A digital twin interface is a simulation technology that is entirely based on the physical replica of the simulated object itself. The benefit offered by a simulation model made by using digital twin technology enables a user to accurately determine the implications and effects of how the real object will perform in the future. Demand for digital twin simulation technology is increasing in the manufacturing industry for simulation and optimization of production systems, and to improve production processes and factory planning. This technology offers a new approach toward model-based machine development. Digital twin technology is also used for smart edge devices, robots, equipment, AI, and automation.
Rising Demand for Simulation-based Medical Education Systems to Bolster Simulator Market Growth
Simulation-based systems are widely used in clinical training for healthcare students and professionals. These medical education systems are used to make various educational activities such as teaching, learning, and training faster and more cost effective. Furthermore, simulations can be adapted to accommodate education for various medical specialties such as emergency medicine and trauma, anesthesia, intensive care medicine, pediatrics, and obstetrics. Need for improvements in the healthcare process and patient-specific surgical simulations in the healthcare industry boosts demand for simulators.
Market Growth to Spur on Back of Enhanced Features Offered by Advanced Simulation Tools
Advanced simulation tools are adopted in several sectors such as healthcare, aerospace & defense, manufacturing, oil & gas, electricals and electronics to enhance operations. Use of these tools is expected to increase product development and solutions in these industries, and improve business processes, product quality, and customer satisfaction. The need for thermal analysis, fatigue analysis, and heat and mass transfer analysis by using advanced simulation tools such as FEA and CFD, is expected to further accelerate growth of the simulators market during the forecast period.
APEJ and Western Europe to Offer Lucrative Growth Prospects to Simulator Market
Continuous adoption of advanced solutions and development of new business models due to the advent of industry 4.0 in Asia Pacific Excluding Japan and Western Europe is expected to create potential growth opportunities for players in the simulator market. Simulation applications in the rapidly growing manufacturing and automotive industry in these regions, such as for areas of discrete event process simulation, and testing and simulation in vehicle development contribute to demand for simulators.
Simulator Market – Competition Landscape
New product launches, partnerships, & collaborations are key strategies followed by top players in the simulator market to increase their revenue, and bring in innovations in solution/services, which enables simulator solution providers to gain new streams of revenue generation in the global market.
Some prominent players in the simulator market are Hexagon AB, Emerson Electric Co., Elbit Systems Ltd., CAE, Inc., Dassault Systemes SA, HAVELSAN A.S., Ansys Inc. and ELITE Simulation Solutions.
Demand for simulators is increasing due to the adoption of various simulation technologies such as virtual reality and optical simulations for additive manufacturing, real-time simulation, sensor optimization, and human machine interface across a wide range of end-use industries. Among various regions, Asia Pacific Excluding Japan is expected to witness the highest growth rate in the global simulator market during the forecast period.
However, North America is holds the largest share in terms of value in the global simulator market, and accounted for a market share of 40% in 2018. It is also expected to retain its dominant position in the global simulator market during the forecast period, due to the efficient development and testing of aerospace systems with dynamic system simulation in the region.
Simulator Market – Scope of the Report
Persistence Market Research (PMR) recently published a new research report on the simulator market for the assessment period of 2019-2029. This report on the simulator market offers a close look at evolving aspects of the simulator market as well as dynamics impacting market growth. The report focuses on key developments that have made their mark on the simulator market, and other developments that are on the cards. The report also provides information about various macro and microeconomic factors responsible for growth of the simulator market.
A direct market overview provides growth scenarios and market potential with maximum precision, which are adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the simulator market during the forecast period. This report also includes comprehensive information to help new manufacturers establish themselves in the market.
Several stakeholders in the simulator market can rely on the data offered in this research study, and delve into effective decision-making. Moreover, information offered in the simulator market report also helps new market entrants to expand their bases in the simulator market.
The report elaborates on historical and current trends molding the growth of the simulator market. The performance journey of the simulator market has been drawn and analyzed in way that makes the lucrative side of the market evident to readers. The competitive landscape presented in the simulator market report gives a detailed outlook of profiles of key companies operating in the market, along with their differential strategies and key focus areas.
Simulator Market: Segmentation
PMR’s report on the global simulator market offers a detailed market segmentation, wherein key segments have been discussed in detail. The report by PMR carefully examines the simulator market on the global as well as regional levels, through market segmentation on the basis of multiple parameters such as solution, deployment, industry, and prominent regions. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Simulator Market: Key Questions Answered in Report
Simulator Market: Research Methodology
A unique and promising research methodology forms the base of the simulator market report. This report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology used to obtain insights into the simulator market is a two-step process that comprises primary and secondary research. Key stakeholders, which include simulator manufacturers, suppliers, distributors, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed to ensure that the information included in this report is accurate.
Secondary sources referred to garner report findings include investor presentations of manufacturers, World Bank, and other credible sources.