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DUBLIN--(BUSINESS WIRE)--Sep 26, 2022--
The "Flight Simulator Market by Platform (Commercial, Military, UAVs), Type (Full Flight, Flight Training Device, Full Mission, Fixed based), Method (Virtual, Synthetic), Solution (Products, Services) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Flight Simulator market size is projected to grow from USD 7.4 billion in 2022 to USD 10.3 billion by 2027, at a CAGR of 6.9% from 2022 to 2027.
The increasing demand for flight simulators is driven by the need to train pilots to meet the increasing demand for air travel. Flight simulators enable pilots to perform various flying activities while reducing the dangers that would otherwise be involved. Another key aspect projected to contribute to the growth of the flight simulator market is the rising adoption of virtual pilot training to enhance aviation safety.
The UAV segment is projected to grow at the highest CAGR in the platform segment during the forecast period
The flight simulator market is segmented into commercial, military, and UAV platforms. In 2020, the commercial segment accounted for a larger market share. The increase in commercial air travel has produced a demand for active, efficient pilots, which has created a demand for flight simulators. Because of globalization, more individuals are flying for business and pleasure, which has increased the demand for commercial airline pilots.
During the forecast period, revenue from the UAV segment is expected to expand rapidly. The rising demand for unmanned aerial vehicles for commercial and defense applications propels the segment's revenue growth. Several defense agencies are investing in the development of high-altitude long-endurance (HALE) and medium-altitude long-endurance (MALE) unmanned aerial vehicles (UAVs) for surveillance, intelligence, and reconnaissance.
The synthetic segment is projected to grow at the highest CAGR during the forecast period
Based on the method, the flight simulator market has been segmented into synthetic and virtual. Adopting the synthetic simulation method for military training is one of the most significant factors projected to drive the flight simulator market growth. Growing demand for pilots in the aviation industry, acceptance of virtual pilot training to ensure aviation safety, and the need to reduce the cost of pilot training are the major factors driving the virtual training method in the flight simulator market.
North America is expected to account for the largest share in 2021
North America is the largest region in terms of aircraft flight operations. The rise in demand for innovative systems for pilot training and certification for new pilots by airlines in the region contributes to the growth of the market in this region. The growing market for UAVs within the region is projected to drive the demand for flight simulators for UAVs.
Furthermore, there has been an acceleration in the production of flight simulators to fill the significant orders for unmanned aerial vehicles. Established companies, such as CAE Inc. (US), FlightSafety International (US), Boeing Company (US), and L3Harris Technologies (US), are enhancing their R&D efforts to develop new products to cater to market trends and the significant demand for flight simulators from the aerospace & defense industry.
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/26/2022 05:19 AM/DISC: 09/26/2022 05:19 AM
http://www.businesswire.com/news/home/20220926005309/en