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Immersive Simulator Market

Immersive Simulators Market Study: Raise New Opportunities for Manufacturers and Distributors!

Immersive Simulator Market by Simulation Environment (Console Operator Training, Field Operator Training)

Immersive Simulator Market Outlook (2022 to 2032)

The global immersive simulator market is expected to see significant growth from 2022 to 2032, forecasted to reach US$ 121.0 billion with a CAGR of 26.6%. The global market size was estimated to be US$ 8.5 billion in 2021.

Demand in the market surpassed a valuation of US$ 11.4 billion in 2022. As per the study, the market is predicted to create an absolute $ growth of US$ 109.6 billion. Historically, the market grew at a CAGR of 34.5% from 2017 to 2021.

The top simulation environment and console operator training segment, respectively, are expected to have a CAGR of 26.5% and 26.4% from 2022 to 2032.

A PESTLE analysis of the immersive simulator industry indicates various factors driving the market. For instance, advancements in computer technologies, artificial intelligence, and cloud computing are increasing the demand for simulators across industries.

The emergence of industry 4.0 emphasizes the use of technology to automate and optimize production processes. This is driving the adoption of simulators in manufacturing industries. Governments worldwide are also promoting the use of simulators in industries to improve workforce safety and reduce the cost of training.

Increasing adoption of simulation-based training programs is also expected to help the immersive simulator industry grow. Professionals like first responders and doctors are using this technology to recreate real-life scenarios to train individuals. They often simulate high-stakes procedures on a customized basis to provide adequate subject matter expertise to professionals.

Flight simulators have found use for leisure purposes for several years now. However, aerospace and defense industries have increasingly adopted immersive simulator technology over recent years. They have also introduced gamification in their exercises, which makes for an engaging experience for trainees.

Gamification includes the introduction of game design elements, such as points, badges, and leaderboards in non-game contexts to engage and motivate learners. This helps in information retention, but also helps in tracking progress over time. Several situations that are re-enacted inside the simulators would otherwise be extremely expensive to create. These factors are expected to push market growth further.

Attributes

Details

Immersive Simulator Market Estimated Value (2022E)

US$ 11.4 billion

Projected Market Value (2032F)

US$ 121 Billion

Projected CAGR Value (2017 to 2021E)

34.5%

USA Market CAGR Value (2022 to 2032)F

25.2%

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How Will Sales of Immersive Simulators between 2017 and 2021 Outpace Demand from 2022 to 2032?

As per Persistence Market Research (PMR), the value of the immersive simulator market increased at around 34.5% CAGR over the historical period 2017 to 2021. With an absolute $ opportunity of US$ 109.6 billion, the market is projected to reach a valuation of US$ 121 billion between 2022 to 2032.

In recent years, the training sector has been at the forefront of incorporating immersive simulator technology. The demand for training simulation equipment is expected to grow predominantly between 2022 and 2032.

The advancement of virtual reality (VR) is also driving the immersive simulation industry. Demand for VR services has surged because of numerous developments in VR technology. Several researchers and students have been noted to register in virtual training institutes or academies to acquire training in accordance with industry standards.

With the integration of artificial intelligence, live human contact, and computer-based interactive 3D simulations, virtual training simulation software has improved. This allows learners to get more effective guidance. Real-time training modules are commonly used to teach learners in a variety of areas, including healthcare, civil aviation, and defense.

The market for virtual training and simulation has risen in popularity due to the growing requirement for a competent workforce in diverse sectors to manage tough scenarios.

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Top Immersive Simulator Market Trends Listed by Persistence Market Research (PMR)

  • Key factors that are influencing the demand for immersive simulator market are the increasing use in gaming & entertainment, and enhanced training & safety.
  • Trending technologies like virtual reality, augmented reality, and mixed reality have increased immersion and engagement in simulator systems more engaging and realistic.
  • Immersive simulator technology has become more affordable in recent years. This has resulted in an upsurge in demand for immersive simulators across sectors.
  • Immersive simulators provide a safe and regulated environment for skill development and training. They let learners encounter events that would be too risky or costly to recreate in real life.
  • As a result, demand for immersive simulators has increased in areas such as aviation, military, and healthcare, where safety and training are vital.
  • Immersive simulators assist businesses by allowing employees to practice and improve their abilities in a virtual environment before applying them in the real world.
  • This has instigated the need for immersive simulators and has increased in areas such as manufacturing, construction, and logistics.
  • In recent years, the usage of immersive simulator technology in entertainment and gaming has increased substantially. For example, racing & flight simulators, opening up new markets for immersive simulators.
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Which are the Factors Restraining the Sales of Immersive Simulator?

The factors restraining the market for immersive simulators are the high costs and regulatory & safety concerns.

Immersive simulator systems are costly to build and install, which can be a substantial obstacle for small and medium-sized organizations. This may limit the market for immersive simulators to the big organizations and sectors.

The development and maintenance of immersive simulators necessitates the use of expert technicians and engineers. Nevertheless, there is a scarcity of experienced individuals in this industry, which impede market expansion.

These difficulties can raise the cost and duration of development and implementation and thus restrain market growth.

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Which Region is Projected to Offer a Significant Opportunity for Immersive Simulator Manufacturers?

According to Persistence Market Research (PMR), Asia Pacific is expected to witness the predominant growth rate at a CAGR of 51.9% due to the increasing adoption of immersive simulators in various industries, such as oil and gas, power and energy, aerospace and defense.

The growing need for immersive simulators in the gaming, as well as the training sector, has led to the expansion of this market in this region. Aveva Group is one of the leading companies in this region.

China is expected to witness substantial growth in the immersive simulator market due to its increasing investments in the aerospace and defense industry. The country is also becoming a dominant manufacturing hub for automobiles, which is driving the demand for training simulators in this industry.

As the Asia Pacific region is projected to offer significant growth opportunities, it is worth noting that other regions such as the United States, the United Kingdom, Japan, and South Korea are also witnessing a surge in demand for immersive simulators.

In the United States, the medical and biotech industry is driving the growth of this market and will grow at 25.2% CAGR by the end of the forecast period. In the United Kingdom, the market is growing due to the increasing use of immersive simulators in the automotive and marine industry.

Despite the growth in these regions, Asia Pacific is emerging as the dominant player in the immersive simulator industry. This can be attributed to increasing investments from key players and the growing adoption of immersive simulators.

Country-wise Insights:

Why is the Demand for Immersive Simulator Expanding in the United States?

The United States immersive simulator market is expected to grow to be worth US$ 17.7 billion with an absolute $ growth of US$ 15.8 billion. The target market in this region has grown at a CAGR of 30.6% from 2017 to 2021 and is expected to grow at a CAGR of 25.2% from the year 2022 to 2032.

In May 2022, the launch of the Immerse marketplace was announced by the United States company, Immerse Learning. This immersive stimulator platform expansion will house industry-leading corporate virtual reality (VR) content from the content providers across the world.

As a one-stop shop, the company executives will be able to access a wide range of VR training modules. These modules are created by third-party developers at a cheap cost, enabling easy adoption and scalability for employees throughout the enterprise.

Why is the Demand for Immersive Simulator in United Kingdom on a Moderate Rise?

The market demand of immersive simulator in the United Kingdom is expected to grow to be worth US$ 2.9 billion with an absolute $ growth of US$ 2.6 billion. The market growth was held at a CAGR of 28.9% from 2017 to 2021 and is expected to grow at a CAGR of 24.8% for the forecast period of 2022 to 2032.

This growth can be contributed to the increasing demand for advanced military training and simulation technologies. The market is also driven by the region's strategic position as a significant defense and aerospace hub, leading to an increase in government spending on simulation programs.

On the technology front, the emergence of innovative solutions such as virtual reality (VR) and augmented reality (AR) is also driving market growth in the education sector.

In April 2020, Aveva Group Plc partnered with Axonify to provide unified learning. This single integrated platform includes training simulation with sophisticated extended reality capabilities and tools. These tools are used to build learning and development programs.

How Will Smart Manufacturing Help Sales in China for Immersive Simulators?

China’s immersive simulator market size is expected to grow to be worth US$ 32.7 billion with an absolute $ growth of US$ 30 billion. The market in China has grown at a CAGR of 37.1% from 2017 to 2021 and is expected to grow at a CAGR of 28.3% from the year 2022 to 2032.

This market will flourish in China due its application of smart manufacturing. As China is a global manufacturer, there will be high demand for the consumption of immersive simulator that will used sector agnostically.

In July 2022, the sale of its non-core fluids simulation software was announced by ESI Group, a company having its headquarters in China.

ESI Group unveiled its strategic plan, "OneESI 2024 - Focus to Grow," with the goal of directing the company's investments to meet its new core strategic vision. This would also boost its top line and profitability.

Category-wise Insights

Why is Simulation Environment Projected to Witness Significant Growth?

Console operator training, a top simulated environment type, is projected to witness significant growth during 2022 to 2032. The growing need for skilled process operators and corporate initiatives for workplace safety would drive demand. This segment has a recorded growth of 34.0% CAGR between 2017 and 2021. It is further expected to grow at 26.5% CAGR over the forecast period.

Across industries like construction, agriculture, and mining, console operator training is gaining prominent traction. The ongoing requirement to teach new personnel with relevant abilities is projected to drive the use of console operator training solutions.

This has a productive impact on the workforce and takes care of the safety measures required to be adopted for complicated tasks. The application of simulation environment through console operator training is projected to unburden various industries.

This is the primary reason for growth in this segment as sector-agnostic technologies gain a predominant position in the global market.

Which Industry is Expected to Furnish Growth Opportunities for Immersive Simulator Providers?

Immersive simulation is widely used by the training industry. The expansion of the training industry can be connected to the increasing need for customized equipment. Between 2017 to 2021, the training industry contributed to this market with a CAGR of 33.6% and is forecasted to grow by 26.4% by the end of 2032.

One industry with a lucrative opportunity for the consumption of this technology is aerospace and defense. It has extensive use of simulation and training systems to increase pilot and crew performance, cut costs, and improve safety.

The need for immersive simulators in the aerospace and military sector is predicted to expand quickly due to the rising usage of sophisticated technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR).

There are emerging industries that will expand the size of immersive simulators’ global markets. The rise in demand for industry 4.0 standards, and the emergence of industry 5.0. will provide new opportunities for manufacturing, distribution and R&D segments.

Competitive Landscape:

The leading market players are always coming up with innovative ways to provide high-quality products. Patenting their technologies and expanding product lines help keep the revenues competitive. The players, who currently hold a small market share, are constantly aiming to grow their hold in the immersive simulator market.

For instance,

  • In November 2021, upgraded design and process simulation tools for engineering were introduced by Aveva Group.

The new additions to AVEVA E3D design and AVEVA process simulation supplement businesses in the chemicals, oil and gas, power, marine, mining, metals, and minerals industries. It is used to design sustainable processes and facilities at the pace of the market.

The latest AVEVA E3D design add-ons enhanced engineering quality and efficiency through accelerated, streamlined design processes. AVEVA Process Simulation helps businesses to go beyond linear, inefficient workflows and build circular, sustainable processes.

  • In May 2022, new digital twin integration enabling operator training was announced by Schneider Electric and ETAP.

This one-of-a-kind connectivity enables all EcoStruxure power operation systems to communicate in real-time with the ETAP electrical digital twin. Operators can use this link to simulate and comprehend power system behavior in a variety of real-world or realistic operational scenarios.

Novel operating procedures may be established and evaluated against scenarios using its familiar EcoStruxure power operation human-machine interface without disrupting ongoing operations.

Scope of the Report

Attribute

Details

Estimated Market Size (2022)

US$ 11.4 billion

Projected Market Valuation (2032)

US$ 121 billion

Value-based CAGR (2022 to 2032)

26.6%

Forecast Period

2022 to 2032

Historical Data Available for

2017 to 2021

Market Analysis

Value (US$ billion)

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Middle East and Africa

Key Countries Covered

  • The United States
  • The United Kingdom
  • Germany
  • France
  • Spain
  • Italy
  • Japan
  • China
  • Singapore
  • Sri Lanka
  • Middle East and Africa
  • United Arab Emirates
  • South Korea
  • Finland
  • Hungary
  • Rest of the World

Key Segments Covered

  • Simulation Environment
  • Offering
  • Region
  • Application
  • Industry

Key Companies Profiled

  • Aveva Group
  • ESI Group
  • Schneider Electric
  • Siemens, Applied Research Associate
  • Designing Digitally, Immerse Learning
  • Mass Virtual
  • Talent Swarm

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Immersive Simulator Market Outlook by Category

By Simulation Environment

  • Console Operator Training
  • Field Operator Training

By Offering

  • Hardware
  • Software and Services

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • Aveva Group
  • ESI Group
  • Schneider Electric
  • Siemens
  • Applied Research Associate
  • Designing Digitally
  • Immerse Learning
  • Mass Virtual
  • Talent Swarm

- Frequently Asked Questions -

The immersive simulator market was reported at US$ 8.5 billion in 2021.

The immersive simulator market is estimated to be valued at US$ 11.4 billion in 2022.

The immersive simulator industry is expected to reach a valuation of US$ 121 billion by 2032.

The immersive simulator market registered a CAGR of 34.5% over the last 4 years.

The immersive simulator industry is projected to witness a CAGR of 26.6% from 2022 to 2032.

A significant share of the immersive simulator sector will be garnished by Training Application.

The estimates predict that between 2022 and 2032, the immersive simulator industry in China would increase at a CAGR growth of around 28.3% from 2022 to 2032.

Between 2023 and 2032, it is anticipated that sales of immersive simulators in the United States will increase at a CAGR of around 25.2%.

The estimates predict that between 2023 and 2032, the Immersive Simulator Market in South Korea will increase at a CAGR of around 27.2% and there will be a CAGR growth of 26.9% In Japan.

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