Virtual Reality Market In Manufacturing Industry Worth USD 14,887.0 Million, Globally, By 2026 At 39.2% CAGR

2023-01-18 01:16:36

(MENAFN- GlobeNewsWire - Nasdaq)

Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The virtual reality market in manufacturing industry was valued USD 924.7 million in 2018. The global market size for virtual reality in manufacturing is predicted to grow significantly, reaching USD 14,887.0 million by 2026, and is expected to grow at a CAGR of 39.2% over the forecast period of 2021 to 2026. This information is provided by Fortune Business Insights, in its report, titled,“Virtual Reality Market in Manufacturing Industry, 2021-2026.”

According to analysts, Industry are adopting VR to reduce costs by allowing for virtual prototyping, virtual training, and virtual testing, which can reduce the need for physical prototypes and testing, this will boost the virtual reality market in manufacturing industry during forecast period.

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A manufacturing process involves everything from design, prototype, and developing the final product. In such circumstances, there are several possibilities of error. For any manufacturing business, the end product should not possess any defects or errors. As a result, there is a need for incorporating concepts that will bode well in initial stages. Automated concepts such as artificial intelligence and the internet of things (IoT) have been a hit among manufacturers across the world. The advent of real-time concepts such as virtual and augmented reality have opened the doors for several possibilities. Virtual reality is one such concept that has helped overcome several downfalls that were initially present in the manufacturing industry. The use of virtual reality in manufacturing performing repetitive tasks that initially required continuous manual labour, has stood out among all. The demand for virtual reality (VR)-integrated concepts has risen among major business across the world. The increasing demand for this concept, coupled with the high precision and accuracy, will have a positive impact on the Virtual Reality in Manufacturing Industry in the coming years.

Report Highlights:

Report Coverage	Details
Forecast Period	2019-2026
Forecast Period 2019 to 2026 CAGR	39.2%
2026 Value Projection	USD 14,887.0 Million
Base Year	2018
Market Size in 2018	USD 924.7 Million
Historical Data for	2015-2017
No. of Pages	120
Segments Covered	By Component, By Application, and By Region
Growth Drivers	Growing Demand for Minimizing Operational Cost, Increase Automation, and Quality Control is Expected to Drive the Market Growth
Emergence of Advanced Technologies is likely to boost the demand for VR in Manufacturing

The report focuses on several aspects of the market, with primary focus on aspects such as leading products, major companies, and ongoing trends. It highlights products that have witnessed the highest demand in recent years and their subsequent impact on the market. Additionally, the report encompasses several factors that have constituted an increase in the Virtual Reality in Manufacturing Industry size in recent years.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market:

Drivers and Restraints:

Rising Demand for Minimizing Operational Cost Will Aid in Expansion of Market

Some of the driving factors for the Virtual Reality in Manufacturing Industry are growing demand from manufacturers for minimizing operational cost, increase automation, predictive maintenance, and quality control, and emergence of advanced technologies such as Industry 4.0, digital twin, artificial intelligence and IoT.
Manufacturers across all sectors are increasingly demanding quality control, increasing automation, minimized operational cost, and predictive maintenance. This propels the demand for Visual Reality applications in production companies. To cite an instance, VR skylight platform and VR smart glasses are used by Boeing for guiding technicians with their viewfinder, thus helping the company to lessen their wiring construction time by 25%. Such innovative technologies applied to ease manufacturing processes are likely to positively contribute to the virtual reality in manufacturing industry growth in the forthcoming years.
Additionally, massive investments in advanced solutions for virtual reality technology by economically established companies will also add impetus to the market.

Key Industry Developments:

November 2016: HTC and Autodesk announced a collaboration, with a view to creating an integrated system for designers to create and model. The system will work on a cloud integrated engine, thereby accounting for higher efficiency.

List of Key Players Mentioned in the Report:

Unity Technologies
Microsoft
Google
Sony
HTC Corporation
Samsung
Facebook Technologies, LLC.
EON Reality, Inc.
Magic Leap, Inc.
WorldViz
NextVR Inc.
NVIDIA Corporation
Virtuix
Groove Jones LLC

Quick Buy - Virtual Reality in Manufacturing Industry Research Report:

Segment-

Product Design and Development Segment to Witness Significant Growth Owing to Problem Recognition and Solving Abilities in Initial Stages of Production
In terms of application, the product design and development segment earned a 28.8% share on account of its seamless ability to replicate product design or prototype in its primary stage. Engineers can easily save the overall production cost and time by identifying and fixing any issue in its initial stage. Thus, this segment will witness significant growth in the coming years.
Regional Analysis-

Presence of Established IT Infrastructure May Help North America to Continue Dominance
Regionally, North America earned the highest virtual reality in manufacturing industry share in 2018 with a revenue of 359.5 million and is likely to continue dominating the market in the years to follow. This is owing to the presence of well-established IT infrastructure, further attributed to the early adoption of advanced technologies in the region. On the other side, Asia Pacific is likely to rise robustly as manufacturing is one of the prominent businesses in nations such as India, Japan, and China that demand advanced manufacturing solutions. This will further propel the demand for virtual reality applications across all manufacturing companies across the region.
Competitive Landscape-

Collaborative Efforts and Innovative Product Launches Will Intensify the Competition
Companies functioning in this market are engaging in collaborative efforts and new product launches to expand their portfolio during the forecast period.
In the virtual reality in manufacturing industry, some of the key players are Facebook, Google, Microsoft, HTC. These players are focusing on acquisition and partnership with domestic players to provide virtual reality applications in manufacturing.

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Global Virtual Reality in Manufacturing Industry Size Segmentation:

By Component

Hardware
Software
Content

By Application

Product Design and Development
Safety and Training
Maintenance and Repair
Communication and Collaboration

By Region

North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Sweden, and Rest of Europe)
Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)

Major Points in TOC:

Introduction
- Definition, By Segment
- Research Approach
- Sources
Executive Summary
Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
Global Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Component (Value)
    - Hardware
    - Software
    - Content
  - By Application (Value)
    - Product Design and Development
    - Safety and Training
    - Maintenance and Repair
    - Communication and Collaboration
  - By Geography (Value)
    - North America
    - Europe
    - Asia Pacific
    - Middle East and Africa
    - Latin America
North America Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Component (Value)
    - Hardware
    - Software
    - Content
  - By Application (Value)
    - Product Design and Development
    - Safety and Training
    - Maintenance and Repair
    - Communication and Collaboration
  - By Country (Value)
    - United States
    - Canada
Europe Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Component (Value)
    - Hardware
    - Software
    - Content
  - By Application (Value)
    - Product Design and Development
    - Safety and Training
    - Maintenance and Repair
    - Communication and Collaboration
  - By Country (Value)
    - UK
    - Germany
    - France
    - Italy
    - Sweden
    - Rest of Europe
Asia Pacific Virtual Reality in Manufacturing Industry Analysis, Insights and Forecast, 2015-2026

Continued...

Important Points Covered in the Report

Research Analyst says that the market size was USD 924.7 million in 2018 and is projected to reach USD 14,887.0 million by 2026.

In 2018, the market value stood at USD 924.7 million.

Growing at a CAGR of 39.2 %, the market will exhibit healthy growth in the forecast period (2019-2026).

North America dominated the market share in 2018.

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