January 09, 2021
According to the research report titled ‘Global Augmented Reality and Virtual Reality in Aviation Market Analysis, 2020’, available with Market Study Report LLC, global augmented reality and virtual reality in aviation market is projected to record a hefty CAGR of 60.5% over 2020-2025.
Industry experts claim that the operational and economic benefits offered by implementation of virtual reality (VR) and augmented reality (AR) in the field of aviation will foster the growth of global augmented reality and virtual reality in aviation market. These benefits include reduced human errors, increased in-service duration of aircrafts, and decreased service outrage timings among others.
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For the record, In the aviation sector, augmented and virtual reality find application across maintenance, manufacturing, training, and airport and airline operations among others.
Based on vertical, global augmented reality and virtual reality in aviation market is categorized into military and civil, of which, the latter is anticipated to grow tremendously in the coming years. This can be ascribed to proliferating number of air passengers and consequent upsurge in the demand for new aircrafts. Moreover, the application of AR and VR in training pilots, crew members, ground support, and other staff is likely to boost the segmental share during the forecast period.
In terms of product type, head-mounted displays segment is expected to contribute significantly to the remuneration of global augmented reality and virtual reality in aviation market owing to declining costs of components such as micro display. Further, growing adoption of head-mounted display for tracking, simulation, security, training, and monitoring is strengthening the product demand.
On the regional front, North America augmented reality and virtual reality in aviation market size will likely continue to expand at significant pace during the forecast period. Strong presence of major aircraft and technology providers, especially in the U.S. is supporting the regional market growth.
Leading players impacting global augmenting reality and virtual reality in aviation industry dynamics are IBM Corp., Honeywell International, Inc., PTC, Inc., Magic Leap, Inc., SkyLights, Inc., Oculus VR (Facebook Technologies, LLC), Bohemia Interactive Simulations, HTC Corp., Google, Inc., and Microsoft Corp. among others.