Flight Simulator Market Worth USD 5.75 Billion by 2028; Acquisition of L3Harris Technologies by CAE Inc to Propel Market, Says Fortune Business Insights™
June 08, 2021 at 08:30 AM EDT
Pune, India, June 08, 2021 (GLOBE NEWSWIRE) -- The global flight simulator market is expected to reach USD 5.75 billion by 2028, exhibiting a CAGR of 5.99% during the period. The market is expected to gain momentum from the increasing adoption of virtual reality (VR) and augmented reality (AR) by the airlines to train their cabin crew and flight deck crew. This information is given by Fortune Business Insights™ in a recent study, titled, “Flight Simulator Market, 2021- 2028.” The study further states that the market size was USD 3.55 billion in 2020.
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Military & Defense Segment to Grow Rapidly Owing to Need of Training Soldiers
In terms of application, the market is bifurcated into military & defense and commercial. Out of these, the commercial segment procured 59% flight simulator market share in 2019. The military & defense segment is set to grow at the fastest rate during the forthcoming years backed by the increasing usage of these simulator systems in this sector for the training of personnel, including the Air Force, Navy, and Military. The simulators are mainly used to train them to drive various vehicles, such as transport aircraft, tankers aircraft, helicopters, ships, aircraft carriers, and tanks.
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Drivers & Restraints-
Demand for Additional Flight Frequencies to Propel Growth
The increasing air passenger traffic is set to boost the aircraft simulator market growth in the coming years. The International Air Transport Association (IATA) mentioned that the number of air passengers would surge up to 4.2% by 2027. Currently, it is 4.8 billion and this surge would add approximately 1.6 billion passengers. Therefore, the demand for commercial pilots and additional flight frequencies to lower the extra loads would affect the market positively. In 2019, a few prominent companies, including Airbus S.A.S. declared that by the year 2028, more than 39,000 new aircraft will begin operating worldwide. However, several unique technologies are used in flight simulators. They are expensive in nature. This factor may hamper the market growth in the near future.
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Will the COVID-19 Pandemic Affect the Market Severely?
The International Air Transport Association (IATA) mentioned that an estimated loss of USD 314 billion is set to occur in 2020 in the global airlines industry. It refers to the decline of approximately 55% revenue.
North America to Lead Backed by Presence of Various Industry Giants
North America procured a high traction in terms of revenue. It is set to remain in the leading position throughout the forecast period stoked by the presence of several reputed flight simulator system manufacturers in this region. Europe, on the other hand, is expected to remain in the second position owing to the existence of numerous aircraft, as well as flight simulator manufacturers in this region. Asia Pacific is anticipated to showcase robust growth in the coming years fueled by the increasing demand for commercial aircraft from the countries, such as China, India, and Indonesia.
Key Players Focus on Acquisitions & Facility Openings to Gain Competitive Edge
The market is fragmented with a large number of renowned companies. They are mainly focusing on mergers and acquisitions, as well as opening of new facilities to broaden their geographic footprint and gain more consumer bases.
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