Military simulation and training market set to raise $ 20.58
Portland, OR, November 18, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global Military simulation and training market generated $ 11.56 billion in 2020 and is projected to reach $ 20.58 billion by 2030, a CAGR of 6.2% from 2021 to 2030 and competitive landscape.
The rise in territorial conflicts around the world has resulted in an increase in defense spending, which in turn is fueling the growth of the global military simulation and training market. However, associated with high costs military simulation and training services & Products slow down the market to some extent. On the other hand, contracts & agreements with armed forces and the modernization of defense offer new opportunities in the coming years.
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COVID-19 scenario for military simulation and training:
- The outbreak of the COVID-19 pandemic had a negative impact on the global military simulation and training market due to commuter restrictions.
- The global lockdown had weakened the financial performance of market participants in 2020, which successively affected the overall economies of several countries.
- However, the market will soon recover as key market players formulate strategic cost-saving plans.
The report provides detailed segmentation of the global Military Simulation and Training Market by training type, application, and region.
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Based on training type, the live training segment had the highest market share in 2020 with more than two-fifths of the total market share and is expected to maintain its leadership position over the forecast period. In addition, the highest CAGR of 7.0% is estimated for the same segment from 2021 to 2030. The report also mentions and analyzes virtual training, constructive training, and game simulation training.
Based on the application, the airborne simulation segment held the largest market share in 2020 with nearly three-fifths of the total market share and is expected to maintain its leadership position over the forecast period. In addition, the same segment is estimated to have the highest CAGR of 6.6% from 2021 to 2030. The report also discusses segments such as marine simulation and ground simulation training.
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In terms of region, North America contributed the highest share of sales in 2020 with more than a third of the total market share and is expected to maintain its dominant share through 2030. Additionally, the same region is expected to have the fastest CAGR of 6.9% over the forecast period. The report also discusses regions such as Asia Pacific, Europe and LAMEA.
Leading players in the global military simulation and training market analyzed in the study include CAE, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Meggitt PLC, Northrop Grumman Corporation, Raytheon Technologies, Rheinmetall AG, SAAB AB , Textron Inc., and Thales Group.
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Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR provides targeted business insights and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
Pawan Kumar, the CEO of Allied Market Research, leads the company to provide high quality data and insights. We have professional business relationships with various companies and this helps us unearth market data which will help us produce accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
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