Military Simulation and Training - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Military Simulation and Training Market is accounted for $10.74 billion in 2017 and is expected to reach $17.57 billion by 2026 growing at a CAGR of 5.6%. Factors such as rising demand for adoption of virtual training for future generation, and reducing the budget of military equipment and training are driving the market growth. However, lack of inducements and challenges for manufacturers of simulators are hampering the growth of the market. Moreover, increase in the innovative technology and R&D activities about the military simulation acts as opportunities for the growth of the market.
Military simulation and training is an important technology used for providing training services for system use and maintenance and for military warfare techniques. The military simulation and training is a time effective and cost saving approach, specifically used by the defense sector. Under the defense sector it is used as an effective method to train workforce for higher responsibilities, facilitating personnel with new techniques and procedures, to develop and measure new tactics as well as to estimate the effectiveness of new weapons systems.
Based on the training type, Gaming Simulation segment has lucrative market share during the forecast period. Due to the increasing demand for gaming simulation for training, tactics analysis, and mission preparation. Gaming simulation is an important tool to impart training to war fighters by recreating battlefield. By geography, Asia Pacific region is driven by increasing defense budgets of major economies (China, India, South Korea, and Australia) in the region, and rising R&D expenditure for military simulation and training.
Some of the key players in Military Simulation and Training market include CAE Inc., Thales Group, Northrop Grumman Corporation, The Raytheon Company, SAAB AB, Lockheed Martin Corporation, Meggitt PLC, Cubic Corporation, L-3 Communications Holdings, Inc., Rockwell Collins, Inc., and Rheinmetall AG.
• Liquid Type
• Drying Type
Training Types Covered:
• Gaming Simulation
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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