Increasing adoption of digital simulation technology such as web-based simulation and cloud-based simulation for e-Learning, online computer games, and medical education is significantly boosting the demand for simulators. Furthermore, the simulator market is anticipated to experience significant growth over the forecast period, owing to several factors such as use of simulation technology for advanced endovascular training, disaster management, and financial fraud detection, and increasing implementation of advanced 3D simulation technology for eRobotics.
The global simulator market is projected to increase in market value from US$ 5.6 Bn in 2019 to US$ 21.4 Bn by 2029, progressing at an impressive CAGR of 14.5% during the forecast period of 2019-2029.
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Key Takeaways of Simulator Market Study
- Demand from aerospace and defense industry is expected to grow at the fastest rate, owing to growing security concerns, need to train the workforce, testing and conducting evaluations, and analyzing the effectiveness of war activities.
- Asia Pacific Excluding Japan is expected to emerge as the fastest-growing region in the global simulator market. This is attributed to the use of simulators for predicting the performance of an existing or planned system, and to compare alternative solutions for a particular production problem in the manufacturing and automotive industry.
- According to PMR, the platform segment is projected to generate an incremental opportunity of ~US$ 10.7 Bn during the forecast period of 2019 to 2029.
“Simulator solution providers can gain significant profits by focusing on digital twin technology and multi-agent simulation technology to enhance productivity and facility efficiency, especially for applications in the manufacturing and automotive industry,” says a PMR analyst.
Participant Insights of Simulator Market
The report provides valuable insights at the company level, focusing on product innovation in the simulator market, along with business and marketing strategies of emerging market players. Some market players featured in the report are
- Emerson Electric
- CAE
- Simscale
- ELITE Simulation Solutions
- Elbit Systems Ltd.
- Dassault Systemes
- Anylogic
- PTC
- Materialise NV
- Ansys
- Altair Engineering Inc.
- Hexagon
- Simulation Plus
- HAVELSAN A.S.
- FRASCA International, Inc.
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The global simulator market is highly competitive due to the presence of a large number of players. Tier-I participants in the simulator market are estimated to hold around 40%-45% market share. These key major players are actively innovating their simulation products via enhancements and upgrades to cater to new customer demands and strengthen their market presence.
CAE launched A350 CAE 7000XR series full flight simulators to meet pilot training requirements in Latin America, and to increase its market presence and customer base.
Future Outlook of Simulator Market
Simulator providers serve a large set of customers in the process industry, utility industry, and others. These providers deploying advanced simulation technologies to improve process productivity enhance performance. Hence, key players in the simulator market are expected to invest and partner with manufacturing companies in this market to reach new growth avenues during the forecast period. Moreover, increasing collaboration of gaming simulator vendors with entertainment technology providers for offering advance features with 3D simulation and real-life experience of gameplay are also projected to offer substantial growth opportunities for players in the global simulator market.
More Valuable Insights on Simulator Market Report
A new market research report published by Persistence Market Research (PMR) on the global simulator market includes global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides valuable analysis of the global simulator market through four different categories – solution (platform (discrete event simulation, system dynamics, agent-based simulation, risk analysis, 3-D model), and services), deployment (cloud, and on-premise), and industry (healthcare, aerospace & defense, automotive, electronics & electronics, oil & gas, manufacturing, and others), across seven major regions.
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Key Questions Answered in Report
- How much is the simulators market worth?The simulators market is expected to grow on an exhilarating note between 2021 and 2031. As such, it could be worth US$ 21.9 Bn by the year 2031 (from US$ 6.1 Bn in 2021).
- What will be the demand outlook for the simulators market?The simulators market is poised to grow manifold its value in 2021 by the year 2031.
- What was the last 5 year market CAGR?The global simulators market witnessed a CAGR of 5% between 2015 and 2020.
- What are the key trends of the simulators market?With FAA making simulators mandatory with respect to pilot training, the aerospace sector is holding the largest market share and this trend will continue even in the upcoming decade.
- What is driving the demand for simulators?Increase in demand for commercial vehicles is driving the demand for simulators on the whole, as driving simulators do help the drivers in developing skills for the “live” operations. They could be used in trams & trains, buses, trucks, and cars.
- What is the market share of top 5 players?The top 5 players (CAE Inc., Thales Group, L3Harris Technologies Inc., Indra, and Saab AB) account for over 40% of the total market share.
- What are the top 5 countries driving demand?The top 5 players driving demand include the US, France, Sweden, Spain, and The Netherlands.
- What is the North America’s market Outlook?North America is amongst the matured markets for simulators. In other words, it is expected to be consistent between 2021 and 2031.
- At what percentage is simulators market going to register growth in Europe?Europe is expected to register growth at the rate of 3.5% between 2021 and 2031.
- What are the key market statistics in Korea and Japan?Japan and Korea account for more than 60% of the market share and the status quo is expected to stay unchanged even going forward.
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