Flight Simulator Market Size Is Expected To Reach $5.62 Billion By 2024 | Million Insights

"Rise in passenger air travel is anticipated to spur flight simulators demand"

By 2024 the global flight simulator market is expected to reach $5.62 billion. Training programs that are critical mission based offer improved operation of aircraft, visual systems and helps in cutting down operational costs to offer experience of real world, act as major benefits of the system and are expected to open up newer market spaces over few years from now. The rightful importance that aircraft safety is experiencing is also one of the reasons for need of training to boost-up over 8 years.

Flight handling and other processes such as skill adaptability and awareness of situation may also be the reason for the growth of the industry. Also the increase in demand for effective and improvised training of pilots may become decisive. Research and development along with technological improvements are on all-time high in this industry leading to far better simulation products. Improved products now come in packed with higher efficiency and greater ability to save fuel costs. Ever-modifying technology in this sector has resulted in the advancements of motion and visual systems for better smoothness which also is expected to drive the demand for simulators over the forecasted period.

Higher initial investments related to manufacturing and also the maintenance costs are the factors that can hinder the growth of this industry. Negative impact can also be faced due to physical environment limitation and behavioral fidelity. However, in spite of all these factors, rising prices of pilot training costs, need to save the maintenance costs and ever-changing fuel costs will impact positively in growth. Recent developments in the field such as ECAM displays and aircraft logic which is realistic have significantly led to increase in usage of flight simulators.

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"FFS expected to witness substantial growth over the next eight years"

The two major segments of the industry are fixed flight training devices (FTDs) and full flight simulator (FFS) which accounts for 85% of the total revenue in 2015. High technical flight simulators that offer reliability and higher fidelity characterize the FFS. Accurate simulation is achieved by FFS in the environment that it works. Realistic training experience is created by FFS devices creating sound, motion and other visuals along with all other flight operations.

FTDs have limited visual display. The sole purpose of these devices is to impart the knowledge of indicators and switches on the console. Low cost both for operations and purchasing is the only reason these devices find their way in the market.

"FFS expected to witness substantial growth over the next eight years"

30% of the total revenue in 2015 came from the segment of application which comprises of military and defence which is also expected to rise over forecast period. Simulators are used in war-intensive training by the military and defence.

Application in Civil aviation is expected to grow at CAGR of more than 4.0% over the 8 years due to increased adoption of flight simulators regular competency and training of the crew checking in order to retain the licenses of the crew.

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"Asia Pacific emerged as the fastest growing in 2015"

25% of the total revenue in 2015 came from the region of North America and is also expected to rise due to significant growth caused by advancements in technology which has increased the adoption rate of the technology by the manufacturers. Also the strict regulations enforced by Federal Aviation Administration (FAA) which emphasize on use of simulators for training may boost the growth rate regionally.

High growth over the forecast period is anticipated from the region of Asia Pacific due to ever increasing demands of the devices in the nations particularly such as India and China. Entry of Chinese manufacturers in 2015 may also add up to the growth rate. On the contrary, North America will face a slower growth over the period 2016-2024, due to changes in the air safety policies along with more strict standards by FAA in the US.

"CAE accounted for more than 40% of the global market"

Lockheed Martin, CAE, Alenia Aeronautica, Boieng, Cassidian, HAVELSAN, Kratos Defense, HAVELSAN, L-3 Link Simulation and Training and Rockwell Collins are the major companies offering this product. Manufacturers prefer contracting the subcontractors and suppliers with prices and quantities and delivery timeframes for longer durations. Mergers and acquisitions are undertaken as a part of strategy by firms to make an impact with their presence.

Key manufacturers focus on tying-up with technology providers so that the product they offer is improved and the time for transit to market is reduced. Efforts are also being made by the suppliers to continuously improve Aircraft Simulation Technology (AST) so that a better product is offered.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-transport

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