline in pilot demand.
Segments:
By Type:
- Flight Simulators
- Driving Simulators
- Medical Simulators
- Construction Simulators
- VR Simulators
- Others
By Application:
- Aviation
- Military and Defense
- Healthcare
- Automotive
- Gaming and Entertainment
- Education and Research
- Others
By Technology:
- Virtual Reality (VR) Simulators
- Augmented Reality (AR) Simulators
- Mixed Reality (MR) Simulators
- Desktop Simulators
- Full-Motion Simulators
- Fixed-Base Simulators
- Mobile Simulators
- Others
By End-User:
- Training and Education Institutes
- Defense Organizations
- Aviation Companies
- Healthcare Institutions
- Automotive Manufacturers
- Gaming Companies
- Research Institutes
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
Drivers and Restraints:
Increasing Demand For Training Applications In Military, Aviation, and Naval Sectors Will Drive The Growth Of Simulant Market
The simulator industry is expected to witness significant growth due to the increasing adoption of simulators in various military and commercial training applications, such as maritime training, driving instruction, and aviation training. The Armed Forces recognize the benefits of simulators, including cost savings, enhanced safety, realistic training environments simulating diverse combat scenarios, accelerated training, and preservation of crucial operational equipment from wear and tear.
Regional Insights:
North America to Lead Backed by the Presence of Huge Number of Pilot Shortage
In 2021, the market was led by North America. In 2021, the North American market had a value of USD 5.28 billion. The highest number of pilot shortages led to the simulator market growth.
With notable aircraft producers, such as Airbus, Thales Group, and Indra Sistemas, in this region, the market in Europe was expected to have the second-largest simulator market share in the base year.
During the forecast period, the market in Asia Pacific is anticipated to develop at the greatest CAGR. The growth of the airline sector and the demand for qualified pilots in developing nations such as China and India are both being fueled by the Asia Pacific region's growth in air travel.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Simulator Market
- Impact of COVID-19 Pandemic on Global Simulator Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Global Simulator Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By End Use Industry
- Aerospace & Defense
- Automotive
- Marine & Naval
- Media & Entertainment
- Market Analysis, Insights and Forecast – By Application
- Training
- Research & Development
- Others (Maintenance & Troubleshooting, Vehicle Assistance, and Leisure)
- Market Analysis, Insights and Forecast – By Type
- Full Flight Simulator
- Fixed Base Simulator
- Driving Simulator
- Others (Air Traffic Control Simulators and Vessel Traffic Control Simulators)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued...!
Competitive Landscape:
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
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Key Industry Development:
May 2022: Thales has been given a multimillion dollar contract by Airbus Defense and Space to provide the Royal Air Force with a second full-flight simulator for the Airbus A400M military transport aircraft. Reduced hours of actual aircraft flight training is possible due to the A400M simulator's realistic training capabilities.
Read Related Insights:
Flight Simulator Market Size to Hit USD 5.75 Billion by 2028 | At 5.99% CAGR
GNSS Simulators Market Size, Share, Growth, Forecast, 2030 | Fortune Business Insights™
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