The global eVTOL simulator market size is expected to witness an elevated market growth owing to rising need for rapid transportation and integration of eVTOL aircrafts for emergency services. This information is provided by Fortune Business Insights™, in its report, titled, “eVTOL Simulator Market, 2022-2029.” Additionally, rising demand for U(UAVs) across a wider range of commercial and military applications will boost the growth of the market during the forecast duration.
Defense Sector to Take a Knock Back During the Ongoing Pandemic Era
The COVID-19 pandemic is taking a toll on the defense sector due to imposed lockdowns, social distancing measures, and a collapse of the global economy. Additionally, rising demand from the healthcare sector will drain funding aimed at improving defense infrastructure due to the increasing influx of patients. Economic downturn has further triggered constant layoffs from the dominating market players. Our elaborate analysis of the constantly evolving market during the ongoing pandemic will help our readers understand the market in a much better manner.
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On the basis of type, the market can be divided into fixed wing, quadcopter, and helicopter.
By platform, the market can be broken down into commercial & military.
With regards to components, the market can be segmented across software & hardware.
With respect to device type, the market can be branched into augmented reality & virtual reality.
In terms of region, the market can be differentiated into North America, Europe, Asia Pacific, and the Rest of the World.
The report provides clever insights on the latest product developments, R&D activities, and upcoming technologies. It further delivers comprehensive information about the recent investments, developments, and untapped geographical locations for the intended market. The prominent market players in the space have also been highlighted alongside current manufacturing capabilities, strategies, and respective market share. A forecast has also been provided in the report which has been verified by data triangulation solutions for gathering data from reputable sources in order to minimize deviance.
Drivers & Restraints
Advanced Functionality at a Cost-Effective Measure to Bolster Growth
Increasing demand for UAVs for commercial and military applications is expected to fuel the eVTOL simulator market growth. Furthermore, rising procurements from emerging economies such as China and India will fuel the growth of the market during the forecast duration. Cost-effective solutions offered by eVTOL simulators and advanced technological measures will further expand the growth of the market to a larger share.
However, lack of a skilled workforce is expected to hamper the growth of the market to a certain extent. Also, rising stringent regulations and certifications for operating eVTOL simulators will further hinder the market value.
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Rising Funding to Develop a Significant Market Growth in North America
North America holds during the forecast duration owing to integration of advanced eVTOL simulators. Also, rising funding from the government and private players alike will bolster market growth for the forecast period.
Asia Pacific will capture the fastest growing eVTOL simulator market share owing to rising demand for technologically advanced UAVs from emerging economies such as China & India.
Europe will occupy a substantial market share due to the presence of dominant market players in the region. Adoption of eVTOL simulators in the U.K. and Germany for improving cargo transportation measures with the help of UAVs will fuel the growth of the market.
Key Players Focus on Signing New Accords in Order to Escalate Competition
Most of the companies present in the eVTOL aircrafts nowadays are aiming for broadening their market share by signing agreements with other reputed firms. Strategies such as mergers & acquisition are expected to drive a higher market value in this highly fragmented competitive space. Others are focused heavily on developing technologically advanced products in order to gain a competitive edge over their counterparts. For example, in December 2020, San Francisco based Elroy Air and the U.S. Air Force signed a contract for a hybrid-electric VTOL cargo drone – Chaparral. Furthermore, they even initiated development for their next-generation Chaparral platform.
- February 2021: Jaunt Air Mobility was recently granted a contract with the Air Force Research Laboratory for developing the next generation of Advanced Acoustical Analysis eVTOL aircrafts. The project was awarded in order to gain insights into a comprehensive understanding of the audible sound sources in the aircraft settings in order to improve noise reduction capabilities.
List of Key Players Present in the Market
- Aerospace Industries Ltd (Israel)
- CAE Inc. (Canada)
- Israel L-3 Link Simulation & Training (U.S.)
- Leonardo S.p.A (Italy)
- Zen Technologies Lt (India)
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