Global Augmented And Virtual Reality in Manufacturing Market Growth 2024, Forecast To 2033
23 Jul, 2024
The augmented and virtual reality in manufacturing market has experienced significant growth, rising from $10.09 billion in 2023 to $13.14 billion in 2024, with a CAGR of 30.2%. This growth is attributed to the demand for advanced hardware and software in manufacturing, digitalization under Industry 4.0, adoption of AR/VR for operational improvement and workforce training, and preference for simulative applications in manufacturing. Going forward, the market is projected to reach $38.19 billion by 2028, growing at a CAGR of 30.6%. Drivers include smartphone capabilities supporting AR/VR, compatible electronic products like headsets, government initiatives promoting digital transformation, simplified repair and maintenance processes, and advancements in quality management with AR/VR.
Major Driver In The Augmented And Virtual Reality in Manufacturing Market
Augmented and virtual reality (AR/VR) in the manufacturing market is expected to grow due to increasing industrial automation. Industrial automation utilizes control systems, machinery, and technologies to automate industrial processes, primarily in manufacturing and production environments. This adoption is driven by economic, technological, and market factors compelling manufacturers to embrace automation for operational excellence, competitiveness, and sustainability. AR/VR overlays real-time performance data onto physical equipment, offering insights into production metrics, robot performance, and maintenance schedules to optimize manufacturing processes. For instance, the International Federation of Robotics reported a 31% year-over-year growth, with approximately 517,385 new industrial robots installed globally in 2021, highlighting the impact of industrial automation on driving AR/VR growth in the manufacturing market.
Request A Free Sample Of The Global Augmented And Virtual Reality in Manufacturing Market ReportAugmented And Virtual Reality in Manufacturing Market Competitive Landscape
Apple Inc, Google LLC, Panasonic Holdings Corporation, Samsung Group, Microsoft Corporation, Sony Group Corporation, Novac Technology Solutions, Intel Corporation, Lenovo Group Limited, Continental AG, Xiaomi Corporation, Seiko Epson Corporation, HTC Corporation, PTC Inc, Magic Leap Inc, ESI Group, WayRay AG, EON Realty Inc, Ultraleap, SoluLab Inc, Kaon Interactive Inc, Vuzix Corporation, Blippar Group Limited, Scope AR, SkillReal, Atheer Inc, Worldviz Inc.
Key Augmented And Virtual Reality in Manufacturing Market Trend
Major companies in the augmented and virtual reality in manufacturing market are developing advanced smart glasses like Z100 to cater to customers with enhanced features. Z100 smart glasses are wearable computers offering a hands-free experience by overlaying digital information onto the user's field of view through a transparent display. For instance, Vuzix Corporation, a US-based technology firm, launched Z100 smart glasses in January 2024, connecting workers seamlessly with AI optimization tools. Z100 stands out by providing enterprise users with a lightweight, stylish wearable device resembling standard eyeglasses. It boasts a battery life of up to 48 hours on a single charge and integrates industry-leading heads-up waveguide technology. Enhanced by advanced monocular waveguide optics and Vuzix's proprietary microdisplay engine, these glasses deliver sharp, transparent, monochrome images, presenting vital information directly to the wearer's eyes from their Android or iOS device without manual intervention. Users gain immediate access to critical task details such as language translation, closed captioning, navigation, health monitoring, messaging, and workflow updates.
Purchase The Global Augmented And Virtual Reality in Manufacturing Market Report Directly And Get A Swift DeliveryAugmented And Virtual Reality in Manufacturing Market Segmentation
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
By Geography:The regions covered in the augmented and virtual reality in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the augmented and virtual reality in manufacturing market in 2023.
The Augmented And Virtual Reality in Manufacturing Global Market Report 2024 furnishes information about the global augmented and virtual reality in manufacturing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.