The operator training simulator market is estimated to observe significant expansion by 2027 owing to rising emphasis on improving workplace safety across several industries worldwide.
An operator training simulator is used to train the operating staff to handle any shutdowns, malfunctions, or potentially critical situations in the workplace. It is an essential part of an operator's training that ensures safe plant operation, fewer operator errors, and reduction of accidental losses in case of any complex situations.
The implementation of stringent government regulations to maintain environmental complaint operations and workplace safety has prompted many companies across different industries to adopt operator training simulators, which has escalated product demand in recent years.
Moreover, industry players are actively engaging in lucrative strategies to strengthen their foothold in the market, thereby enhancing overall business landscape. For instance, in May 2020, Applied Research Associate, Inc. (ARA), a U.S.-based engineering research company, announced the acquisition of Signature Management Group from Enterprise Ventures Corporation, an affiliate of Concurrent Technologies Corporation (CTC). The deal enabled ARA to expand its management solutions and technologies by leveraging Signature Management Group's expertise, projects, and customer base.
The operator training simulator market has been divided on the basis of end-use, component, simulation environment, and region. In terms of end-use, the market has further been bifurcated into pulp & paper, aerospace & defense, oil & gas, chemical, industrial, energy & power, and healthcare.
The healthcare sub-segment is projected to garner a sizable valuation by 2027 owing to the development of high-end detail-oriented simulators. The industrial sub-segment is slated to witness considerable expansion over the forecast period. Soaring demand for improvement in worker safety is set to propel segmental adoption in the next few years.
Meanwhile, the operator training simulator market from the oil & gas sub-segment is speculated to progress at a notable growth rate through the assessment period. Customization offered by the operator training simulator is likely to enhance the growth potential of the segment over the review timeline. The pulp & paper sub-segment is anticipated to showcase optimistic growth over 2021-2027 on account of the introduction of advanced hardware components.
From the regional point of view, the Latin America operator training simulator market is estimated to expand significantly over the analysis timeframe. Growing demand for a skilled workforce in the region is foreseen to bolster product uptake in LATAM in the forthcoming years. The Middle East & Africa operator training simulator market is expected to amass substantial gains by the end of 2027 due to the booming energy & power sector in the MEA region.