Simulators Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The Simulators market size is projected to grow from USD 25.5 billion in 2022 to USD 34.9 billion by 2027, at a CAGR of 6.5% from 2022 to 2027.The growing demand for pilots in the aviation industry and the acceptance of virtual pilot training to ensure aviation safety are some of the significant factors attributing to the growth of the simulators market during the forecast period. The need for cost-cutting in pilot training and the reduction in military budgets of developed countries are driving the growth of the market.

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The air traffic control simulators segments are projected to register the highest growth rate during the forecast period

The air traffic control simulators segment is projected to register the highest growth rate during the forecast period. Air traffic control towers house major equipment, resulting in the highest growth rate for the air traffic control simulators segment.
The maritime segment projected to lead the simulators market during the forecast period
Based on the platform, the maritime segment will lead the simulators market during the forecast period. This segment has been further segmented into military, commercial, and unmanned maritime vehicles. Owing to the huge demand for new ships and the rise in seaborne trade globally. The deployment of new ships will lead to a requirement for new ship crew members, in turn fueling the demand for simulators to train them.

"Asia Pacific is projected to lead the market during the forecast period."

The Asia Pacific is one of the potential markets for commercial and military simulators and is accounted for the largest market share in 2021. An increase in passenger traffic is the major reason for increased demand for pilots, especially in countries such as India, Indonesia, South Korea, Australia, Vietnam, and the Philippines. An increase in air travel is a result of the rise in the economic status of the middle-class population and the introduction of low-cost carriers. According to Airbus, the training facilities present in the Asia Pacific region as of 2020 can only train 5,500 pilot and aircrew members annually. In contrast, the requirement is expected to rise more in the next two decades. The expanding airlines in the region need more pilots to meet the demand for air traffic.

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The key market players in the simulators market are CAE Inc. (Canada), L3Harris Technologies, Inc. (US), Thales SA (France), Saab AB (Sweden), Indra (Spain), Flight Safety International (US), The Boeing Company (US), Airbus S.A.S. (Netherlands), Tru Simulaion + Training Inc. (US), and Raytheon Company (US).

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This release was published on openPR.