The live laser-based training and simulation platforms market will reach a total value of USD 1,791 million by 2030, powering at a compound annual growth rate of 6.50% in the years to come, as stated by a market research firm, P&S Intelligence.
The surge in the consciousness about these platforms has brought to their increasing acceptance, which will to drive the market growth. This has a lot to do with the increasing applications of the virtual training and simulation software in a number of industries, such as defense and security, aviation education, healthcare, energy, entertainment, mining, and transportation.
Defense and security had the largest share in the industry, of over 28%, in 2022. This is because of the increasing number of conflicts over borders. For example, Russia’s Ukraine invasion has forced various governments to focus on revolutionizing their armed forces, which, has influenced the industry positively.
Military equipment, for example tanks and firearms, are fairly important for land warfare, but their use throughout training results in high working costs and even the menace of death or injury. As a result of this, the predisposition of militaries in the direction of live laser-based training and simulation has increased considerably.
North America live laser-based training and simulation platforms market had the largest share, of 36%. This has a lot to do with the fact that the region has major economies, which are also tech- advanced; the growing investments of the governments of the region in R&D will also do a world of good for the industry.
Furthermore, the growing emphasis of the U.S. and Royal Canadian air forces on decreasing the cost and time, consumed in training, by reducing the required flying hours, will power the growth of the industry.
F-35 airplane simulators, F16 training systems, LT2 systems, and long-range strike bomber simulators are employed by the USAF to for helping pilots advance their navigation ability, get them ready for emergency situations, and improve radio skills, to eventually make them proficient, by making the most of their training.
Moreover, the increasing acceptance of these platforms in the healthcare sector as a result of the considerable rise in the chronic disease burden, growing awareness of consumers about early diagnosis of the disease and improved patient care, robust support of the government, and tech enhancements drive the acceptance of these solutions in North America.
It is because of the increasing requirement for reduced risk and expenses while training individuals across a number of industries, the demand for live laser-based training and simulation platforms will continue to increase all over the world.