The global military simulation and virtual training market size is expected to reach USD 15.07 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.2% over the forecast period. Rising political instability and disputes coupled with the growing adoption of simulators and virtual training methods to safeguard the trainees are expected to drive the market. Rising prices of armed components and environmental concerns are expected to fuel demand for virtual training practices from the defense sector.
Over the past decade, the military simulation & virtual training market is gaining prominence as it is considered as a cost-effective solution for training the armed personnel to ensure their safety. However, the procurement of simulator and virtual training devices is primarily dependent on the purchase of military equipment such as fighter aircraft, tanks, gunneries, submarines, armored vehicles, helicopters, naval ships, and Unmanned Aerial Vehicles (UAVs). The current and future military expenditure is expected to influence the growth of the market from 2018 to 2025.
North America accounted for around 36% of global military spending in 2017 and is expected to lead the military simulation and virtual training market over the next few years. This growth can be attributed to the increasing demand and high defense expenditure of countries, such as the U.S. and Canada. However, Asia Pacific is expected to expand at the highest CAGR of 5.0% over the forecast period majorly driven by the increasing investments in the defense sector in countries such as China and India, which accounted for around 17% of the global military spending in 2017.
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Military Simulation and Virtual Training Market Report Highlights
• Flight simulation segment is expected to lead the military simulation and virtual training market over the forecast period owing to high spending in the aero-defense industry
• Air application segment is expected to continue leading over the forecast period due to the wide adoption of flight simulation techniques to reduce the penetration of live training, thus helping the government reduce operating costs
• The platform segment is expected to reach USD 2.59 billion by 2025, growing at an accelerating CAGR of 4.3% over the forecast period
• North America is expected to be the largest regional segment over the forecast period owing to the huge investments in the U.S. defense industry.
• Prominent industry participants include L-3 Technologies, Inc.; Lockheed Martin Corporation; Thales Group; and The Raytheon Company among others.
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Military Simulation and Virtual Training Market Segmentation
Grand View Research has segmented the global military simulation & virtual training market based on platform type, application, and region:
Military Simulation and Virtual Training Platform Type (Revenue, USD Million, 2015 – 2025)
• Virtual Boot Camp
Military Simulation and Virtual Training Application Type (Revenue, USD Million, 2015 – 2025)
Military Simulation and Virtual Training Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
List of Key Players of Military Simulation and Virtual Training Market
• L-3 Technologies, Inc.
• Lockheed Martin Corporation.
• Thales Group
• The Raytheon Company
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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