Simulator Market to Hit USD 28.78 Billion by 2030 | At a CAGR of 6.9%
The Global Simulator Market Covered Major Segments Size, Share & COVID-19 Impact Analysis, By End Use Industry (Aerospace & Defense, Automotive, Marine & Naval, Media & Entertainment), By Application (Training, Research & Development, Others), By Type (Full Flight Simulation, Fixed Base Simulation, Driving Simulation, Others), and Regional Forecast, 2023-2030.
Pune, India, Aug. 08, 2023 (GLOBE NEWSWIRE) — The global simulator market size was valued at USD 16.63 billion in 2022 and is expected to be worth USD 18.07 billion in 2023. The market is projected to reach USD 28.78 billion by 2030, recording a CAGR of 6.9% during the forecast period.
A simulator is majorly used to create a realistic virtual environment that replicates various scenarios from real life to help users interact and experience different situations in a controlled setting. These simulations are being widely used in several industries, such as automotive, aviation, military, and gaming. Since the demand for training and skill development is constantly rising in these sectors to keep up with the ever-changing market environments, the simulator market growth is expected to gain a significant pace.
Fortune Business Insights™ displays this information in a report titled, “Simulator Market, 2023-2030.”
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LIST OF KEY COMPANIES PROFILED IN THE SIMULATOR MARKET REPORT ARE:
- BAE Systems Plc (U.K.)
- The Boeing Company (U.S.)
- CAE Inc. (Canada)
- cre8tive rooms (U.K.)
- Indra Sistemas (Spain)
- Konsgberg Group (Norway)
- L3 Harris Technologic Inc. (U.S.)
- Pulseworks LLC (U.S.)
- Raytheon Technologies Corporation (U.S.)
- Unitest Marine Simulators (Poland)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.9% |
| 2030 Value Projection | USD 28.78 Billion |
| Market Size in 2023 | USD 18.07 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 191 |
| 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 in Military, Aviation, and Navy to Drive Market Growth |
| Modernization in Technology with AR, VR, and Ergonomics to Drive Market Growth |
Browse Detailed Summary of Research Report with TOC:
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COVID-19 Impact:
COVID-19 Decreased Product Adoption in Different Sectors Due to Closure of Training Programs
The COVID-19 pandemic had a negative effect on the market growth as some training centers were shut down for a temporary period in 2020, which ultimately decreased the demand for networked simulation systems. Since the healthcare sector had intensified its efforts toward controlling the spread of the virus, the number of medical training decreased during this period. These aspects had a severe impact on the product adoption.
Segments:
Simulators to be Widely Used in Aerospace & Defense Sector to Train and Test New Recruits
Based on end use industry, the market is segmented into aerospace & defense, automotive, marine & naval, and media & entertainment. The aerospace & defense segment dominated the market as these devices can be used to train new recruits, thereby improving the training safety and efficiency.
Rising Demand for Safety and Efficiency to Boost Product Use in Training Applications
By application, the market is segmented into training, research & development, and others. The training segment held a dominant simulator market share in 2022 as these devices are useful in enhancing the efficiency and safety of training, allowing them to develop their skills in a controlled environment.
Large-scale Application in Automotive, Aerospace, and Energy Sectors to Fuel the Use of Full Flight Simulation
In terms of type, the market is segmented into full flight simulation, fixed base simulation, driving simulation, and others. The full flight simulation segment is expected to dominate the market during the forecast period as this type of device simulates the experiences of operating an aircraft, thereby giving pilots an idea of how flying a real one will feel like.
With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage:
The report gives in-depth analysis of the market and highlights key areas such as increased demand for simulation services and R&D capabilities. It also provides valuable insights into the latest market trends and covers top developments in the industry. Apart from the above-mentioned factors, the report focuses on several factors that have augmented the global market growth in recent years.
Drivers and Restraints:
Rising Demand for Training in Aviation, Military, and Navy to Spur Market Progress
Simulators have found widespread use in training new recruits in the military, naval, and aviation sectors as they can replicate some dangerous real-life scenarios to make them better prepared for different missions. One of the key advantages of using simulation technologies in these industries is that they offer operators an opportunity to create numerous scenarios in a realistic training environment. This factor is expected to drive the market share.
However, continuous upgrades in simulation systems for new aircraft models may restrict the market growth.
Regional Insights:
North America to Dominate Global Market Due to Technological Innovations in Simulation Technologies
North America dominated the market in 2022 as there was a strong rise in technological innovations in various simulation technologies to keep up with the ever-increasing and unique training requirements of different sectors.
Europe captured a major market share as there has been a robust growth in investments by key market players to improve simulation systems.
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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:
Advanced Technologies Adopted by Key Market Players for Higher Processing Capacity
The market is highly consolidated with the presence of leading companies such as CAE Inc., The Boeing Company, BAE Systems Plc, Indra Sistemas, and cre8tive rooms, among many others. These organizations are offering technologically advanced simulation products and solutions for different industries, such as marine, media & entertainment, and aerospace & defense.
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Key Industry Development:
February 2023 – BAE Systems and FSTC declared plans to design, build, and deliver a high-quality simulation system to train Indian Defense Force pilots. The two firms are developing a twin-dome full-mission simulation system that utilizes realistic synthetic environments to enable pilots to train in virtual environments of the real world.
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