Portland, OR, November 18, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the military simulation and training Marlet generated $ 11.56 billion in 2020 and is expected to reach $ 20.58 billion by 2030, with a CAGR of 6.2% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The increase in territorial disputes around the world has led to the growth in defense spending which in turn is driving the growth of the global military simulation and training market. However, the high costs associated with military simulation and training services & products restrict the market to some extent. On the other hand, contracts and agreements with military forces and modernization of defense present new opportunities in the years to come.
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Military simulation and training COVID-19 scenario:
- The outbreak of the COVID-19 pandemic has negatively impacted the global military simulation and training market, due to travel restrictions.
- The global foreclosure had weakened the financial performance of market players in 2020, which had a sequential impact on the overall economy of several countries.
- However, the market will soon recover as the major market players formulate strategic cost reduction plans.
The report offers detailed segmentation of the global military simulation and training market on the basis of training type, application, and region.
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Based on the type of training, the live training segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to maintain its leading status during the period. forecast. In addition, the same segment is estimated to have the highest CAGR of 7.0% from 2021 to 2030. The report also mentions and analyzes virtual training, constructive training, and simulation-based training.
On the basis of applications, the airborne simulation segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to maintain its leading status during the forecast period. Additionally, the same segment is expected to register the highest CAGR of 6.6% from 2021 to 2030. The report also discusses segments including naval simulation and ground simulation training.
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Based on region, North America contributed the highest revenue share in 2020, holding over a third of the total market share, and is expected to retain its dominant share by 2030 Additionally, the same region is expected to exhibit the fastest CAGR of 6.9% during the forecast period. The report also touches on regions such as Asia Pacific, Europe and LAMEA.
The major players in the global military simulation and training market analyzed in the research include CAE, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Meggitt PLC, Northrop Grumman Corporation, Raytheon Technologies, Rheinmetall AG, SAAB AB, Textron Inc., and Thales Group.
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