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The market has a potential for continued expansion with the incorporation of Augmented Reality (AR) and Virtual Reality (VR) into simulators. This trend is being driven by immersive training experiences. While AR superimposes digital data on the physical world, VR builds fully virtual experiences owing to which both technologies increase realism. By simulating complicated scenarios, these technologies are used in industries such as healthcare, aviation & military training to improve training results through increased engagement and more authentic skill development.
Simulators serve an important role in industries such as renewable energy and environmental monitoring since they replicate a wide range of environmental variables. These simulations help professionals prepare for real-world issues such as extreme weather, equipment malfunctions, and environmental emergencies. This training improves preparedness, efficiency, and safety in various domains.
The market size for simulators was valued at over USD 19 billion in 2023 and is estimated to register over 7.5% CAGR between 2024 & 2032 owing to the growing need for training in the military, aviation, and naval sectors.
The training segment is expected to record over 8% CAGR from 2024 to 2032 as simulators offer a controlled & repeatable environment for hands-on training, enabling users to realistically develop and refine skills.
North America simulators market share was over 30% in 2023 and will grow significantly through 2032 owing to the need for realistic training in sectors such as aviation, defense, and healthcare, along with the presence of several simulator makers and training facilities in the region.
CAE, Inc., Elbit Systems Ltd., FlightSafety International, L3Harris Technologies, Raytheon Technologies Corporation, Textron Inc., and Thales Group.