Report : Drone Simulator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Simulator Type (Fixed and Portable), Drone Type (Fixed Wing and Rotary Wing), and Technology (Augmented Reality and Virtual Reality)
According to our latest market study on “Drone Simulator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Simulator Type, Drone Type, and technology,” the market is expected to grow from US$ 615.66 million in 2021 to US$ 1,435.14 million by 2028; it is expected to grow at a CAGR of 12.8% from 2021 to 2028.
Increasing Investments in Research and Development for Military Simulation to Drive Market Growth during Forecast Period
Governments across the world are cutting military spending due to the dwindling financial resources owing to the COVID-19 outbreak. Many nations' military ministries are cutting training expenditures and downscaling their forces. As a result, the military's attention has shifted toward finding less expensive and more effective solutions to their needs. Real-time training is time-consuming and costly. Also, it necessitates a huge quantity of raw resources, such as gasoline and explosives, and consists of a high level of danger. Therefore, military ministries are increasingly preferring virtual training and simulation-based games that use technologies, such as big data, AI, and cloud computing. Military simulation and virtual training are becoming increasingly popular among military forces across the world because they are based on commercial-off-the-shelf (COTS) components, and they help minimize training expenses. The simulators are made at a minimal cost of development. The criteria are critical for the military to innovate massively in simulation-based training technology. Drone simulations are currently being used to train future soldiers and represent a real-time scenario using realistic digital settings. Hence, increased expenditures in simulation software drive the growth of the drone simulator market. In addition, several nations' defense ministries are restructuring and changing their militaries using new solutions, which is also bolstering the market growth.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical and electrical equipments, including the hardware component of drone simulator. The emergence of outbreak across the world, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. The COVID-19 outbreak has led governments to impose several limitations on industrial, commercial, and public activities across the world to control the spread of infection. Therefore, the drone manufacturers and drone MRO service providers witnessed a significant loss during the pandemic. The drone manufacturer’s production volume decreased drastically, thereby hindering the adoption rate of different simulation solutions. This disruption is expected to create tremors till the end of 2021. The mechanical equipment and aerospace & defense industries are likely to pick up pace soon after the governments across the world lift the various containment measures steadily to revive the economy. The manufacturing plants and industries are anticipated to gain pace from 2022, which would positively influence the demand for drone simulators, including hardware components of drone simulator.
Key Findings of Study:
The global drone simulator market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Based on component, the market is bifurcated into hardware and software. In 2020, the hardware segment held a larger market share. Based on simulator type, the drone simulator market is bifurcated into fixed and portable. In 2020, the fixed segment held a larger market share. By drone type, the market is bifurcated into fixed wing and rotary wing. In 2020, the fixed wing segment held a larger market share. Based on technology, the drone simulator market is bifurcated into augmented reality and virtual reality.