Simulator market worth $20 billion by 2025
By Leila Steed23 April 2019
The operator training simulator market will be worth over US$20 billion by 2025, according to a new report by research company Global Market Insights.
The research company attributes the growth of the market to an increasing adoption of robotic technology in industrial sectors, and the resulting reduction in financial costs. It also said increasing government and health and safety regulations are expected to augment demand in the operator training simulators market.
With recent improvements in virtual reality (VR) technology, traditional fixed display technologies are being replaced with head mounted display (HMD) simulator training modules.
According to the report, HMDs are witnessing high adoption in the operator training simulators market due to the increased interactivity with the virtual environment and the reduced risk of damage to operators and industry plant and equipment. Simulators provide a safer environment for operators to train in and also enable company employees to train remotely, thereby lowering costs.
There is expected to be a steady growth in demand owing to the increased demand for skilled workers in industrial sectors.
Countries around the world are currently experiencing a shortage of skilled construction industry workers. High costs in employing skilled laborers in the US and Canada are encouraging companies to implement innovative technologies to promote and train their existing employees. Moreover, the increased investments of global companies in providing training and skills to their employees will also drive the operator training simulators market share.
Already this year several companies have announced significant investment in training simulators. Rental company Riwal has launched a VR simulator for its customers to improve health and safety. Canadian technology company Serious Labs has been working with Skyjack to develop a new scissor lift operator training simulator, and AMCS Technology and Acreos teamed up to create a tower, luffing and mobile crane simulator called SIM 61.