Yahoo Finance Flight Simulator Market Size to Reach USD 8.05 Billion by 2027; Rising Usage of AR & VR for Training Purposes will Boost Growth: Fortune Business Insights™
Key companies covered are Thales Group (France), CAE (Canada), Boeing Company (US), Collins Aerospace (US), FlightSafety International (US), L-3 Communications (US), Raytheon Company(US), Precision Flight Controls (US), SIMCOM Aviation Training (US), Frasca International (US), TRU Simulation + Training (US), among others.
Pune, July 16, 2020 (GLOBE NEWSWIRE) -- The global flight simulator market size is expected to gain momentum from the increasing adoption of virtual reality (VR) and augmented reality (AR) by the airlines to train their cabin crew and flight deck crew. This information is given by Fortune Business Insights™ in a recent study, titled, “Flight Simulator Market Size, Share and Covid-19 Impact Analysis, By Type (Full Flight Simulator, Flight Training Devices, Fixed Based Simulator, and Full Mission Simulator), By Platform (Fixed Wing Simulator, Rotary Wing Simulator, and UAV Simulator), By Application (Commercial, and Military), and Regional Forecast, 2020- 2027.” The study further states that this market size was USD 5.89 billion in 2019 and is projected to reach USD 8.05 billion by 2027, exhibiting a CAGR of 5.20% during the forecast period (2020-2027).
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This Report Answers the Following Questions:
What are the market drivers, dynamics, and obstacles?
Which companies are set to lead the market in the coming years?
How will the key companies manage to cope up with COVID-19 pandemic?
Would the advanced Flight Simulators help in training crews?
Competitive Landscape-
Key Players Focus on Acquisitions & Facility Openings to Gain Competitive Edge
The market is fragmented with a large number of renowned companies. They are mainly focusing on mergers and acquisitions, as well as opening of new facilities to broaden their geographic footprint and gain more consumer bases.
September 2019: Alpha Aviation Group (AAG) announced the opening of its Simulator Training Center Expansion Project. It is worth USD 11 million and is a part of the AAG academy situated in Philippines. It would include four additional simulator bays.
January 2018: Airbus SE successfully acquired a privately held flight training center named Strategic Simulation Solutions (SSS). The latter is based in Denver. This new deal would aid Airbus in boosting its profits and broadening its product offerings.
Fortune Business Insights™ presents a list of all the Flight Simulator providers operating in the global market. They are as follows:
Thales Group (France)
CAE (Canada)
Boeing Company (US)
Collins Aerospace (US)
FlightSafety International (US)
L-3 Communications (US)
Raytheon Company(US)
Precision Flight Controls (US)
SIMCOM Aviation Training (US)
Frasca International (US)
TRU Simulation + Training (US)
Browse Summary of this Research Report Enable with Table of Content: https://www.fortunebusinessinsights.com/flight-simulator-market-102592
Drivers & Restraints-
Demand for Additional Flight Frequencies to Propel Growth
The increasing air passenger traffic is set to boost the aircraft simulator market growth in the coming years. The International Air Transport Association (IATA) mentioned that the number of air passengers would surge up to 4.2% by 2027. Currently, it is 4.8 billion and this surge would add approximately 1.6 billion passengers. Therefore, the demand for commercial pilots and additional flight frequencies to lower the extra loads would affect the market positively. In 2019, a few prominent companies, including Airbus S.A.S. declared that by the year 2028, more than 39,000 new aircraft will begin operating worldwide. However, several unique technologies are used in Flight Simulators. They are expensive in nature. This factor may hamper the market growth in the near future.
Will the COVID-19 Pandemic Affect the Market Severely?
The airlines industry is considered to be main reason behind the rapid spread of the coronavirus infection.
To lower the spread, many countries have halted their rail and air transports.
The International Air Transport Association (IATA) mentioned that an estimated loss of USD 314 billion is set to occur in 2020 in the global airlines industry. It refers to the decline of approximately 55% revenue.
Segment-
Military & Defense Segment to Grow Rapidly Owing to Need of Training Soldiers
In terms of application, the market is bifurcated into military & defense and commercial. Out of these, the commercial segment procured 59% Flight Simulator market share in 2019. The military & defense segment is set to grow at the fastest rate during the forthcoming years backed by the increasing usage of these Simulator systems in this sector for the training of personnel, including the Air Force, Navy, and Military. The simulators are mainly used to train them to drive various vehicles, such as transport aircraft, tankers aircraft, helicopters, ships, aircraft carriers, and tanks.
Regional Analysis-
North America to Lead Backed by Presence of Various Industry Giants
In 2019, North America procured USD 2,129.1 Million in terms of revenue. It is set to remain in the leading position throughout the forecast period stoked by the presence of several reputed Flight Simulator system manufacturers in this region. Europe, on the other hand, is expected to remain in the second position owing to the existence of numerous aircraft, as well as flight simulator manufacturers in this region. Asia Pacific is anticipated to showcase robust growth in the coming years fueled by the increasing demand for commercial aircraft from the countries, such as China, India, and Indonesia.
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Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments –Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights-Impact of COVID-19 Pandemic on Flight Simulator Market
Impact of COVIC-19 Pandemic on the Global Flight Simulator Market
Steps Taken by the Industry/Companies/Government to Overcome the Impact
Key Development in the Industry in Response to COVID-19 Impact
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