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(USGovernment-News.Com, June 27, 2020 ) The Military Simulation and Training Market is projected to grow from $10.31 Billion in 2016 to $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.
Factors, such as rising instances of political and civil unrest, declining defense budgets of developed economies, and overarching need to rationalize training expenditure are expected to drive the military simulation and training market.
Based on application, the military simulation and training market has been segmented into - airborne (jet flight, rotary flight and UAV flight), naval (ship bridge, submarine and others), and ground (battlefield, combat, ground vehicle and others). 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 military simulation and training 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.
Regional Market Analysis
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 market.
Key Market Players
Key players in the military simulation and training market are Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), CAE, Inc. (U.S.), Thales Group (France), and L-3 Communications Holdings, Inc. (U.S.), Raytheon Company (U.S.), Rockwell Collins Inc. (U.S.), Cubic Corporation (U.S.), and Rheinmetall AG (Germany), among others.
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