Global Military Simulation and Virtual Training Market Overview
The Military Simulation and Virtual Training market, valued at US$13.3 billion in 2016, is projected to grow at a CAGR of 2.90% over the 2016-2026 period, to reach US$17.7 billion by 2026. The market consists of three simulation categories: flight, combat, and maritime. Flight Simulators are expected to account for 59% of the global military simulation market, followed by Maritime Simulators and Combat Simulators, with shares of 21% and 20%, respectively. North America dominates the sector with a share of 36.4%, followed by Europe and Asia Pacific with shares of 25.4% and 25.2%, respectively.
- The global Military Simulation and Virtual Training market is expected to value US$13.3 billion in 2016 and is expected to increase to US$17.7 billion by 2026, growing at a CAGR of 2.90% during the forecast period. The cumulative market for global expenditure on Military Simulation and Virtual Trainings will reach US$168.1 billion over the forecast period.
- The procurement of simulators is primarily dependent on the procurement of other military equipment such as aircraft, submarines, helicopters, armored vehicles, UAVs, and naval ships, and with the market for these systems expected to witness robust expenditure over the forecast period, military simulators will be much in demand.
- Factors such as internal and external security threats, territorial disputes, and modernization initiatives undertaken by the various armed forces across the world are driving the demand for conventional and unconventional military hardware and software, and as the world emerges from the crippling fiscal crisis of 2008, military spending is expected to post somewhat of a recovery even in the badly affected regions of North America and Europe.
There are a number of factors encouraging militaries around the world to cut down on live training programs. Environmental issues and high energy prices are two major factors driving this change. In these circumstances, the simulator and virtual training industry is gaining attention from militaries around the world.
Strategic Defence Intelligence’s latest report The Global Military Simulation and Virtual Training Market2016-2026, offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for military simulators, key market trends, and challenges faced by industry participants.
Price: $4,800 (Single User License)
Published: Aug -16
Publisher: Strategic Defence Intelligence
Report Format: electronic pdf