The military simulation and training market is projected to grow from USD 10.31 Billion in 2016 to USD 12.67 Billion by 2021, at a CAGR of 4.20% during the forecast period. Factors, such as increasing political disputes and civil unrest, adoption of virtual training to ensure safety and cost-benefits, and decline in military budgets of developed countries are driving the growth of the market.
On the basis of application, the military simulation and training market has been segmented into airborne, naval, and ground. The ground application segment is projected to grow at the highest CAGR during the forecast period, primarily driven by the rising investment for military ground equipment from emerging economies.
Based on training type, the market has been segmented into live, constructive, virtual, and gaming solution. The live training segment dominates the studied market and is expected to continue its dominance during the next five years, as live training provides realistic simulations that involve real people operating real systems.
The APAC region is expected to grow at the highest rate during the forecast period. Countries in the region, such as India and China have increased their military budgets and are increasingly procuring military equipment. As a result, there is a need to provide training to military personnel, which is expected to drive the military simulation and training market.
Factors, such as complexity of simulator systems, lack of interoperability, concerns with simulation training, and difficulty for manufacturers to keep pace with the growing simulation industry may inhibit the growth of the military simulation and training market.
L-3 Communications Holdings, Inc.
Lockheed Martin Corporation
Northrop Grumman Corporation
Rockwell Collins, Inc.
The Raytheon Company
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Military Simulation and Training Market, By Application
8 Military Simulation and Training Market, By Training Type