Military Simulation and Training Market is accounted for $ 10.74 billion in 2017 and is expected to reach $ 17.57 billion by 2026 growing at a CAGR of 5.6%. Factors such as rising demand for adoption of virtual training for future generation, and reducing the budget of military equipment and training are driving the market growth. However, lack of lack of inducements and challenges for manufacturers of simulators are hampering the growth of the market. Moreover, increase in the innovative technology and R&D activities about the military simulation acts as opportunities for the growth of the market.
Military simulation and training is an important technology used for providing training services for system use and maintenance and for military warfare techniques. The military simulation and training is a time effective and cost saving approach, specifically used by the defense sector. Under the defense sector it is used as an effective method to train workforce for higher responsibilities, facilitating personnel with new techniques and procedures, to develop and measure new tactics as well as to estimate the effectiveness of new weapons systems.
Some of the key players in Military Simulation and Training market include:
CAE, Thales Group, Northrop Grumman, The Raytheon Company, SAAB AB, Lockheed Martin Corporation, Meggitt PLC, Cubic Corporation, L-3 Communications Holdings, Inc., Rockwell Collins, Inc., and Rheinmetall AG.
CAE, Thales Group, Northrop Grumman, The Raytheon Company, SAAB AB, Lockheed Martin Corporation, Meggitt PLC, Cubic Corporation, L-3 Communications Holdings, Inc., Rockwell Collins, Inc., and Rheinmetall AG.
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