HYDERABAD, India, April 14, 2022 /PRNewswire/ -- According to ReAnIn, the global aircraft simulation market was valued at USD 5,837.59 million in the year 2021 and is projected to reach USD 8,952.96 million by the year 2028, registering a CAGR of 6.3% during the forecast period. Increasing demand for pilots for commercial aircraft, significant cost savings associated with the simulator in comparison with training in actual aircraft, and technological advancements in simulators are primary drivers for the aircraft simulation market. However, the COVID-19 pandemic had a severe impact on the growth of this market as various restrictions were imposed and international borders were closed for the majority of the months in 2020. Also, there is a consensus among industry experts that recovery to the pre-pandemic level might take a few years.
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More than 260,000 new pilots for the civil aviation industry will be required over the next decade – according to CAE, a leading player in the aircraft simulators market
According to CAE's pilot demand outlook report, there were about 387,000 active pilots for civil aircraft in 2019 which is expected to increase to about 484,000 in 2029. Moreover, more than 167,000 pilots will have to be replaced during this time period. Hence, about 264,000 new pilots will have to be trained between 2019 and 2029. As simulator is an important aspect of pilot training, demand for aircraft simulators is expected to increase significantly in the near future. The Asia Pacific is expected to be the growth engine with the highest demand of ~91,000, more than one-third of these new pilots.
Furthermore, technological advancements such as virtual reality (VR) and artificial intelligence (AI) is expected to fuel the growth of the flight simulators market. In April 2019, the US Air Force launched a Pilot Training Next class using VR headsets and advanced AI biometrics. The use of VR and AI significantly reduced the training period and cost. The usual pilot training system takes about a year, while VR-based training was completed in just 4 months. Moreover, the cost of VR-based flight training was about US$1,000 per unit, while the usual cost was US$4.5 million for a legacy simulator. In April 2021, European Union Aviation Safety Agency (EASA) granted the first certificate for a Virtual Reality (VR) based Flight Simulation Training Device (FSTD).
Key Highlights of the Report:
Full flight simulator (FFS) accounted for the majority of the share in the global aircraft simulation market, owing to technical advantages such as high fidelity and reliability, and cost-effectiveness. Moreover, simulators for UAVs are expected to be high in demand as these UAVs are increasingly being used for multiple purposes including surveillance, delivery, search and rescue, etc.
In the application segment, commercial aircraft accounted for about 70% of the market share in 2021 and is expected to witness a CAGR of 5.9% during the forecast period. Travel restrictions and border closures due to COVID-19 (in March-April 2020) caused a significant decline in passenger air travel and hence, slowed down the demand for simulators.
Among regions, North America accounted for the largest market share (more than 30%) in this market. However, Asia Pacific is expected to witness the highest CAGR during the forecast period.
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ReAnIn has segmented the global aircraft simulation market by:
Key players in the aircraft simulation market include CAE Inc., Boeing Company, Collins Aerospace, FlightSafety International, L3Harris Technologies, Precision Flight Controls, SIMCOM Aviation Training, Frasca International, TRU Simulation + Training, Airbus Group, Indra Sistemas, and Thales Group.
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SOURCE Reanin Research & Consulting Private Limited