PUNE, India, October 21, 2016 /PRNewswire/ --
The report "Military Simulation and Training Market by Application (Airborne Simulation, Naval Simulation, & Ground Simulation), Training Type (Live Training, Virtual Training, Constructive Training, & Gaming Simulation Training), and Region - Global Forecast to 2021", published by MarketsandMarkets, the market is estimated to be USD 10.31 Billion in 2016 and is projected to reach USD 12.67 Billion by 2021, at a CAGR of 4.20% during the forecast period.
Browse 80 market data Tables and 58 Figures spread through 155 Pages and in-depth TOC on "Military Simulation and Training Market"
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Factors, such as rising instances of political and civil unrest, declining defense budgets of developed economies, and overarching need to rationalize training expenditure are expected to drive the military simulation and training market.
The ground application segment is projected to grow at the highest rate during the forecast period
On the basis of application, the ground segment is estimated to grow at the highest rate due to rise in procurement of land systems, such as combat training simulation systems, turret team training simulators, tactical training simulators, among others. These simulator systems are in demand for military combined arms applications and missions.
Gaming simulation segment is estimated to grow at the highest rate during the forecast period
Based on training type, the Military Simulation and Training Market has been segmented into live, virtual, constructive, and gaming simulation. The live training segment is expected to account for the maximum market share during the forecast period. However, the gaming simulation segment is estimated to grow at the highest rate due to the increasing demand for gaming simulation for training, tactics analysis, and mission preparation. Gaming simulation is an important tool to impart training to war fighters by recreating battlefield.
The military simulation and training market in Asia-Pacific is expected to grow at the highest rate
The market for military simulation and training is estimated to be the largest in North America. However, this market in APAC is expected to grow at the highest rate due to increasing defense budgets of major economies (China, India, South Korea, and Australia) in the region, and rising R&D expenditure for military simulation and training.
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Lockheed Martin Corporation (U.S.): One of the key players in the military simulation and training market. Other major players in the military simulation and training market are Northrop Grumman Corporation (U.S.), CAE Inc. (U.S.), L-3 Communications Holdings, Inc. (U.S.), and Thales Group (France), among others.
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