Companiesandmarkets.com

Military simulation and virtual training market to grow at a CAGR of 6.75%

Press Release   •   Jul 02, 2012 11:24 BST

The global military simulation and virtual training market is set to reach $9.03bn in 2012, and is projected to grow at a CAGR of 6.75% over the period to 2022 as defence ministries worldwide seek to take advantage of the ongoing technological progress in military simulation systems.

Demand for military simulators and virtual training is anticipated to be driven by both internal and external security threats, territorial disputes and modernisation initiatives undertaken by armed forces across the world.

Simulation technology has traditionally been a resilient and stable market due to the essential requirement for flight simulation trainers for the world's air forces; however, technological developments in emerging submarkets have acted to spur extensive growth within a diverse range of simulation and training areas. These advances have led to many major nations to purchase military simulation and virtual training technology, viewing it as an essential component in their military capabilities.

The military simulation and virtual training market will continue to be led by the US and major European countries, however their position as leading national markets will be challenged by emerging powers in the Middle East and Asia in the years to come.

The rising economic powers of Asia will represent a strong element of the growth which will drive the military simulation and virtual training market through to 2022.

For more information on the military simulation and virtual training market, see the latest research: Military Simulation and Virtual Training Market Report

Follow us on Twitter @CandMResearch

Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.