Global virtual reality (VR) in the manufacturing industry market was valued to be USD 1.2 billion in 2021

 

Global virtual reality (VR) in the manufacturing industry market was valued to be USD 1.2 billion in 2021, and it is expected to reach USD 4.8 billion by 2028 at a CAGR of 39.4% over the forecast period 2022 - 2028.

Over time, the manufacturing business has seen a significant transition as a result of technological advancements. Industry 4.0, the digital twin, and artificial intelligence have all offered room for several virtual reality applications in the industrial sector. Virtual reality has had a favorable impact on quality control, worker safety, and product design. Manufacturers have been dealing with a shortage of competent laborers and an increase in manufacturing time for the past few years. Manufacturers have been compelled to implement effective and cutting-edge technical solutions by factors like economic growth, globalization, and the growing demand to boost market value. A growing tendency of digitalization has been noticed among manufacturers in recent years.

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The use of virtual reality in manufacturing has given the major players attractive new market opportunities. A wide-ranging platform for the use of VR in the manufacturing industry has been made available by the growing popularity of smart factories, industrial IoT, and industrial robots. Technical roles have received specialized training to use VR applications with the goal of increasing production, including control engineers, technicians, skilled operators, and others. Additionally, manufacturers are increasingly interested in adopting virtual reality in the manufacturing sector due to its capacity to deliver immersive experiences, 360-degree content views, high simulation environments, and actionable analytical data.

Global Virtual Reality (VR) In Manufacturing Industry Market Segmental Analysis

The Global Virtual Reality (VR) in Manufacturing Industry Market is segmented based on component, application, and region. Based on Components, it is categorized into Hardware, Software, and Content. Based on Application, it is categorized into Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Analysis by Component

On the basis of component, the VR hardware segment is expected to dominate the global virtual reality (VR) in manufacturing industry market over the forecast period. The need for VR hardware is rising as VR technology spreads quickly across industries. Affordability and low maintenance requirements are other variables that influence demand for VR systems.

The CAGR for the VR content segment is estimated to be exponential throughout the projection period. Virtual reality (VR) provides a completely realistic simulation environment and a 360-degree perspective of the prototype, which aids designers in identifying risks and design flaws and adjusting their work accordingly. These elements are probably what will increase demand for more sophisticated VR content in the manufacturing sector.

Analysis by Application

On the basis of application, the product design and development segment is expected to dominate the global virtual reality (VR) in manufacturing industry market over the forecast period. The ability to mimic a prototype or early-stage product design in VR is effortless. The advanced simulation offers insightful information about product design that helps engineers find flaws and problems in the design. Eventually, this cuts both the production time and cost. The skill gap between engineers and employees is expected to be closed by the fast usage of virtual reality in safety and training. By transferring knowledge and intellectual property, virtual reality adoption is anticipated to turn the conventional method of training into a more advanced and effective means to provide quality training to engineers. For instance, a major producer of technological goods used AR and VR tools to create contact between engineers and subject matter specialists rather than using telephone or any other conventional method.

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Top Players Company Profiles

• Unity Technologies (US)
• Microsoft (US)
• Google (US)
• Sony (Japan)
• HTC Corporation (Taiwan)
• Samsung (Korea)
• Facebook Technologies, LLC. (US)
• EON Reality, Inc. (US)
• Magic Leap, Inc. (US)
• WorldViz (US)

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Recent Developments

• In January 2022, Microsoft HoloLens 2 was introduced in India. It is made to enable users to interact with holograms and features sensors that enable head and eye tracking. HoloLens 2 offers new opportunities for connecting with consumers and partners while assisting businesses and their employees in completing critical activities faster, safer, and more effectively.

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