Report : Europe Radar Simulator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software), System (System Testing and Operator Training), and Application (Military and Commercial)
At 5.5% CAGR, the Europe Radar Simulator Market is speculated to be worth US$ 659.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe radar simulator market was valued at US$ 478.81 million in 2022 and is expected to reach US$ 659.39 million by 2028, registering an annual growth rate of 5.5% from 2022 to 2028. The escalating procurement of radar simulator among military forces and rising demand of air traffic control radar simulators are the critical factors attributed to the market expansion.
The concerns regarding security in public places, national borders and on the land, naval ports and air force bases are increasing continuously. In order to effectively manage and control airborne or naval, or ground threats with the help of radar systems have become an important paradigm for the military and security authorities of region. Radar systems and radar simulators are increasingly gaining adoption traction to ensure safety of military operations and personnel as well as efficient training for radar operators. Radar simulators are being procured by many countries such as the Germany, France, and the UK among others to strengthen their respective military forces to train operators to combat the threats from advanced air strikes that occur on a frequent basis. Radar simulators further help the military officials to devise counter plans in case of an attacks from unidentified threats. Radar simulator procurement has increased in the military sectors across various countries and governments in these countries are proposing higher military spending budgets to help the military and defense sectors to procure more advanced radar systems and radar simulators. Thus, the increasing military procurement of radar simulators are driving the market growth.
On the contrary, high cost and longer lifespan of radar simulators hurdles the growth of Europe radar simulator market.
The Europe radar simulator market by component has been segmented into hardware and software. The hardware segment held 72.8% market share in 2022, amassing US$ 348.80 million. It is projected to garner US$ 472.94 million by 2028 to expand at 5.2% CAGR during 2022–2028.
The Europe radar simulator market is divided on the basis of system as system testing and operator training. The operator training segment held 64.4% market share in 2022, amassing US$ 308.53 million. It is projected to garner US$ 433.19 million by 2028 to expand at 5.8% CAGR during 2022–2028.
By the application, the Europe radar simulator market is bifurcated into military and commercial. With 56.1% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 268.60 million in 2022 and is estimated to generate US$ 358.24 million by 2028 to grow at a CAGR of 4.9% over the forecast period.
Based on country, the Europe radar simulator market is categorizsed into Germany, France, Italy, UK, Russia, and the rest of Europe. Our regional analysis states that the UK captured 22.5% market share in 2022. It was assessed at US$ 107.74 million in 2022 and is likely to hit US$ 145.07 million by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the Europe radar simulator market are Adacel Technologies Limited; ARI Simulation; Cambridge Pixel Ltd.; Collins Aerospace; L3Harris Technologies, Inc.; Mercury Systems Inc.; Micro Nav Limited; Textron Systems Corporation; and Ultra Electronics Inc. among others.
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