The live laser-based training and simulation platforms market was USD 1,082 million in 2022, and it will increase to USD 1,791 million, advancing at a 6.50% compound annual growth rate, by 2030. The growth is because of the continuously increasing consciousness concerning these solutions across different sectors, including energy, mining, transportation, healthcare, and defense.

Moreover, the substantial increase in the rate of product launches, partnerships & collaborations, and various other strategic progressions by the major companies will further boost this industry expansion. Furthermore, the increasing expenditures by private firms and governments in the military and healthcare sectors are likely to have a positive impact on this industry.

Additionally, technological advancements and an increase in funding for R&D will produce profitable opportunities for the acceptance of virtual training & simulation technology. In 2022, the hardware category, based on component, accounted for the largest share in the industry. This can be because of the increasing consciousness about the advantages provided by these platforms, particularly realistic & immersive experiences as well as cost savings.

In 2022, the flight simulation category, based on application, was the largest contributor to the live laser-based training and simulation platforms market. This is because of the high risk linked with military and civil aviation, rising expenditure on flying actual aircraft, extensive use of the high-priced ATF, and substantial increase in the expenditure of aircraft manufacturing.

The defense and security category, based on end user, led the industry in 2022, with over 28% share. This is mainly because of the rise in the rate of disputes over borders as well as natural resources. The civil aviation category, on the other hand, is likely to advance at a 6.8% compound annual growth rate in the coming years. This is because of the increasing air traffic, the risk from training on the real thing to human life, and the high operational charges of aircraft.

North America was the largest contributor to the industry in 2022, with a 36% share. This is mainly because of the fact that the continent is home to two of the largest economies globally, both of which are also significantly advanced in technology.

APAC is likely to advance at the highest CAGR, of approximately 7.1%, in the years to come. This can be mainly because of the increase in the spending on the defense industry in the region, particularly by Japan, China, and India.

It is because of the growing consciousness about these solutions in different sectors, the live laser-based training and simulation platforms industry will continuously progress in the coming years.


SOURCE: P&S Intelligence