According to the new market research report “Simulators Market by Type (Full Mission, Containerized, Fixed-Based, Desktop, Console), Technology (Live, Virtual, Constructive, Integrated), Application (Military, Commercial), Vehicle (Airborne, Land, Naval), Component, Region – Global Forecast to 2022″, The simulators market is estimated at USD 16.62 Billion in 2017 and is projected to reach USD 20.99 Billion by 2022, at a CAGR of 4.78% from 2017 to 2022. Growing need to train new pilots across the globe and increasing adoption of virtual training to ensure safety are some of the key factors driving the simulators market.
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The commercial segment is projected to grow at a higher CAGR the forecast period. The growth of this segment can be attributed to the increasing demand for commercial aircraft pilots and need for cost-cutting in training.
Based on technology, the integrated training environment segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of integrated training environment to train military personnel and pilots across airborne, land, and naval vehicles.
Based on vehicle class, the land vehicle class segment of the market is projected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the increasing number of land vehicle orders for military applications, globally.
Based on type, the containerized simulators segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing demand for simulator training in the shipping industry. Strong growth in international trade and tourism and crude oil exploration activities are also driving the containerized simulators segment.
Based on component, the software segment of the simulators market is projected to grow at a higher CAGR during the forecast period. The increasing adoption of LED and OLED display systems for virtual training purposes is one of the most significant factors projected to drive the growth of the hardware segment.
Asia Pacific is expected to be the fastest-growing market for simulators during the forecast period. The growth of the simulators market in Asia Pacific can be attributed to the growth in the aviation industry and increase in aircraft deliveries in the region.
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Major companies across the globe that provide simulators are CAE (Canada), L-3 Technologies (US), FlightSafety (US), Boeing (US), Thales (France), FAAC (US), ECA (France), and Lockheed Martin (US). These key players offer various products, such as full mission simulators, flight training devices, full flight simulators, fixed based simulators, and containerized simulators. New product developments, acquisitions, and contracts are main strategies adopted by these players to retain their position in the market.