The military aircraft simulation and training market is anticipated to register a CAGR of over 2.5%, during the forecast period.
- The increasing military aircraft fleet of the countries around the world, is generating the demand for trained and qualified pilots, to operate them. This increasing need for trained pilots is propelling the growth of the military aircraft simulation and training market, during the forecast period.
- Development of new and advanced aircraft, along with an increase in the cost involved in real-time pilot training for these advanced aircraft are the other main factors supporting the growth of the market.
Key Market Trends
Fixed-wing Segment to Experience the Highest Growth During the Forecast Period
The fixed-wing segment is currently dominating the market, and is expected to register the highest CAGR during the forecast period. This is majorly due to the development and procurement of new aircraft models, by the armed forces around the world. Governments are partnering with simulator and training providers, to grow hand in hand. Technology advancement in AI (Artificial Intelligence) is becoming a very significant facet of training in the coming future. Additionally, new aircraft development programs by the OEMs are yet another propelling factor supporting the growth of this segment during the forecast period.
Asia-Pacific to Experience the Highest Growth During the Forecast Period
The Asia-Pacific region is anticipated to have the highest growth during the forecast period. The rapid growth in military spending of the Asia-Pacific countries, is the major driving factor for its highest growth in the military aircraft market. Currently, this region is in the midst of political and territorial issues, which is generating the demand for aircraft and UAVs for border surveillance and protection. In addition to these, the countries are investing in the integration of the latest technologies, in order to improve the effectiveness of the training. The innovation and the need for advanced aircraft simulators are generating the demand for military aircraft training and simulation in this region.
Some of the few prominent players in the military aircraft simulation and training market are CAE Inc., FlightSafety International, Thales Group, Lockheed Martin Corporation, and Textron Inc. (TRU Simulation + Training). The leading training and simulation manufacturers have experienced strong revenue growth in the past few years, and this growth is expected to increase with a continuous need for simulators, as a way to reduce costs and improve the readiness of military pilots. In additon to this, the development of new simulation and training devices are expected to help them in increasing their market presence.
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