Market Size of Military Simulation and Training Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | > 5.40 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Military Simulation & Training Market Analysis
The Military Simulators and Training Market is estimated to register a CAGR of more than 5.4% during the forecast period.
Despite the economic impacts of the COVID-19 pandemic, global military spending continued to increase in 2020 and 2021. Global military spending increased by 0.7% to reach USD 2,113 billion in 2021. The continued growth in global defense spending combined with the increased need for skilled forces to successfully navigate and operate various new combat vehicles is expected to propel the growth of the Military Simulators and Training Market during the forecast period.
The growth in demand for military vehicles across the land, sea, and aerial platforms is the primary driver of the market growth. Several countries are modernizing their military fleet by inducting newer generation vehicle platforms, generating a simultaneous demand for simulation-based training for the military personnel on these platforms, thereby propelling the market prospects of the affiliate military simulators.
The training of pilots and military personnel in real aircraft, land vehicles, and ships involves multiple risks and sometimes may lead to hazardous situations and fatalities. Simulators provide a realistic experience and safety training for beginners. This need for safe and efficient training is also driving the simulator market.
