Global Simulator Market growing at a CAGR of 9.4% from 2023 to 2030
Category : Aerospace and Defence | Published Date : May 2023 | Type : Press Release
Key Market Overview
The global simulator market is poised for strong expansion and is predicted to reach USD 31,530.85 Million by 2030. The market was sized at USD 15,710.00 Million in 2022 and is expected to grow at a compound annual growth rate of 9.4% during the period 2023-2030.
The report highlights the increasing adoption of simulators in numerous fields, including engineering, physics, chemistry, biology, medicine, economics, and social sciences to simulate different scenarios and analyze the outcomes in real-time. Consegic Business Intelligence provides an inclusive research report on the simulator market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Simulator Market By Overview
The report analyses significant segments such as component, type, technique, platform, application, and region, to identify emerging trends and potential opportunities. The component segment is expected to grow as the solutions incorporate the latest technologies and trends, namely virtual reality, cloud computing, and artificial intelligence, to provide a more advanced and immersive simulation experience. In addition, simulators provide a safe and controlled environment for pilots to practice their skills and develop proficiency without risking injury or damage to equipment further, promoting the market growth.
Get Free SampleMarket Dynamics
Driver:
- The growing adoption of simulators in the aerospace and defense industry to train pilots forvarious aircraft is driving the growth of the market.
- The growing trend toward gamification raises the demand for simulators to make training and education more engaging and motivating.
- The advancements in technology including the emergence of HD quality LED screens for displays is propelling the growth of the simulator market.
Restraints:
- The high operational and maintenance cost associated with the stimulator act as a major restraint for the growth of the market.
- Presence of alternatives including computer-based training impedes the growth of the global simulator market.
Market Segmentation:
| Report Attributes | Report Details |
| By Component | Solutions and Services |
| By Type | Full Flight Simulator (FFS), Flight Training Device (FTD), Aviation Training Device (ATD)), Technique (Live, Virtual, Constructive, Synthetic Environment Simulator, and Gaming Simulator |
| By Technique | Live, Virtual, Constructive, Synthetic Environment Simulator, and Gaming Simulator |
| By Platform | Air, Land, and Marine |
| By Application | Military applications, Training & Support, Designing Semiconductors, Manufacturing Applications, E-business models, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for simulator market is highly competitive with major companies including Altair Engineering Inc., Kawasaki Heavy Industries, Ltd., CAE Inc., and BAE Systems plc that have a strong market position in current market circumstances. Further, the simulator market is expected to witness significant growth in coming years owing to the ability of simulators to offer the most realistic simulation of flight operations and provide a fully immersive environment that replicates the experience of flying a real aircraft. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the simulator market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Altair Engineering Inc
- Kawasaki Heavy Industries, Ltd.
- CAE Inc.
- BAE Systems plc
- Kongsberg Digital AS
- Raytheon Technologies Corporation
- L3 Harris Technologies, Inc.
- The Boeing Company
- Frasca International, Inc.
- Tecknotrove Systems Pvt Ltd
