Apr 07, 2020 (Heraldkeepers) -- Market Overview
Global Military Simulation and Virtual Training Market are expected to reach USD 15,162.1 Millionby 2025, expanding at a CAGR of 4.25% during the Forecast Period.
Military branches, such as the army, navy, and air force, are implementing simulation training for various combat operations. This is expected to boost the demand for military simulation and virtual training during the review period.
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Key players in the Global Military Simulation and Virtual Training Market are CAE Inc. (Canada), Cubic Corporation (US), L3Harris Technologies, Inc. (US), Rheinmetall AG (Germany), Lockheed Martin Corporation (US), Meggitt PLC (UK), Northrop Grumman Corporation (US), United Technologies Corporation (US), Saab AB (Sweden), Thales Group (France), and Raytheon Company (US).
In January 2019, L3Harris Technologies was awarded a contract worth USD 350 million by the US Air Force for the F-16 Simulators Training Program (STP). This contract is anticipated to help the company to expand its presence in the US.
Global Military Simulation and Virtual Training Market has been bifurcated on the basis of platform and training type.
Based on platform, the market has been classified as airborne, ground, and naval. The airborne segment is projected to dominate the market during the forecast period. It was valued at USD 5,785.6 million in 2018 and expected to reach USD 7,642.3 Million by 2025. This segment has been further classified as jet flight simulation and training, rotary flight simulation and training, and UAV flight simulation and training. The airborne segment comprises aspects of airborne warfare including airborne platforms right from manned to unmanned vehicles. Air defense is vital for the identification of potential aerial threats and the protection of the territorial sovereignty of any country. The air segment is expected to exhibit a CAGR of 5.36% during the forecast period.
Based on training type, the Global Military Simulation and Virtual Training Market has been divided into live, virtual reality (VR), constructive, and gaming simulation. In live simulation training, real-time data systems are directly operated by the soldiers. This type of training is considered a simulation or an artificial environment as it is not conducted against live enemies. Live simulation training is implemented after the completion of virtual training to gain hands-on experience of the real systems. This provides superior training option for combat operations. The live segment is projected to register a CAGR of 3.85% during the forecast period.
In terms of region, the global military simulation and virtual training market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America is lead the market and was valued at USD 4032.6 million in 2018. The presence of major market players such Cubic Corporation, L3Harris Technologies, Inc., and Northrop Grumman Corporation is expected to drive market growth in North America. The regional market is anticipated to expand at a CAGR of 4.12% during the forecast period.
Europe is projected to be the second-largest market during the review period. The regional market is expected to reach USD 2794.1 Million by 2025 at a CAGR of 4.19% during the forecast period. Asia-Pacific is projected to be the third-largest market during the review period. The regional market is expected to reach USD 2633.4 Million by 2025 at a CAGR of 4.88% during the forecast period.
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