Global Commercial and Military Flight Simulation Market to Reach $5.8 Billion by 2024
SAN FRANCISCO, Aug. 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Commercial and Military Flight Simulation - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Pool: 14073
Companies: 88 - Players covered include Alsim Flight Training Solutions; Bluedrop Performance Learning Inc.; CAE, Inc.; Collins Aerospace; Cubic Corporation; Elbit Systems Ltd.; ELITE Simulation Solutions; FlightSafety International, Inc.; FRASCA International, Inc.; HAVELSAN A.S.; L3 Harris Technologies, Inc.; Lockheed Martin Corporation; Thales Group; The Boeing Company; TRU Simulation + Training Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type [Flight Training Devices (FTD), Flight Mission Simulators (FMS), Fixed Base Simulators (FBS), Full Flight Simulators (FFS)]; Solution [Products, Services]; Platform [Military, Commercial]
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Commercial and Military Flight Simulation Market to Reach $5.8 Billion by 2024
Flight simulation plays a crucial role in developing and training modern aircraft. At the design stage, flight simulators facilitate optimization of ergonomic features of the man-machine system by offering various alternatives of the user-friendly object dynamics, controlling mechanism features, and data display highlights. When an aircraft is all set for its first flight, flight simulation is used for enhancing its operational efficiency and safety. Flight Simulation has evolved into an established technique that offers a true and vibrant demonstration of the behavior of an aircraft, while facilitating one or more operators, normally pilots, to interact with the simulation. Virtual reality, used for flight simulation, ensures real-time experience through 3D sound systems, high-degree of realism, and color environment. The objective of flight simulation is to provide the user of the system a visual feeling of being in an aircraft. The core of flight simulation lies in the creation of illusion, offering the pilot a real-life experience. The fidelity of the created illusion decides the limit for what can and cannot be achieved in terms of read-across to the realism. In short, fidelity decides the suitability of a simulator.
Simulator extends a low cost training alternative for pilot training programs that entails extremely low risk, when compared to training involving actual aircraft. Since the need for actual aircraft becomes invalid with simulator-based training, the costs involved in aircraft-based training in the field such as purchase of expensive training aircraft and associated fuel and maintenance costs become invalid. Furthermore, the risks involved in field training such as aircraft crash and related events such as loss of life and property, also become irrelevant with simulator-based training. Amid the COVID-19 crisis, the global market for Commercial and Military Flight Simulation is projected to reach US$5.8 Billion by 2024, registering a compounded annual growth rate (CAGR) of 3.9% over the analysis period. The United States represents the largest regional market for Commercial and Military Flight Simulation, accounting for an estimated 45.5% share of the global total. The market is projected to reach US$2.8 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.8% over the analysis period.
Momentum in the flight simulation technologies market is expected to remain steady in the coming years. Widespread acceptance of virtual flight environment for commercial as well as military aircraft training purposes and rising need for cost effective pilot training programs are poised to accelerate the market momentum during the current decade. At the same time, increased spending in aerospace training vertical is likely to create robust opportunity for flight simulator market. Going forward, commercial and military aviation entities would continue to lean towards flight simulation technologies to leverage myriad benefits offered by these platforms such as end-to-end support to mission critical training programs, visual systems capable of offering near real world experience, and low operational costs. Furthermore, persistent need for flight handling and safety operations such as skill competency and situational awareness is also likely to augment market prospects. Intensified R&D efforts in aerospace technology along with technological advancements leading to development of more sophisticated flight simulators with novel technologies such as AR/VR is likely to sustain market momentum in the coming years. More specifically, advancements in computing technology potentially result in integration of better motion and visual systems for enhanced smoothness and fidelity, while further improving simulation efficiency and reducing overall costs. Technology improvements in various forms such as sophisticated portable simulators, which extend the flexibility to be carried to the site while offering lesser time, and lesser CAPEX and OPEX, would in fact are likely to play progressive role in future growth of the market. More
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