Military Simulation and Virtual Training Market Report 2021 Recent Development and Trends, Expected Growth and its Factors, CAGR, Industry Size, Business Prospects and Forecast 2025 | Says Kenneth Research

The Military Simulation and Virtual Training Market is segmented on the basis of geography into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Out of these regions, the market in North America is projected to hold the largest market share in the year 2021. The growth of the market in the region can be attributed primarily to the increasing trade on defense goods from nations such as the United States. According to the statistics stated by the Aerospace Industries Association in the fact book titled “2020 Facts & Figures U.S. Aerospace & Defense”, the combined sales revenue recorded from the aerospace and defense sectors grew by 6.7% from the year 2018 to reach USD 909 billion by the end of 2019. The statistics further stated that defense exports increased by 10.5% to a three-year high of USD 21.6 billion.

Market Analysis
The Global Military Simulation and Virtual Training Market is expected grow at CAGR of 4.12% during the forecast period of 2018–2025. In the year 2018, North America was responsible for the largest share of the global military simulation and virtual training marketwith 35.07% share, followed by Europe and Asia-Pacific with shares of 24.31% and 22.90%, respectively. The global military simulation and virtual training market is forecast to witness a high growth rate during the forecast period. Growth of the market is assigned to grow in focus on using flight simulators for training combat aircraft pilots and the growing emphasis on maritime security and a subsequent focus on virtual training for naval operations.

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Though, the absence of skilled simulator trainers has been estimated to hamper growth of the market. Simulation and virtual training are cost-effective alternatives to live training used for combat operations and various battlefield missions. Escalating applications of military simulator training in a virtual immediate evacuation, military training, and firefighting have increased demand for the market. The global military simulation and virtual training market has been segmented on the basis of platform, training type, and region. By platform, the market has been classified as airborne, ground, and naval. In terms of training type, the market has been divided into live, virtual reality (VR), constructive, and gaming simulation.

Market Segmentation
the global military simulation and virtual training market has been segmented by Platform, Training type and by Region. Based on Platform the global military simulation and virtual training market has been segmented into Airborne, Ground, and Naval. The Airborne Platform segment is expected to take over the Global Market. The airborne segment includes all aspects of airborne warfare, including airborne platforms right from manned to unmanned vehicles. Air-defense plays an important role in protecting the of territorial sovereignty of any country and detection of potential aerial threats. Virtual training is a value addition, particularly while training pilots.

Therefore, the airborne segment of the military simulation and virtual training market is expected to register a CAGR of 4.21% in the reporting period. Based on Training Type the market has been bifurcated into Live, Virtual Reality (VR), Constructive, and Gaming Simulation. Based on region the market has been segmented into different regions like North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.

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Regional Analysis
Geographically, the global military simulation and virtual training market has been split into different regions like North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is expected to be the largest market for military simulation and virtual training. The market in North America is forecast to register a CAGR of 4.26% during the forecast period. Factors such as favourable government rules and regulations related to training military personnel and the availability of advanced military infrastructure are driving the growth of the market in North America.

The companies running in the global military simulation and virtual training market in the region are focusing on technological advancements and are investing in the research and development of the simulation training; therefore, the demand for simulation and training systems is high in North America. In Canada, the presence of key company such as CAE Inc. is expected to boost the growth of the market. The market in North America was estimated to be USD 4,032.2 million in the year 2018. In the year 2018, North America was responsible for the biggest share of the global military simulation and virtual training market, followed by Europe, which made up around 24% share of the global market.

Major Companies
CAE Inc. (Canada), Cubic Corporation (US), L3Harris Technologies, Inc. (US), Lockheed Martin Corporation (US), Saab AB (Sweden), Thales Group (France), and Raytheon Company (US), Northrop Grumman Corporation (US), Rheinmetall AG (Germany), Meggitt PLC (UK), United Technologies Corporation (US) are some of the key players in the global military simulation and virtual training market.

There are some key developments in the global military simulation and virtual training market. In July 2018, Northrop Grumman Corporation has been awarded the contract of USD 128 million by the US Army to ensure an operation and maintenance of virtual, live, constructive training, and simulation systems. The company has supported the army program, Mission Training Complex Contractor Support (MTCCS – III Corps), for the past 16 years. Company gives mission command training for more than 70,000 service members annually. In December 2016, AirMed International founded its first helicopter manufacturing facility in Silsbee, Texas, US. This facility is used to produce twin-engine, single-pilot IFR EC135 with night-vision goggle capabilities. It features an emergency first response to air transportation services in the US.

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