SAN FRANCISCO, Feb. 27, 2019 /PRNewswire/ -- The global military simulation & 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 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 defense sector.
Key suggestions from the report:
- 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 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.
Read 120 page research report with TOC on "Military Simulation and Virtual Training Market Size, Share & Trends Analysis Report By Platform Type (Flight, Vehicle, Battlefield, Virtual Boot Camp), By Application (Ground, Air, Naval), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/military-simulation-and-virtual-training-market
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 aircrafts, tanks, gunneries, submarines, armored vehicles, helicopters, naval ships, and Unmanned Aerial Vehicles (UAVs). The current and future military expenditure are expected to influence 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 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.
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
- Asia Pacific
- South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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