Press release
Simulators Market Trends, Top Companies, Share, Growth And Forecast 2033
Simulators Market Trends
According to The Business Research Company's, The simulators market size has grown strongly in recent years. It will grow from $21.69 billion in 2023 to $22.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growth in augmented reality (ar) integration, automotive and aviation training, military and defense applications, expansion of healthcare simulation, simulated environments for industrial training.
The simulators market size is expected to see strong growth in the next few years. It will grow to $29.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to focus on personalized learning, market expansion into diverse sectors, customization and adaptability, rise in educational simulated environments, industrial and machinery simulation. Major trends in the forecast period include virtual reality (vr) advancements, augmented reality (ar) integration, increased adoption of gamification, remote training solutions, healthcare simulation.
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Market Drivers and Trends:
The increasing demand for pilots in the aviation industry is expected to propel the growth of the simulator market going forward. Pilots are the professionals who operate and fly aircraft to transport passengers, and cargo, or perform other tasks related to aviation. Simulators are frequently used in pilot training in the aviation industry that allow pilots to practice their skills and gain experience in a realistic but controlled environment to avoid actual safety risks for the trainees and instructors such as troubleshooting procedures in a safe environment, and learning from mistakes. For instance, in July 2022, according to the report published by The Boeing Company, a US-based company involved in the design, manufacturing, and sales of airplanes, Over the next 20 years, there will be a need for 2.1 million new aviation professionals to safely support the recovery in commercial air travel and meet escalating long-term growth. Whereas, the long-term forecasts indicate that the global commercial fleet will require 602,000 pilots, 610,000 maintenance technicians, and 899,000 cabin crew members during the next two decades and the global fleet is predicted to nearly treble and reach 47,080 planes by 2041. Therefore, the increasing demand for pilots in the aviation industry is driving the growth of the simulator market.
Development in technology is a key trend gaining popularity in the simulator market. Companies operating in the simulator market are adopting new technologies to sustain their position in the market. For instance, in March 2021, SimScale GmbH, a German-based engineering simulation company, launched a new Computer-Aided Design (CAD) editing platform. SimScale CAD Mode is designed to provide engineers and designers with an intuitive and cloud-based CAD environment for preparing 3D models for simulation by integrating CAD editing capabilities directly into its cloud-based simulation platform. It aims to streamline the simulation workflow for engineers and designers, reducing the time and cost associated with preparing models for analysis.
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Major Key Players of the Market:
CAE Inc.; The Boeing Company; FlightSafety Inc.; Thales Group; Airbus SAS; Raytheon Technologies Corporation; SimScale GmbH; Frasca International Inc.; Kongsberg Gruppen ASA; Saab AB; Tecknotrove Systems Pvt. Ltd.; Indra Sistemas S.A; Elbit Systems Ltd.; Northrop Grumman Corporation; BAE Systems plc; Dassault Systèmes SE; The AnyLogic Company; Simulations Plus Inc.; Materialise NV; HAVELSAN A.S; Emerson Electric Co.; Siemens AG; Rockwell Automation Inc.; Schneider Electric SE; Autodesk Inc.; Ansys Inc.; Altair Engineering Inc.; The MathWorks Inc.; Cybernet Systems Corp.; Bentley Systems Incorporated; PTC Inc.; CPFD Software LLC; Design Simulation Technologies Inc.; Synopsys Inc.; Simio LLC; Lanner Group Ltd.; SIMUL8 Corporation; CONSELF Srl; SolidWorks Corporation
Simulators Market 2024 Key Insights:
• The simulators market will grow to $29.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Skyrocketing Demand For Pilots Boosts Simulator Market Nurturing Aviation Proficiency And Safety Through Advanced Training Solutions
• Technological Advancements Propel Simulator Market Simscale's Innovative Cad Mode Redefines Simulation Workflow Efficiency
• North America was the dominating region in the simulators market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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