Global Augmented And Virtual Reality in Manufacturing Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Definition Of The Global Augmented And Virtual Reality in Manufacturing Market?
Augmented and virtual reality in manufacturing refers to the process of using digital technology to enhance various aspects of the manufacturing process by providing workers with enhanced information, training, and visualization tools. Augmented reality (AR) technology offers workers real-time information, instructions, or visualizations while performing tasks on the factory floor. Virtual reality (VR) is often used for training, allowing workers to simulate complex procedures, operate machinery, or practice assembly tasks in a virtual environment before performing them in the real world. Integrating AR and VR within manufacturing yields substantial efficiency, safety, quality, and collaboration enhancements.
Augmented And Virtual Reality in Manufacturing Global Market Report 2024 provides data on the global augmented and virtual reality in manufacturing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The augmented and virtual reality in manufacturing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Augmented And Virtual Reality in Manufacturing Market Size And Annual Growth Rates?
The augmented and virtual reality in manufacturing market has also seen significant growth, increasing from $10.09 billion in 2023 to $13.14 billion in 2024 at a CAGR of 30.2%. This growth is due to increasing demand for advanced hardware and software technologies, greater digitalization in manufacturing, expanded applications of AR and VR for plant optimization and workforce training, and rising adoption of AR/VR devices for simulation. By 2028, the market is expected to grow to $38.19 billion at a CAGR of 30.6%. Future growth will be driven by the growing use of smartphones, the availability of compatible electronic products such as headsets, supportive government initiatives, simplified repair processes, and improved quality management. Key trends include increased smartphone adoption, enhanced compatibility of AR/VR devices, a rise in government support, and technological advancements that simplify manufacturing processes.
Which Key Drivers Are Propelling The Augmented And Virtual Reality in Manufacturing Market's Growth?
The growth of industrial automation is expected to drive the expansion of augmented and virtual reality in the manufacturing industry. Industrial automation involves the use of control systems, machinery, and technology to automate tasks in production environments. This increasing adoption is spurred by economic, technological, and market pressures compelling manufacturers to embrace automation for operational excellence, competitiveness, and sustainability. Augmented and virtual reality technologies enhance manufacturing by providing real-time performance data and insights into equipment, robot efficiency, production metrics, and maintenance schedules, enabling proactive decision-making. For instance, according to the International Federation of Robotics, over 517,000 new industrial robots were installed globally in 2021, marking a 31% increase from the previous year. Therefore, the rise in industrial automation is boosting the adoption of augmented and virtual reality in manufacturing.
Get Your Free Sample of the Global Augmented And Virtual Reality in Manufacturing Market ReportWhat Are The Key Segments Within The Global Augmented And Virtual Reality in Manufacturing Market?
The augmented and virtual reality in manufacturing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Augmented Reality, Virtual Reality
3) By Device Type: Head-Mounted Display, Head-Up Display, Handheld Devices
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
5) By Application: Product Design And Development, Safety And Training, Maintenance And Repair
How Are New Trends Impacting The Size Of The Augmented And Virtual Reality in Manufacturing Market?
In the augmented and virtual reality in manufacturing market, leading companies are developing advanced smart glasses, such as the Z100 smart glasses, to better meet customer needs. Z100 smart glasses are wearable computers that provide hands-free access to digital information through a transparent display. For example, in January 2024, Vuzix Corporation, a US-based technology company, launched the Z100 smart glasses. These glasses integrate AR technology, offering workers a hands-free experience while accessing critical task details. Weighing just 35 grams, the glasses include advanced monocular waveguide optics and a microdisplay engine, presenting vital information directly to the wearer without requiring hands.
Which Region Drives The Highest Growth In The Augmented And Virtual Reality in Manufacturing Market?
North America was the largest region in the augmented and virtual reality in manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented and virtual reality in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.