Operator Training Simulator Market Worth $12,581.0 Million By 2025
The global operator training simulator market size is expected to reach USD 12,581.0 million by 2025 and register a CAGR of 11.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Significant investments made by companies on training and development of site workers and employees are driving the demand for OTS learning platforms globally. The availability of innovative OTS platforms enriched by technologies such as AI and immersive 3D virtual reality is also expected to work well for the market.
The use of simulation solutions traces back to several decades in industries such as airline, military, nuclear power, and energy. Driven by governmental regulations, a major factor encouraging the use of OTS solutions, an increasing number of companies are adopting a variety of simulations to ensure employee safety in unusual and emergencies encountered in real-life scenarios. For instance, Hydrocarbon Process Industries (HPI) have used OTS solutions for over three decades. The use of part-scope analog and digital panel board simulator solutions in these industries has resulted in a notable improvement in accident prevention rates. Therefore, the market conditions are highly conducive as OTS solutions are considered highly important in petrochemical and energy plants.
An operator training simulator is configured at the production site prior to the operations of the plant, which makes training possible for engineers and workers. It is beneficial for workers to enhance work skills and display efficiency with calculated efforts. Industries are increasingly recognizing that offering on-the-job training and upgrading skills of operators can lead to a notable rise in their annual profits. Therefore, industrial units are investing in simulation solutions to enable operators with knowledge upskilling via timely training sessions.
The market is highly fragmented and competitive. The key players operating in the operator training simulator market include Honeywell International, Inc., ABB Group, Andritz AG, Aspen Technologies, Inc., EON Reality Inc., Mynah Technologies LLC, and Siemens AG.
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Further key findings from the report suggest:
- Of the key end use areas examined in the report, the aerospace & defense accounted for a significant share in the market in 2018. The segment is likely to witness promising growth in the near future as the demand for innovative simulator solutions continues to rise in the aviation industry
- In terms of component, the software segment dominated the market in 2018 as OTS software is the key element of any OTS solution and is responsible for providing appropriate knowledge and training to workers according to the plant design
- In terms of operator type, the segment of field operator is likely to record the highest CAGR over the forecast period owing to the increasing focus of companies on training field workers along with console operators
- The Asia Pacific regional OTS market is likely to register the highest CAGR over the forecast period owing to the high number of software providers and thriving manufacturing, energy, and automotive industries in the region. The rising demand for a skilled workforce and educational awareness is also driving the growth of the regional market
- The evolution of simulation technologies such as 3D virtual reality-based simulation is expected to change the overall scenario of the market during the forecast period.