Update News: Simulators Market To Reach USD 24.7 Billion In 2027 | CAGR 3.7% — Forencis Research
Global Simulators Market: Key Highlights
- According to the new market research report “Simulators Market by Type (Flight Training Devices, Full Flight) by Components (Hardware & Software) by Technology (Live, Virtual) by Service (Operator Training & Maintenance)) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) — Global Forecast from 2019 To 2027”, the global simulators market is estimated to reach USD 24.7 Billion in 2027 at a CAGR of 3.7% during forecast period 2019–2027
- The market is growing on the grounds of rising global demand for pilots coupled with higher need to reduce the overall training cost
- However, high initial cost of the simulators is projected to hinder the growth of this market during the forecast period.
Global Simulators Market: Key Market Dynamics
- The simulator market is witnessing growth on account of rising global demand for pilots. Increasing need for pilots owing to hike in count of the air travelers, rise in flight iteration, increase in low cost carriers with growing economies are the some of the prominent factors driving the market growth
- Higher need to minimize the overall cost associated with the pilot training in further fueling the adoption of the simulators. Higher expenses are dedicated towards training the pilots to ensure higher safety.
- Higher initial cost of the simulators is hampering the overall market. Installation of advanced software and hardware systems to offer higher clarity in training sums to the higher initial cost
- Higher Inclination Towards Virtually Real (VR) Simulator is an opportunity for the simulator market. Inexpensive alternative to building an actual training cockpit, smaller in size and portable are the factors increasing attention towards VR simulator
Global Simulators Market: Regional Overview
Asia Pacific is the promising region for the global aviation industry owing to presence of major as well as mature countries. With ongoing economic growth, rising count of middle class population, rise in low cost carriers, there exist higher need for aircraft and aircraft crew members. The demand for pilots in the region is highest among the world and is projected to continue the trend in the years to follow. As per Boeing report, demand for civil aviation pilot may reach 2,66,000 between 2019- 2038. Due to massive demand, the simulator is projected to gain higher popularity and demand in Asia-Pacific
- Middle East & Africa
In Middle East and Africa aviation industry is anticipated to achieve higher heights owing increase migration of the pilots towards the region along with rising efforts of the airline companies to establish the pilot pool through domestic pilot creation programs, which is estimated to create growth avenues for the simulator market. In addition to this, higher benefit from intra-African air travel connectivity owing to rising urbanization is further pushing the demand for simulator.
Global Simulators Market: Key Players Overview
- CAE Inc.:
CAE Inc. is the Canada based company provides virtual to live training for the civil aviation, defense and security, and healthcare sectors. In civil aviation, it offers pilot training, aviation maintenance training and cabin crew training. It also provides defense and security training for the air, land, naval and public safety and security. The product range includes full flight simulators, multi-touch cockpit graphic interface, and ground training school solution. In December 2019, the company announced launch of CAE TRAX Academy training continuum to be used in the pilot training for military aircraft.
- TRU Simulation + Training Inc.:
With headquarters in United States TRU Simulation + Training Inc. engages in manufacturing light simulators and training solutions. The company operates through offering solutions through aviation simulation & services, military simulation & services and pilot training. The product portfolio includes flight simulation and training devices, interactive media instruction, maintenance training. In 2018, the TRU Simulation + Training, part of Textron Inc. had signed Joint Venture agreement with the FlightSafety International for offering training solution to the Textron’s business and general aviation sector. Through this deal, the company joint their capabilities in terms of expertise, simulator product range and courseware.
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