Market Overview:

The global live laser-based training and simulation platforms market is expected to reach USD 1,425.77 million by 2030 at a CAGR of 6.7% during the forecast period 2020 and 2030. The global live laser-based training and simulation platforms market is expected to register significant growth during the forecast period owing to factors such as the growing need for live training and increasing political disputes and civil unrest across the globe.

Live training offers recruits the chance to get accustomed to a wide array of weapons to operate effectively in real scenarios. These types of training help trainees develop a high degree of mind-body coordination in a risk-free environment for making the recruits combat-ready. The need for risk-free live training is critical as several instances can lead to the death of armed forces personnel. For instance, according to a House Armed Services Committee report related to the National Defense Authorization Act for the fiscal year 2019, in 2017, in the US,nearly four times as many service members died in training accidents compared to those that were killed in combat. Therefore, due to the rise in deaths of armed forces personnel in training, there is a high demand for live training, especially with laser-based simulation platforms.

However, factors such as incorporating Laser-Based technologies into indoor training systems and a lack of realism in laser-based live training and simulation restrain the market growth. On the other hand, increasing defense expenditures in the emerging economies create promising growth opportunities for the vendors in the Live Laser-Based Training and Simulation Platforms Market Outlook.

Moreover, there has been an increase in political disputes and civil unrest across the globe in recent times. As per the Center of Strategic and International Studies (CSIS), the number of mass protests globally has increased by 11.5% per year, on average, since 2009. Moreover, according to Cross-National Time Series, IEP calculations, it was noted that from 2011–2018, among the Global Peace Index Regions, about 64% were nonviolent demonstrations and 6% were general strikes, while the remaining 30% were classified as riots, accounting for nearly 2,200 riots. Between 2011 and 2018, the number of protests and riots roughly doubled, while the number of general strikes quadrupled from 33 events in 2011 to 135 in 2018. Thus, the growing need for live training and increasing political disputes and civil unrest across the globeis anticipated to drive the growth of the global live laser-based training and simulation platforms market during the forecast period.

In addition,over the last decade, the world has witnessed robust growth in capital expenditure from the governments to bolster their military strength. Despite the COVID-19 pandemic shock to the global GDP growth, the defense budgets and revenues are expected to remain stable, in general, for defense contractors during the forecast period. This can be attributed to the rising geopolitical tensions which make the military programs critical to the national defense. According to SIPRI, the global military expenditure increased to USD 1,981 billion in 2020, an increment of 2.6% from 2019. During the same period, the global GDP decreased by 4.2%, owing primarily to the economic shocks of the pandemic. Thus, the military burden, calculated as military expenditure as a share of GDP, witnessed an increase of 0.2%,reaching a global average of 2.4% in 2020. The 0.2% increment in military expenditure was the largest year-on-year military burden increment since 2009’s global economic crisis.

The military expenditure of the US alone accounted for USD 778 billion in 2020, marking a rise of 4.4% over 2019 and a dominant share of 39.27% in the global military spending in 2020. Huge investment in RD and increased spending in long-term projects, including modernization of the US nuclear arsenal, large-scale arms procurement, and military training program advancements. With an estimated military expenditure of USD 252 billion in 2020, China is the second-largest military spender. Despite the pandemic shock to the GDP growth, most countries increased their military spending in 2020. Amidst the rising geopolitical tensions and military spending on RD, the major economies are expected to continue increasing their military spending, thereby driving the growth of the global live Live Laser-Based Training and Simulation Platforms Market Insights during the forecast period.

Key Players:

Cubic (US),Lockheed Martin Corporation (US),Saab AB (Sweden),RUAG Group (Switzerland),Raytheon Technologies Corporation (US),Inter-Coastal Electronics Inc. (US), ZelTech (US), Rheinmetall AG (Germany).

Segmental Analysis:

By Application

The Body Equipment Segment is Expected to Grow at a Highest Rate: The body equipment segment is expected to register the highest CAGR during the forecast period, 2020 to 2030. The augmentation of the training exercises to assure risk mitigation and mission readiness with a real-time network of laser-based simulation body equipment has helped military organizations reduce the cost of training. The US-based Cubic Corporation offers Instrumented-Multiple Integrated Laser Engagement System (I-MILES), which creates realistic tactical engagement simulation environments for soldiers, Marines, sailors, and security forces. It also provides a Personal Area Network (PAN) for reception, assessment, and display of simulated weapon effects sustained by an infantry soldier. RUAG Holding, an aerospace engineering company based in Switzerland, offers Gladiator Body Equipment incorporating adaptability and interoperability with the training equipment. The availability of the products used in the training from the various manufacturers is anticipated to increase the share of this segment in the live laser-based training and simulation platforms market.

Related Reports:

Inertial Measurement Unit (IMU) Market Research Report Information By Component (Accelerometer, Gyroscope And Magnetometer), By Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, Microelectromechanical Systems (MEMs) And Others), By Grade (Marine Grade, Navigation Grade, Tactical Grade, Space Grade And Commercial Grade), By Application (Aircraft, Space Launch Vehicles, Missiles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs) And Unmanned Marine Vehicles (UMVs) And By Region

DC-DC Converter Market for Space Research Report: Information by Output Voltage (3.3 VDC, 5 VDC, 12 VDC, and 24 VDC), Output Power (lt;20 W, 20 40 W, 40 100 W and gt;100 W), Application (Surveillance, Communication, Navigation, Remote Sensing and Scientific Research) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers worldwide. Market Research Future has the distinguished goal of providing customers with optimal quality research and granular research. Our market research by products, services, technologies, applications, end users, and market players for global, regional, and national market segments, allows our customers to see more, learn more, and do more, helping to answer your most important questions

Contact:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor, New York, New York 10013,

United States of America

+1 646 845 9312

Email: [email protected]