A Brief Overview of the Military Simulation & Virtual Training Industry
Posted by Nicky Arora on March 5th, 2020
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.
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.
To request a sample copy or view summary of this report, click the link below: https://www.grandviewresearch.com/industry-analysis/military-simulation-and-virtual-training-market/request/rs1
Further key findings from the study suggest:
Prominent industry participants include L-3 Technologies, Inc.; Lockheed Martin Corporation; Thales Group; and The Raytheon Company among others.
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About the AuthorNicky Arora
Joined: October 15th, 2019
Articles Posted: 389
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