Increase in territorial conflicts worldwide has led to the growth in defense expenditure, which in turn, drives the growth of the global military simulation and training market. However, high costs associated with military simulation and training services & products restrain the market to some extent. On the other hand, contracts & agreements with military forces and defense modernization present new opportunities in the upcoming years.
According to a recent report published by Allied Market Research, titled, “Military Simulation and Training Market by Application and Training Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global military simulation and training market was valued at $11.56 billion in 2020, and is projected to reach $20.58 billion by 2030, registering a CAGR of 6.2%. North America was the highest revenue contributor, accounting for $4.24 million in 2020, and is estimated to reach $8.03 billion by 2030, with a CAGR of 6.9%.
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COVID-19 Scenario of Military Simulation and Training:
- The outbreak of the COVID-19 pandemic had a negative impact on the global military simulation and training market, owing to commute restrictions.
- The global lockdown had weakened the financial performance of the market players in 2020, which sequentially, impacted the overall economy of several countries.
- However the market is soon going to recover as key market players are formulating strategic cost-saving plans.
The report offers detailed segmentation of the global military simulation and training market based on training type, application, and region.
Based on training type, the live training segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 7.0% from 2021 to 2030. The report also mentions and analyzes virtual training, constructive training, and gaming simulation training.
Based on application, the airborne simulation segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 6.6% from 2021 to 2030. The report also discusses segments including naval simulation and ground simulation training.
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The defense equipment industry comprises thousands of small and medium-sized companies that are financed by the government. Attributed to adverse economic conditions triggered by the pandemic, several manufacturers have shifted their focus on keeping essential operations (due to project delays) running and helping the government in fighting against a unique set of challenges. The projects pertaining to technology developments and modernization programs are witnessing significant delays in timelines and a major cut in spending. This is anticipated to impact the efforts regarding the procurement of military simulation and training for military personnel in the coming years.
Key Findings Of The Study
- By application, the airborne simulation segment is expected to register significant growth during the forecast period.
- Depending on training type, live training segment is projected to lead the global market in terms of market share by the end of the forecast period.
- Region wise, North America dominated the global military simulation and training market in 2020 in terms of market share.
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