The
global flight simulators market is expected to reach USD 5.62 billion by 2024,
according to a new report by Grand View Research, Inc. Increasing adoption of
FFS owing to high fidelity and reliability is expected to provide adequate
growth prospects over the coming years. Customers also opt for FTDs on account
of their low operational costs, modular approach, real-time aerodynamic flight
model, and remote configuration as well as management. The industry is expected
to witness moderate growth over the forecast period owing to the aforementioned
factors.
The
need to effectively replicate real flying training with the usage of motion and
visual systems has resulted in the introduction of sophisticated simulators in
the market. Increase in government spending and growing security concerns
particularly in the military sector is anticipated to escalate product demand
significantly. The rising concerns over pilot training cost along with
fluctuating fuel prices may further drive demand for flight simulators over the
next eight years.
In depth research report on Flight Simulator Market
Further key findings from the report suggest:
·
The FFS product segment
accounted for over 90% of the overall revenue in 2015 and is expected to grow
at a CAGR of over 4% from 2016 to 2024. This growth is owing to features that
provide motion, sound, visuals, and all other aircraft operations that create a
realistic flight training environment.
·
The demand in civil application
segment is primarily due to the rising air traffic coupled with the growing
emphasis on the passenger as well as pilot safety. Governments in several
countries have enforced strict regulations regarding the use and significance
of simulation training.
·
The services segment is
anticipated to grow at a CAGR exceeding 3.0% over the forecast period. This is
primarily attributed to the rise in number of simulator installation by
international airways.
·
Europe accounted for more than
30% of the overall market share in 2015 and is expected to exhibit a modest
growth over the next eight years on account of the elevating enforcement of
regulations pertaining to pilot training and passenger safety.
·
The Asia Pacific flight
simulators market is estimated to exhibit a substantial growth over the
forecast period in light of the growing aviation industry, resulting in the
increasing demand for flight simulators. The Middle East & Africa is also
projected to showcase a substantial demand of over 4%, which is primarily be
attributed to the presence of carriers including Emirates, Etihad Airways, and
Qatar that are investing heavily in this industry.
·
Prominent industry players
include CAE, Boeing, L-3 Link Simulation & Training, Lockheed Martin,
Rockwell Collins, Thales and SaaB. Industry participants emphasize on joint
ventures, mergers and acquisitions in order to acquire greater financial,
technical, marketing, manufacturing and distribution expertise.
Grand
View Research has segmented the global flight simulator market on the basis of
product, application, service and region:
Flight Simulator Product Outlook (Revenue, USD
Million; Volume, Units; 2012 - 2024)
·
Full Flight Simulator (FFS)
·
Fixed Flight Training Devices
(FTDs)
Flight Simulator Application Outlook (Revenue, USD
Million; Volume, Units; 2012 - 2024)
·
Military & defense
·
Civil
Flight Simulator Service Outlook (Revenue, USD
Million; 2012 - 2024)
·
Maintenance & Repair
Services
Flight Simulator Regional Outlook (Revenue, USD
Million; Volume, Units; 2012 - 2024)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
Middle East & Africa
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About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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