Augmented Reality (AR) in Power - Thematic Research

Augmented Reality (AR) in Power - Thematic Research

Summary

AR is a useful solution that will become a gamechanger. The power sector is facing several challenges over the coming years. The COVID-19 pandemic has put a significant strain on finances and on the ability of power companies to carry out their day-to-day operations. These issues, exacerbated by the sector’s aging workforce and inadequate field worker training, make equipment maintenance and inspection more difficult. Augmented reality (AR), albeit a nascent technology, offers contemporary solutions to these problems. AR will also enable the first practical uses of the enterprise metaverse. Although this is known to be a consumer-led platform, an enterprise metaverse will have applications across use cases such as remote collaboration, training, equipment maintenance, and digital twins. Remote technology for a newly adapted remote world The technology is improving quickly, with the global revenue for enterprise AR set to grow exponentially from $1 billion in 2021 to $77 billion in 2030. Enterprise AR accounted for only 12% of the total revenue share in 2021 but this will increase to 65% in 2030 as enterprise AR becomes increasingly useful. The COVID-19 pandemic has accelerated digitalization as many employees were forced to work from home. This, in turn, made AR technology more useful and thus a more obvious investment decision for companies in the power sector. In sum, AR offers the power sector several advantageous use cases, mainly concerning improving efficiency and safety by speeding up the equipment maintenance schedule and ensuring experts are on hand to assist via remote AR. The key use cases for power utility companies include employee training, improving health and safety, and equipment assembly, inspection, and maintenance.

Scope

• This report focuses on augmented reality in power.
• It identifies the key challenges facing the power sector and how AR can help overcome these challenges. It contains details of M&A deals driven by the augmented reality theme, and a timeline highlighting milestones in the development of augmented reality.
• In addition, the report discusses possible AR applications in the power industry as well as the benefits to utilities.
• The report also provides an overview of the competitive positions held by AR smartglass and headset providers, moreover it includes major adoptors of AR in the power sector.
• It also covers primary and secondary research case studies on how AR is being adopted in the power sector.

• A comprehensive analysis of the present scenario and emerging market trends in power sector and how AR can help overcome challenges.
• Insights of the leading players in the augmented reality theme and where do they fit in the value chain.
• Extensive analysis of the augmented reality industry, AR disruption in power sector, key mergers and acquisitions and significant milestones in the journey of augmented reality.
• Profiles of major market players within the AR industry and leading adopters of AR in power sector, which aid in interpreting the competitive outlook of this theme. It helps utilities to identify possible blind spots resulting from technology disruptions and market linkages in order to fully comprehend the risks and possibilities affecting their industry.