Growth Factors of Virtual Reality in the Manufacturing Industry Market
The Virtual Reality in Manufacturing Industry market size was valued at USD 0.92 billion in 2018, and the market is now projected tgrow from USD 0.92 billion in 2018 tUSD 116.25 billion by 2032, exhibiting a CAGR of 30.9% during the forecast period of 2019-2032.
The COVID-19 pandemic affected the Virtual Reality in Manufacturing Industry market growth and multiplied the adoption of Virtual Reality (VR) in the manufacturing industry as groups sought revolutionary approaches tmaintain operations amid lockdowns and social distancing measures. VR technology enabled far-flung training, virtual prototyping, and collaborative layout, decreasing the need for bodily presence on keep flooring and improving protection. The demand for VR answers grew in sectors which include car, aerospace, and electronics, wherein complex simulations and digital checking out became important for maintaining production timelines. While the preliminary effect included delays in projects and decreased investment because of economic uncertainty, the long-term impact has been a greater emphasis on virtual transformation and the combination of VR tdecorate productiveness, reduce prices, and make certain groups of workers safe within the publish-pandemic technology.
There is a growing demand from manufacturers for minimising operational costs, boom automation, predictive maintenance, and excellent management. This drives the call for Virtual Reality in the Manufacturing Industry’s market share. Many manufacturers are leveraging the advantages of virtual fact packages in their production approaches. For instance, Boeing uses the VR smart glasses and skylight platform, which gives the technicians the proper instructions they need in their viewfinder. It has helped Boeing treduce wiring production time by 25%.
Additionally, the emergence of advanced technology, including Industry Four.0, virtual dual, digital fact, artificial intelligence, and others. Are the main innovations inside the manufacturing enterprise? The digital twin era included with VR will provide actionable insights intthe product manufacturing technique.
Comprehensive Analysis of Virtual Reality in the Manufacturing Industry Market
The Virtual Reality (VR) marketplace is segmented through things and alertness. The components include hardware (inclusive of HMDs, headsets, controllers, and sensors), software, and content material, with VR hardware expected tdrive market increase because of its growing demand across industries, affordability, and coffee renovation. By utility, the marketplace is divided intproduct layout and development, safety and education, renovation and repair, and communication.
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North America ruled the virtual truth in manufacturing enterprises with a proportion of 39.13% in 2018. North America is forecasted temerge dominant within the worldwide Virtual Reality in the Manufacturing Industry. Established IT infrastructure has given traction tthe early adoption of superior technology inside the vicinity and has contributed tthe market boom.
The worldwide Virtual Reality market includes fundamental gamers such as Unity Technologies (USA), Microsoft (USA), Google (USA), Sony (Japan), HTC Corporation (Taiwan), Samsung (South Korea), Facebook Technologies, LLC (USA), EON Reality, Inc. (USA), Magic Leap, Inc. (USA), and WorldViz (USA). These corporations are at the forefront of VR innovation, riding advancements in hardware, software, and content material improvement.
In May 2015, EON Reality Inc. Announced the EON World Builder(TM) beta release. EON World Builder allows the customers tbuild, design, add, and percentage any design they want. This software works handiest at the IOS or Android phones, and it is included inside the EON Experience VR Library.
Segmentation Table
Global Virtual Reality in Manufacturing Industry Market Scope
Study Period 2015-2026
Base Year 2018
Forecast Period 2019-2026
Growth Rate CAGR of 30.9% from 2024-2032
Historical Period 2015-2017
Unit Value (USD Billion)
Segmentation By component, application, and Region
By component
Hardware
Software
Content
By application
Product Design and Development
Safety and Training
Maintenance and Repair
Communication and Collaboration
By Region
North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Sweden, and Rest of Europe)
Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Approach
- 1.3. Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Drivers, Restraints and Opportunities
- 3.2. Emerging Trends
- 4. Key Insights
- 4.1. Macro and Micro Economic Indicators
- 4.2. Consolidated SWOT Analysis of Key Players
- 5. Global Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecasts
- 5.2.1. By Component (Value)
- 5.2.1.1. Hardware
- 5.2.1.2. Software
- 5.2.1.3. Content
- 5.2.2. By Application (Value)
- 5.2.2.1. Product Design and Development
- 5.2.2.2. Safety and Training
- 5.2.2.3. Maintenance and Repair
- 5.2.2.4. Communication and Collaboration
- 5.2.3. By Geography (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. Middle East and Africa
- 5.2.3.5. Latin America
- 6. North America Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecasts
- 6.2.1. By Component (Value)
- 6.2.1.1. Hardware
- 6.2.1.2. Software
- 6.2.1.3. Content
- 6.2.2. By Application (Value)
- 6.2.2.1. Product Design and Development
- 6.2.2.2. Safety and Training
- 6.2.2.3. Maintenance and Repair
- 6.2.2.4. Communication and Collaboration
- 6.2.3. By Country (Value)
- 6.2.3.1. United States
- 6.2.3.2. Canada
- 7. Europe Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecasts
- 7.2.1. By Component (Value)
- 7.2.1.1. Hardware
- 7.2.1.2. Software
- 7.2.1.3. Content
- 7.2.2. By Application (Value)
- 7.2.2.1. Product Design and Development
- 7.2.2.2. Safety and Training
- 7.2.2.3. Maintenance and Repair
- 7.2.2.4. Communication and Collaboration
- 7.2.3. By Country (Value)
- 7.2.3.1. UK
- 7.2.3.2. Germany
- 7.2.3.3. France
- 7.2.3.4. Italy
- 7.2.3.5. Sweden
- 7.2.3.6. Rest of Europe
- 8. Asia Pacific Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecasts
- 8.2.1. By Component (Value)
- 8.2.1.1. Hardware
- 8.2.1.2. Software
- 8.2.1.3. Content
- 8.2.2. By Application (Value)
- 8.2.2.1. Product Design and Development
- 8.2.2.2. Safety and Training
- 8.2.2.3. Maintenance and Repair
- 8.2.2.4. Communication and Collaboration
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.2. Japan
- 8.2.3.3. India
- 8.2.3.4. South East Asia
- 8.2.3.5. Rest of APAC
- 9. Middle East and Africa Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecasts
- 9.2.1. By Component (Value)
- 9.2.1.1. Hardware
- 9.2.1.2. Software
- 9.2.1.3. Content
- 9.2.2. By Application (Value)
- 9.2.2.1. Product Design and Development
- 9.2.2.2. Safety and Training
- 9.2.2.3. Maintenance and Repair
- 9.2.2.4. Communication and Collaboration
- 9.2.3. By Country (Value)
- 9.2.3.1. GCC
- 9.2.3.2. South Africa
- 9.2.3.3. Rest of Middle East & Africa
- 10. Latin America Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecasts
- 10.2.1. By Component (Value)
- 10.2.1.1. Hardware
- 10.2.1.2. Software
- 10.2.1.3. Content
- 10.2.2. By Application (Value)
- 10.2.2.1. Product Design and Development
- 10.2.2.2. Safety and Training
- 10.2.2.3. Maintenance and Repair
- 10.2.2.4. Communication and Collaboration
- 10.2.3. By Country (Value)
- 10.2.3.1. Brazil
- 10.2.3.2. Argentina
- 10.2.3.3. Mexico
- 10.2.3.4. Rest of LATAM
- 11. Competition Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 12. Global Virtual Reality in Manufacturing Industry Revenue Share Analysis, By Key Players, 2018
- 13. Company Profile
- 13.1. Microsoft
- 13.1.1. Overview
- 13.1.2. Description
- 13.1.3. Product Portfolio
- 13.1.4. Financials (Data as available in public domain and/or on paid databases)
- 13.1.5. Recent Developments
- 13.2. Unity Technologies
- 13.2.1. Overview
- 13.2.2. Description
- 13.2.3. Product Portfolio
- 13.2.4. Financials (Data as available in public domain and/or on paid databases)
- 13.2.5. Recent Developments
- 13.3. Google
- 13.3.1. Overview
- 13.3.2. Description
- 13.3.3. Product Portfolio
- 13.3.4. Financials (Data as available in public domain and/or on paid databases)
- 13.3.5. Recent Developments
- 13.4. Sony
- 13.4.1. Overview
- 13.4.2. Description
- 13.4.3. Product Portfolio
- 13.4.4. Financials (Data as available in public domain and/or on paid databases)
- 13.4.5. Recent Developments
- 13.5. HTC Corporation
- 13.5.1. Overview
- 13.5.2. Description
- 13.5.3. Product Portfolio
- 13.5.4. Financials (Data as available in public domain and/or on paid databases)
- 13.5.5. Recent Developments
- 13.6. Samsung
- 13.6.1. Overview
- 13.6.2. Description
- 13.6.3. Product Portfolio
- 13.6.4. Financials (Data as available in public domain and/or on paid databases)
- 13.6.5. Recent Developments
- 13.7. Facebook Technologies, LLC.
- 13.7.1. Overview
- 13.7.2. Description
- 13.7.3. Product Portfolio
- 13.7.4. Financials (Data as available in public domain and/or on paid databases)
- 13.7.5. Recent Developments
- 13.8. EON Reality, Inc.
- 13.8.1. Overview
- 13.8.2. Description
- 13.8.3. Product Portfolio
- 13.8.4. Financials (Data as available in public domain and/or on paid databases)
- 13.8.5. Recent Developments
- 13.9. Magic Leap, Inc.
- 13.9.1. Overview
- 13.9.2. Description
- 13.9.3. Product Portfolio
- 13.9.4. Financials (Data as available in public domain and/or on paid databases)
- 13.9.5. Recent Developments
- 13.10. WorldViz
- 13.10.1. Overview
- 13.10.2. Description
- 13.10.3. Product Portfolio
- 13.10.4. Financials (Data as available in public domain and/or on paid databases)
- 13.10.5. Recent Developments
- 13.11. NextVR Inc.
- 13.11.1. Overview
- 13.11.2. Description
- 13.11.3. Product Portfolio
- 13.11.4. Financials (Data as available in public domain and/or on paid databases)
- 13.11.5. Recent Developments
- 13.12. NVIDIA Corporation
- 13.12.1. Overview
- 13.12.2. Description
- 13.12.3. Product Portfolio
- 13.12.4. Financials (Data as available in public domain and/or on paid databases)
- 13.12.5. Recent Developments
- 13.13. Virtuix
- 13.13.1. Overview
- 13.13.2. Description
- 13.13.3. Product Portfolio
- 13.13.4. Financials (Data as available in public domain and/or on paid databases)
- 13.13.5. Recent Developments
- 13.14. Groove Jones LLC.
- 13.14.1. Overview
- 13.14.2. Description
- 13.14.3. Product Portfolio
- 13.14.4. Financials (Data as available in public domain and/or on paid databases)
- 13.14.5. Recent Developments "
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