Understanding Industry Dynamics: Augmented And Virtual Reality in Manufacturing Industry Analysis

Overview and Scope
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.

Sizing and Forecast
The augmented and virtual reality in manufacturing market size has grown exponentially in recent years. It will grow from $10.09 billion in 2023 to $13.14 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%.  The growth in the historic period can be attributed to growing demand for better hardware and software technologies, rise in digitalization in the manufacturing industry, rise in applications of AR VR for manufacturing plant improvisation, and workforce training, rise in demand among manufacturers for AR VR devices for simulative applications, surge in penetration of Industrial Revolution 4.0.

The augmented and virtual reality in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%.  The growth in the forecast period can be attributed to growing adoption of smartphones, availability of compatible electronic products such as headsets, rise in government initiatives, simplified repair process, improved quality management. Major trends in the forecast period include growing adoption of smartphones, availability of compatible electronic products such as headsets, rise in government initiatives, simplified repair process, improved quality management.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
Increasing industrial automation is expected to propel the growth of augmented and virtual reality in the manufacturing market going forward. Industrial automation uses control systems, machinery, and technologies to automate industrial processes and tasks, typically in manufacturing and production environments. The increasing adoption of industrial automation is driven by economic, technological, and market forces that compel manufacturers to embrace automation as a strategic imperative for achieving operational excellence, competitiveness, and sustainability in a rapidly changing business landscape. Augmented and virtual reality overlays real-time performance data onto physical equipment, providing operators valuable insights into robot performance, production metrics, and maintenance schedules. This enables proactive decision-making and optimization of manufacturing processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, around 517,385 new industrial robots were installed in industries worldwide in 2021, indicating a 31% growth rate year over year. Therefore, increasing industrial automation drives augmented and virtual reality in the manufacturing market.

Key Industry Players
Major companies operating in the augmented and virtual reality in manufacturing market are 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.

The augmented and virtual reality in manufacturing market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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