Market Size of Simulator Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 11.54 Billion |
| Market Size (2029) | USD 15.78 Billion |
| CAGR (2024 - 2029) | 6.45 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Simulator Market Analysis
The Simulator Market size is estimated at USD 11.54 billion in 2024, and is expected to reach USD 15.78 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).
The growth in demand for military vehicles across the land, sea, and aerial platforms is the main driver of the market growth. Several countries are modernizing their military fleets by inducting newer generation vehicle platforms, generating a simultaneous demand for simulation-based training for the military personnel on these platforms, thereby propelling the market prospects of the related military simulators. Furthermore, increasing defense expenditure and rising procurement of military aircraft creates demand for advanced military simulators. According to the Stockholm International Peace Research Institute (SIPRI) report published in 2022, the global defense expenditure reached a record high of USD 2.24 trillion in 2022.
The training of pilots and military personnel in real aircraft, land vehicles, and ships involves many risks and sometimes may lead to hazardous situations and loss of lives. Simulators provide a realistic experience and safety training for beginners. This need for safe and efficient training is also driving the simulator market. Moreover, stringent regulatory approvals and complex licensing procedures for simulators hamper the growth of the market.
