According to a report by Market Reports Store, the global military simulation and virtual training industry is forecast to grow at a compound annual growth rate or CAGR of 4.2% between 2015and 2025.
The report notes that the military simulation and virtual training market was worth around $10.4 billion in 2015. By 2025, the market is expected to increase to $15.8 billion. The report adds that the market is expected to be dominated by North America followed by Asia-Pacific and Europe.
The North American market is of course dominated by the U.S., which is the largest spender.
According to the report, the U.S. is expected to see cumulative expenditure of $48.9 billion over the next decade.
Within the sub sectors, the market size for flight simulators is forecast to grow at a CAGR of 4.85% over the next decade.
The robust outlook for the global military simulation and virtual training industry augurs well for
VirTra Systems Inc. (OTCPK:VTSI). Based in Tempe, Arizona, VirTra is a global leading provider of the world's most realistic and effective judgmental use of force simulators.
VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions.
Yesterday morning, VTSI announced that it has received its second order for delivery of law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State (DOS) that could result in up to $40 million in revenue for law enforcement training simulator equipment and services over the order period, which expires in April 2021, if all options are exercised.
This order is for approximately $943,000 and will consist of both multi and single screen training simulators, related accessories and training for four separate locations in Mexico.
Commenting on the development, Bob Ferris, Chairman and CEO at VirTra Systems, said that the company is pleased to have received this delivery order to supply additional firearm training simulator systems under this IDIQ contract in support of the U.S. Foreign Assistance Program.
Ferris further said that the company’s commitment is to supply the most effective training simulator equipment available, while exceeding its customer’s expectations.
VTSI has been on a strong upward trend since early-April and currently trades at its 52-week high as shareholders continue to applaud the Company’s fundamental developments.
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