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.
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.
