Simulator Market to Hit USD 30.41 Billion by 2029 | Exhibiting a CAGR of 9.49% by 2022-2029
Companies Covered in Simulator Market are 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.) and Other key companies
Pune, India, Dec. 07, 2022 (GLOBE NEWSWIRE) — The global simulator market size was valued at USD 14.78 billion in 2021. The market 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, 2022-2029.”
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.
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List of Key Players Mentioned in the 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 |
| Base Year | 2021 |
| Simulator Market Size in 2021 | USD 14.78 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 200 |
| Segments Covered | By Application Analysis, By Type Analysis, By End- use Industry Analysis |
| Simulator Market Growth Drivers | Demand for Simulants Will Rise Due to Growing Demand for Training Applications in Military, Aviation, and Naval Training |
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Segments:
Aerospace & Defense Segment to Hold Highest Market Share Due to Increased Pilot Shortage
Based on end-use industry, the market is segmented into aerospace & defense, automotive, marine & naval, and media & entertainment. The aerospace & defense segment is to be the largest segment with the highest market share in 2021.
Training Segment to Hold Market Dominance Due to Large Procurement of Full Flight Simulators
Based on application, the market is segmented into training, research and development, and others. The training segment dominated in the base year due to large procurement of full flight simulators.
Driving Simulators Segment to Witness High CAGR owing to Increasing Demand for Simulators for Vehicle Testing
Based on type, the market is segmented into full flight simulators, fixed base simulators, driving simulators and others. The driving simulators segment is anticipated to witness growth with the highest CAGR of during the forecast period.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the Middle East & Africa.
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.
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Drivers and Restraints:
Demand for Simulants Will Rise Due to Growing Demand for Training Applications in Military, Aviation, and Naval Training
The market is anticipated to rise as a result of the expanding usage of emulators in a variety of military and commercial training applications, including maritime training, driving instruction, and aviation training. The Armed Forces are aware of the value of simulators in terms of cost savings, safety, training in an environment that is close to realistic by simulating different combat scenarios, rapid training, and preserving the vital 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.
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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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
TOC Continued…!
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.
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