Report : South America 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 2.5% CAGR, the South America Radar Simulator Market is speculated to be worth US$ 85.10 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America radar simulator market was valued at US$ 73.35 million in 2022 and is expected to reach US$ 85.10 million by 2028, registering an annual growth rate of 2.5% from 2022 to 2028. The rising demand of air traffic control radar simulators and escalating procurement of radar simulator among military forces are the critical factors attributed to the market expansion.
The aerospace and military industry has seen rapid growth over the last decade and this trend is expected to continue. Increasing investments in modern aircraft fleet by governments coupled with several other socio-economic factors have fueled the growth of the air traffic control, which ultimately boosted the radar simulators across the region over the years. Air transport play a critical role in a country’s economic growth. Majority of the governments are emphasizing heavily on the growth of airports in order to catalyze respective aviation sector. Owing to this, a number of airports are being constructed or renovated (air traffic control tower, runway, terminal, and others). The growth/renovation in air traffic control tower is allowing the radar simulator market players to experience higher demand. This parameter is propelling the air traffic control radar simulator market. The growing modernization of aircrafts and radar systems has driven the need for advances in the conventional radar simulators. Airline operators and air traffic control officers demand accurate, real-time radar information that that helps pilots and operators to make accurate decisions. Radar simulators are being installed in airports and training centers across all the major airports, further driving the demand for radar simulators in the market. Moreover, radar simulators enhance the efficiency of the air traffic control operations and consequently offer greater and accurate testing of radar systems and accurate training of operators. Thus, this rising demand for air traffic control radar simulator from the airline and airport authorities is driving the radar simulator market.
On the contrary, high cost and longer lifespan of radar simulators hurdles the growth of South America radar simulator market.
The South America radar simulator market by component has been segmented into hardware and software. The hardware segment held 73.2% market share in 2022, amassing US$ 53.66 million. It is projected to garner US$ 61.47 million by 2028 to expand at 2.3% CAGR during 2022–2028.
The South America radar simulator market is divided on the basis of system as system testing and operator training. The operator training segment held 63.2% market share in 2022, amassing US$ 46.35 million. It is projected to garner US$ 52.35 million by 2028 to expand at 2.0% CAGR during 2022–2028.
By the application, the South America radar simulator market is bifurcated into military and commercial. With 77.7% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 56.99 million in 2022 and is estimated to generate US$ 65.20 million by 2028 to grow at a CAGR of 2.3% over the forecast period.
Based on country, the South America radar simulator market is categorizsed into Brazil and the rest of South America. Our regional analysis states that Brazil captured 86.6% market share in 2022. It was assessed at US$ 63.55 million in 2022 and is likely to hit US$ 72.81 million by 2028, exhibiting a CAGR of 2.3% during the forecast period.
Key players dominating the South America radar simulator market are Adacel, Technologies Limited, ARI Simulation, Collins Aerospace, Micro Nav Limited, and Textron Inc. among others.
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