The global military simulation and virtual training market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the growing need for trained workforce and boost in demand for unconventional & conventional software, and military equipment.
Military simulation and virtual training are important part of military activities. This parts are used in enhancing the military techniques for applications related to airborne, naval, and ground-based platform. Military simulation and virtual training products are looked after by defense ministries, across the globe, for training to the workforce.
Simulation training is a process that uses technology, such as distributed simulation technology, computer technology, and artificial intelligence. Simulation is used to maximizing the training level of workforce in atmosphere close to actual installation.
The COVID-19 pandemic outbreak has brought a negative impact on the market. During pandemic, the lockdown imposed by government bodies resulted in weakened the financial performance of the market players. The market is expected to recover by the end of 2021, as many economies are adopting virtual training and military simulation for training of the workforce to strengthen their defense sector and need of military personnel in case of emergency.
Market Trends, Drivers, Restraints, and Opportunities
- Rising use of simulation and virtual training as it helps in reducing the wear and tear of equipment is one of the key factor driving the market growth.
- Growing need for virtual training as it is cost effective and less time consuming then on-site training is projected to drive the market expansion during the forecast period.
- Escalating cost of military simulation and virtual training products acts as a major challenge that can restrict the market growth in the coming years.
- Lack of interoperability can hamper the market growth during the projected timeline.
- Increasing defense expenditure by emerging economies is projected to create significant growth opportunities for the market.
Scope of the Report
The report on the global military simulation and virtual training market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Military Simulation And Virtual Training Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Air, Naval, and Ground) and Platforms (Battlefield Simulation, Flight Simulation, Virtual Boot Camp, and Vehicle Simulation)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Cubic Corp.; Aai Corp.; Lockheed Martin Corp.; L3 Link Training & Simulation; Bohemia Interactive Simulations; Northrop Grumman Corp.; CAE Inc.; Rockwell Collins Inc.; BAE Systems; and Thales Group
Market Segment Insights
Air segment is estimated to expand at robust growth rate
On the basis of applications, the global military simulation and virtual training market is divided into air, naval, and ground. The air segment is estimated to expand at robust growth rate during the forecast period owing to ease of adoption due to rise in demand for battlefield operations and border surveillance.
On the other hand, the ground segment is projected to expand at a considerable CAGR during the forecast period attributed to disputes over natural resources and borders have warranted the military to focus on modernizing their army troops.
Escalating production cost of aircraft drive the flight simulation segment
Based on platforms, the market is segmented into battlefield simulation, flight simulation, virtual boot camp, and vehicle simulation. The flight simulation segment is estimated to account for a major market share during the forecast period due to growing penetration in commercial and military flight training practices.
Additionally, risk concerning the loss of human lives, high cost of flying an actual aircraft, and escalating production cost of aircraft is major driver of the segment. However, the virtual boot camp segment is anticipated to grow at a high CAGR during the projected period attributed to the external and internal security threats, increasing investments in the modernization, territorial disputes of the military and associated training.
North America is anticipated to constitute a key market share
In terms of region, the global military simulation and virtual training market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to regions policy of keeping its army troops ready for deployment in war-like situations at a short notice.
However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the increased military expenditure by emerging economies in the region, which increasing the demand of military simulation and virtual training.
The global military simulation and virtual training market has been segmented on the basis of
- Battlefield Simulation
- Flight Simulation
- Virtual Boot Camp
- Vehicle Simulation
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Cubic Corp.
- Aai Corp.
- Lockheed Martin Corp.
- L3 Link Training & Simulation
- Bohemia Interactive Simulations
- Northrop Grumman Corp.
- CAE Inc.
- Rockwell Collins Inc.
- BAE Systems
- Thales Group
Key players competing in the global military simulation and virtual training market are Cubic Corp.; Aai Corp.; Lockheed Martin Corp.; L3 Link Training & Simulation; Bohemia Interactive Simulations; Northrop Grumman Corp.; CAE Inc.; Rockwell Collins Inc.; BAE Systems; and Thales Group
Companies are focusing on investment in R&D for the development of advanced military simulation and virtual training products. Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers. For instance, in July 2018, Northrop Grumman Corp. the U.S. based aerospace and defense technology company made contract with U.S. army worth USD 128 million. This contract was to offer operation & sustainment of virtual, live, constructive training, and simulation systems.
In 2016, Polish Air Forces signed a contract with the U.S. based L-3 Communications Holdings, Inc. This contract was aimed for the supply of F-16 Trainer Support.