Luton, Bedfordshire, United Kingdom, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Military Simulation and Training solutions Market.
The Military Simulation and Training solutions market is projected to reach above 20.03 billion by 2029, exhibiting a CAGR of 9.1% during the forecast period
Military Simulation and Training solutions serve as an effective strategy, which is widely embraced by military forces throughout the world, for successful training activities of the military personnel without involving large costs for training. High end technology enabled platforms are used in Military Simulation and Training to give military personnel effective operational capability. Solutions for Military Simulation and Training lower the use of live equipment, improving cost effectiveness. Armed forces, naval forces, and air military forces are the main applications for Military Simulation and Training Market.
Global demand for Military Simulation and Training Market is anticipated to be driven by rising defence spending and new technical advancements that will help bolster military capabilities and efficiency. defence investment in these areas is being driven by rising geopolitical tensions between the various countries and global strengthening initiatives. This in turn is driving designers and makers of high-tech, high resolution military simulators to create more of them for use in the training of defence personnel.
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North America is anticipated to constitute a Military Simulation and Training market share
The regions that make up the international Military Simulation and Training Market are Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Due to the region's policy of having its army personnel prepared for deployment in war-like scenarios at a moment's notice, North America is expected to account for a significant portion of the market over the projected decade. However, it is projected that the Asia Pacific market will expand quickly during the projection period as a result of the region's growing economies increased military spending, which is driving up demand for military simulation and virtual training.
Recent Developments
- In October 2021, Rheinmetall and Thales provided 20 contemporary Tiger simulators as well as servicing and maintenance support at sites in Le Luc, Fritzlar, Pau, and Phalsbourg. The 8 full-mission simulators and 12 cockpit procedure trainers enable crews to train using the latest configuration of the aircraft in service.
- In June 2021, Varjo Technologies and SAAB AB collaborate to revolutionize flight simulators. Varjo created a mixed reality (XR) technology for integration into all Saab Gripen E/F simulators. The alliance provided several new training options at a fraction of the cost, in addition to the finest resolution and the largest field of vision in the market.
- In August 2020, BAE Systems was granted a contract by the US Marine Corps (USMC) to produce a prototype design for a new state-of-the-art Wargaming Center built at Marine Corps Base Quantico in Virginia. Artificial intelligence, machine learning, game theory, multi-domain modeling & simulation, and predictive data analytics are integrated into the prototype for more measurements and training on numerous wargaming procedures.
| Attributes | Details |
| Base Year | 2020 |
| Historic Data | 2017-2020 |
| Forecast Period | 2022-2029 |
| Segmentation | Applications (Air, Naval, and Ground) and Platforms (Battlefield Simulation, Flight Simulation, Virtual Boot Camp, and Vehicle Simulation) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | Raytheon Technologies, Rheinmetall AG, BAE Systems, Lockheed Martin Corporation, CAE, Inc., Israel Aerospace Industries Ltd., Meggitt PLC, Northrop Grumman Corporation, SAAB AB, Textron Inc., and Thales Group. |
Military Simulation and Training Market Key Players
The global Military Simulation and Training market key players include Raytheon Technologies, Rheinmetall AG, BAE Systems, Lockheed Martin Corporation, CAE, Inc., Israel Aerospace Industries Ltd., Meggitt PLC, Northrop Grumman Corporation, SAAB AB, Textron Inc., and Thales Group.
Key Market Segments: Military Simulation and Training Market
Military Simulation and Training Market by Type, 2022-2029
- Live
- Virtual
- Constructive
Military Simulation and Training Market by Platform, 2022-2029
- Land
- Maritime
- Airborne
Military Simulation and Training Market by Application, 2022-2029
- Army
- Aviation
- Naval
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Military Simulation and Training Market Trends
The growing need for a qualified workforce in the Naval as well as expanding demand for both conventional and unconventional military hardware and software are expected to drive the global market for military simulation and virtual training. The Military Simulation and Training Market is expected to expand since there will be an increasing need for modification of current equipment and orders for new, cutting-edge technology. Due to limited financial resources, governments all around the world are cutting back on their military spending. Many nations' defence ministries are shrinking back their military and their funding for training. This has intensified the military's focus on finding less expensive and more efficient ways to meet their needs. Over the course of the forecast, these elements are anticipated to fuel the market even more.
Military Simulation and Training Market Trends, Drivers, Restraints, and Opportunities
- Rising use of simulation and virtual training as it helps in reducing the wear and tear of equipment is one of the key factor driving the market growth.
- Growing need for virtual training as it is cost effective and less time consuming then on-site training is projected to drive the market expansion during the forecast period.
- Escalating cost of Military Simulation and Training products acts as a major challenge that can restrict the market growth in the coming years.
- Lack of interoperability can hamper the market growth during the projected timeline.
- Increasing defence expenditure by emerging economies is projected to create significant growth opportunities for the market.
Reasons to buy
- Determine prospective investment areas based on a detailed trend analysis of the global Military Simulation and Training market over the next ten years.
- Gain in-depth understanding about the underlying factors driving demand for different military simulation segments in the top spending countries across the world and identify the opportunities offered by each of them.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
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