DUBLIN--(BUSINESS WIRE)--The "Global Military Simulation and Virtual Training Market 2017-2027" report has been added to Research and Markets' offering.
Global military simulation and virtual training market will value US$14.3 Billion by the end of 2017 and reach US$20.0 Billion in 2027, at a compound annual growth rate (CAGR) of 3.43% over the forecast period (2017-2027). The cumulative market for global expenditure will reach US$183.1 Billion over the same period.
Challenging global security conditions, due to unconventional attack styles and urban warfare, have rendered traditional military training methods ineffectual. Dynamic methods, combining live and virtual training, are helping to prepare armed forces for future missions and coordinated attacks. Simulation forms an integral part of this approach and will drive demand over the forecast period.
With major economies focusing on strengthening and modernizing their air attack and defense capabilities, flight simulators are projected to be the dominant segment in the military simulation and virtual training market. Disputes over maritime borders and natural resources have warranted military super powers to focus on modernizing their navies. This will drive the demand for maritime simulators, making it the second-largest segment in the market. Flight simulators will account for 59.3% of the market in 2027, followed by maritime simulators with a share of 22.8%, and combat simulators with a share of 17.9%.
North America will continue to dominate the military simulation and virtual training market, with a 33.5% share of the market's revenue in 2027, followed by the Asia-Pacific with a share of 30.5%, and Europe with 21.9%. The Middle East is projected to become a highly attractive market for military simulation and virtual training due to the volatility of political conditions and the ongoing threat of terrorism. It is set to account for a share of 9.4% in 2027, followed by Latin America and Africa with a collective share of 4.8%.
A focus on LVC poses a challenge for suppliers when integrating and modernizing training facilities. Essentially, a state of interoperability must be attained among various systems. With countries looking for solutions that can be used across multiple military divisions and include network centric warfare training and multi-team coordinated preparation against terrorist attacks, the challenge facing companies is providing simulations complex enough to cover all scenarios.
- Lockheed Martin Corporation
- Saab AB
- L-3 Link Simulation & Training
- Sikorsky Aircraft Corporation
- Rockwell Collins
- Kratos Defense and Security Solutions, Inc.
- Teledyne Brown Engineering, Inc.
- The DiSTI Corporation
- ZedaSoft, Inc.
- Fidelity Technologies Corporation
- VirTra Systems
- Meggitt Training Systems
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