Published Date : Aug 29, 2016
Albany, NY, Aug 29, 2016: MarketResearchReport.biz has announced the addition of a new research report, titled “The Global Military Simulation and Virtual Training Market 2016-2026,” in its offerings. The report provides a comprehensive study of the global military simulation and virtual training market. It evaluates the market by understanding its evolution by tracking historical developments and analyzing the present scenario and verifiable future projections about market size. It serves as a repository of reports and information for technology developments, applications, types, regional markets, and the competitive landscape.
In the first section, the report mentions the executive summary, including the key highlights and current scenario. It also talks about the methodology used in carrying out the research. As per the report, the global military simulation and virtual training market is poised to value US$13.3 billion by 2016 and is expected to reach US$ 17.7 billion by 2026, expanding at a CAGR of 2.90% between 2016 and 2026.
Moving further, the report presents a detailed description of the market dynamics and their impact on the growth of the global military simulation and virtual training market. Defense ministries of countries worldwide seek military simulation and virtual training products to provide training for servicemen in the land, air, and sea domains. Simulations linked to combat operations, medical treatment, modeling, maintenance, and unmanned systems offer virtual training through multiple scenarios and multiple platforms. This factor forms one of the key drivers in the global military simulation and virtual training market.
The market has received significant impetus from technological advancements leading to the lowering of operational costs and capital investments. Other factors fuelling the demand for military simulation and virtual training are territorial disputes, internal and external security threats, and modernization initiatives undertaken by the various armed forces globally. However, the requirement of high fidelity and lack of interoperability and networking are likely to impede the growth of the global military simulation and virtual training market. Moreover, the challenges for new investments and fulfillment of end-user needs are anticipated to dent the demand for military simulation and virtual training.
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For a better understanding of the market, the authors of the report have segmented the global military simulation and virtual training market using two criteria: simulation and geography. On the basis of simulation, the market is segmented into combat, flight, and maritime. In terms of revenue, the flight simulators are estimated to account for a dominant 59% of the overall market in 2016. The combat simulators and maritime simulators are expected to represent shares of 20% and 21%, respectively in the same year.
Geographically, the market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). The report focusses on market size, defense capital expenditure, and market dynamics for military simulation and virtual training market in each region. North America is anticipated to lead the market in 2016 representing a share of 36.4% in the overall market. Europe and Asia Pacific are estimated to emerge at impressive growth rates owing to significant budget allocations to the military sector by governments in these regions. They are expected to account for 25.4% and 25.2% of the overall market, respectively.
In the final section, the report also offers key insights into the competitive landscape of the global military simulation and virtual training market. It provides details of the key companies, together with information regarding strategic initiatives, financial reports, key alliances, and recent developments.
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