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Flight Simulator Global Market Report 2024 To 2033 | CAE Inc., FlightSafety International Inc., The Boeing Company, Thales Group, Collins Aerospace, Raytheon Technologies Corporation
Flight Simulator Market Outlook
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According to The Business Research Company's, The flight simulator market size has grown steadily in recent years. It will grow from $5.5 billion in 2023 to $5.62 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth in the historic period can be attributed to globalization of aviation training, training effectiveness and realism, military applications, airline industry expansion, regulatory requirements..
The flight simulator market size is expected to see steady growth in the next few years. It will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to industry regulation and certification, expansion into general aviation, virtual training trends, cost-efficiency in training, demand for realistic and scenario-based training.. Major trends in the forecast period include pilot training demand, transition to virtual training, regulatory compliance, rising demand in commercial aviation..
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Market Drivers and Trends:
The increasing demand for new commercial and military pilots is driving the growth of the flight simulator market. Increasing purchase of new commercial aircraft and military aircraft by air transport providers and government organizations to meet their ongoing requirements are boosting demand for new commercial and military pilots. The demand for new pilots is predicted to boost demand for the simulators, as they are vital components in pilot training according to the regulatory requirements. For instance, in 2021, according to the Boeing report, over the next two decades, 612,000 new pilots will be required worldwide, with 130,000 of these in North America, primarily the U.S respectively. In addition, Airbus' Commercial Market Outlook report estimates around 40,000 new aircraft will be ordered in a similar timeframe, representing over 450,000 pilots. Therefore, increasing demand for new commercial and military pilots is expected to propel the growth of the flight simulator market in the coming years.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
CAE Inc., FlightSafety International Inc., The Boeing Company, Thales Group, Collins Aerospace, Raytheon Technologies Corporation, Airbus SE, L3Harris Technologies Inc., Precision Flight Controls Inc., Frasca International Inc., SIMCOM Aviation Training Corporation, TRU Simulation + Training Inc., Flightdeck Solutions Inc., FLYIT Simulators Inc., Full Flight Solutions LLC, Indra Sistemas S. A., JETPUBS Inc., Mechtronix Systems Inc., Multi Pilot Simulations BV, Pacific Simulators 2010 Ltd., Ryan Aerospace Pty Ltd, Scaled Composites LLC, Simloc Research S. L., Simnest S. L., Simtech Aviation Limited, TFC Flight Training Centre Limited, Virtual Fly S. L., XPI Simulation Limited
Flight Simulator Market 2024 Key Insights:
• The flight simulator market size is expected to see steady growth in the next few years. It will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Growing Demand For New Commercial And Military Pilots Drives Flight Simulator Market Growth
• Technological Advancements Driving Innovation In The Flight Simulator Market
• North America was the largest region in the flight simulator in 2023
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