Operator Training Simulator Market Growth to Propel Based on Increasing Awareness for Workplace Safety Till 2025 | Million Insights
May 21, 2020, 04:50 ET
FELTON, California, May 21, 2020 /PRNewswire/ -- The global Operator Training Simulator Market size is projected to touch USD 12581.0 million by the end of 2025, as per the report released by Million Insights. It is estimated to grow with a CAGR of 11.6% over the estimated duration. Factors such as increasing investment in various training programs for site workforce, growing awareness for workplace safety, and easy accessibility of innovative platforms coupled with the latest technologies such as VR, AI, and 3D displays are projected to fuel the market growth over the forecast years.
The simulation is used for the past many years in various industries such as military, energy, airline, and nuclear power. Government regulations are the prime factors promoting the application of OTS across various industries to equip the workforce with necessary safety skills when they encounter any unforeseen circumstance. For example, Hydrocarbon Process Industries (HPI) has been using OTS for more than three decades. The increasing uses of digital panel and analog simulator have resulted in drastically reducing the cases of accidents. Therefore, this factor is projected to proliferate the sales of OTS solution over the forecast duration.
A training simulator is first used in a production site than in the plant, which makes training feasible for workers and engineers. It helps in improving the skills of workers and enhances their efficiency and productivity. Industries are considering providing on-the-job training programs for developing skills of workers. Therefore, industries are continuously investing in various simulation solutions to equip operators with several skills with the help of scheduled training sessions.
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The leading players in the operator training simulator market are Honeywell International Inc., Siemens, Mynah Technologies LLC, ABB, AVEVA Group plc, CORYS, Aspen Technology, Inc., and Andritz. The market is highly competitive due to the presence of key manufacturers. The companies are relying on their existing customers to boost the adoption of OTS. Also, companies are emphasizing on different initiatives such as continuous product innovation and development of new technology to modify their product portfolio.
Further key findings from the report suggest:
- The aerospace & defense division occupied a considerable market share in 2018. The segment is predicted to grow substantially over the forecast years owing to the growing demand for innovative simulators in the aviation industry.
- The software component led the market in 2018 as OTS software is an essential element of the OTS solution and is liable to offer adequate training to workers as per plant layout.
- The field operator is projected to foresee a steady CAGR from 2019 to 2025 due to the rising focus of manufacturers on training console operators and field workforce.
- Asia Pacific is anticipated to expand with the highest CAGR in the upcoming years due to the increasing number of software providers and automotive, manufacturing, and energy industries in the region.
- The development of innovative technology such as VR, 3D technology, and cloud based simulators is predicted to drive the market over the projected period.
Browse 130 page research report with TOC on "Global Operator Training Simulator Market" at: https://www.millioninsights.com/industry-reports/global-operator-training-simulator-market
Million Insights has segmented the operator training simulator market based on component, operator type, end use, and region:
- Operator Training Simulator (OTS) Component Outlook (Revenue, USD Million, 2014 - 2025)
- Hardware
- Software
- Control Simulation
- Process Simulation
- Immersive Simulation
- Service
- Operator Training Simulator (OTS) Operator Type Outlook (Revenue, USD Million, 2014 - 2025)
- Console Operator
- Field Operator
- Operator Training Simulator (OTS) End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive
- Aerospace & Defense
- Energy & Power
- Oil & Gas
- Medical & Healthcare
- Others
- Operator Training Simulator (OTS) Region Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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