UAV Simulator Market Worth USD 2,277.3 Million, At a CAGR of 16.76% Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast by 2029
Posted on Feb 23 2023 7:29 AM
"Key companies segment covered in UAV simulator market are CAE Inc. (Canada),L3 Harris Technology Inc.,Israel Aerospace Industries Ltd. (IAI),Textron Inc.,Northrop Grumman Corporation (U.S.),Zen Technologies Ltd. (India),General Atomics Aeronautical Systems Inc. (U.S),SILKAN (France),Singapore Technologies Electronics Limited (Singapore),Leonardo S.P.A (Italy),Other companies "
The global UAV simulator market size is projected to experience dynamic growth from USD 769.9 million in 2020 to USD 2,277.3 million in 2027 owing to the increasing demand for drone technology in several industries across the world, observes Fortune Business Insights™ in its report, titled “UAV Simulator Market, 2020-2027”, the UAV simulator market stood at USD 659.4 million in 2019. It is set to exhibit a CAGR of 16.76% during the forecast period.
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The UAV simulator can be used for various purposes such as commercial, civil, and military operations. In recent years, there has been an increasing demand for drone technology in numerous industries such as military and defense, real estate, agriculture, mining, aerial photography, and others, which has resulted in the growth of this market. Further, the drones consist of advanced technical components such as camera, thermal sensors, infrared sensors, control and navigation. Hence, due to the advanced technology in drones, it is possible to gather vital information from the sky. This information can be used for keeping a track on the climatic conditions, navigation purposes, and others. Thus, this is a crucial factor responsible for this market’s growth.
However, the rising price of UAV simulator and the lack of expert personnel are projected to restrict the growth of this market.
List of Key Players Covered in the UAV Simulator Market Report:
- CAE Inc.
- L3 Harris Technology Inc.
- Israel Aerospace Industries Ltd.
- Textron Inc.
- Zen Technologies Ltd.
- General Atomics Aeronautical Systems Inc.
- Leonardo S.P.A.
The report contains a rigorous study of all factors and trends driving and shaping the size, share, and revenue of the market. Further, the report supplies a microscopic examination of the hindrances obstructing the growth of the market, as well as provides a careful analysis of the market segments. Additionally, a detailed assessment of the competitive landscape and regional prospects of the market are also incorporated into the report.
Rising Adoption of UAV Simulator in Military Operations to Fuel the Market
Over the years, there has been a surging demand for unmanned aerial vehicles in several developing as well as developed countries due to the growing security concerns with respect to the safety of the country. Hence, the demand for UAV simulators has increased in the military and defense operations as the military drones are specially developed with various sensors, payloads, navigation, and control systems which are helpful in retrieving crucial information during the defense missions and operations. This acts as an important driving factor responsible for this market’s growth.
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On the basis of product type, this market is divided into fixed wing, quad-copter, and helicopter. By components, the market is classified into hardware and software. Based on platform, the market is categorized into military and defense and commercial. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Rising Number of Drone Manufacturing Companies to Propel the North America Market Growth
North America region is projected to witness substantial growth in the UAV simulator market share on account of the growing number of drone manufacturing companies in the countries such as the US and Canada. Further, the US is regarded as the largest exporters of UAVs across the world. This is also one of the main reasons fuelling this market’s growth in this region.
Europe is projected to grow rapidly in this market due to the rising demand for unmanned aerial vehicles in the industries such as military, civil, and others in this region.
Asia Pacific region is anticipated to grow at a decent pace in this market owing to the rising military expenditure in several countries such as India, China, and others.
Strategic Partnerships between Key Players in Development of UAVs to Animate the Competition
The key companies in the UAV simulator market are focusing on strategic collaborations with the defense and military authorities for the manufacturing of advanced UAV systems designed with the help of technologies such as Artificial Intelligence (AI), data analytics, and others. These partnerships have led to an increased competition among key players which will help them to expand their product portfolio and broaden their market presence.
June 2019: Aero Drone School, a unit of Terra Drone Indonesia, completed the drone training for two commercial mining operations in the country.
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