Simulator Market Size to Record 6.9% CAGR Over 2023-2030; Innovation in Technology with Ergonomics, AR, and VR to Boost Market Growth

The global simulator market size touched USD 16.63 billion in 2022 and is predicted to reach USD 18.07 billion in 2023. The market is anticipated to touch USD 28.78 billion by 2030, recording a CAGR of 6.9% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Simulator Market Size, Share & COVID-19 Impact Analysis, By End Use Industry (Aerospace & Defense, Automotive, Marine & Naval, Media & Entertainment), By Application (Training, Research & Development, Others), By Type (Full Flight Simulation, Fixed Base Simulation, Driving Simulation, Others), and Regional Forecast, 2023-2030”.

Simulators use a wide range of technologies, software, and solutions to create a virtual environment that look almost identical to the real scenarios. This allows users to experience and interact with different situations in a controlled setting. These simulations are extensively used in industry verticals, such as automotive, aviation, healthcare, military, training, and gaming. The growing demand for skill development, training, and risk mitigation in different sectors is predicted to fuel the simulator market growth.

COVID-19 Hindered Market Growth Due to Decreased Use of Simulation Systems

The COVID-19 pandemic had an adverse effect on the market progress as training centers that trained new recruits in the civil aviation sector were shut down for a short period. This eventually decreased the demand for networked simulators. Similarly, the healthcare industry also reduced the adoption of these devices as most of the medical resources were dedicated to the treatment of COVID-19-positive patients. Hospitals also cut down their budgets for training programs during this period, which further hampered the product demand.

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https://www.fortunebusinessinsights.com/simulator-market-107016

Innovation in Technology with Ergonomics, AR, and VR to Boost Market Growth

Futuristic technologies, such as Virtual Reality (VR) and Augmented Reality (AR), have gained significant pace in recent years and have found several uses in different industries. AR and VR can boost the efficiency of training programs rolled out in the aviation sector without causing any danger to the life of the trainees. Apart from training and other industrial uses, these technologies are also being widely used in the day-to-day lives of employees to enhance their standard of living. The introduction of AR and VR headsets in gaming to offer an immersive experience will further accelerate the demand for simulation systems in the coming years.

Competitive Landscape

Key Market Players to Use Advanced Technologies to Enhance their Market Position

The market has a vast competitive landscape due to the presence of key players such as the Boeing Company, BAE Systems Plc, cre8tive rooms, CAE Inc., Konsgberg Group, and many others. These companies are using advanced technologies in their simulation systems to cater to the unique needs of sectors, such as marine, automotive, and naval, and maintain their leading position in the market.

Notable Industry Development:

• November 2022 - The U.S. Air Force awarded a research and development contract to medical device maker SimX to create an innovative Virtual Reality (VR) medical simulation training program. SimX made changes to the current VR medical simulation system to create a platform that enhances the flexibility and reproducibility of tactical combat casualty care.

List of Companies Profiled in the Report:

• BAE Systems Plc (U.K.)
• The Boeing Company (U.S.)
• CAE Inc. (Canada)
• cre8tive rooms (U.K.)
• Indra Sistemas (Spain)
• Konsgberg Group (Norway)
• L3 Harris Technologic Inc. (U.S.)
• Pulseworks LLC (U.S.)
• Raytheon Technologies Corporation (U.S.)
• Unitest Marine Simulators (Poland)

Further Report Findings

• North America held the largest simulator market share in 2022 and might hold its dominance during the forecast period as well, as companies specializing in simulation technologies are increasing the use of advanced technologies to boost the effectiveness of their products.
• Asia Pacific is anticipated to be the fastest growing region in the global market as the aviation sector of nations, such as India and China, are expanding at a commendable pace. This factor has increased the demand for high-quality simulation systems to a great extent.
• The training application segment captured the biggest market share in 2022 and is also expected to record the fastest growth rate during the forecast period. One of the major factors contributing to the segment’s growth is the growing usage of simulators in the training programs of various industry verticals to help users develop their skills by working in a life-like virtual environment.

Table of Segmentation