"Smart Strategies, Giving Speed to your Growth Trajectory"
The global virtual reality in aerospace and defense market size stood at USD 391.9 million in 2018 and is projected to reach USD 5,840.7 million by 2026, exhibiting a CAGR of 37.9% during the forecast period.
VR has provided a fully immersive and digitized environment. It brings real benefits and value to simulate, reproduce, and design products in safe environment. The aerospace and defense domain has always been on the verge of adoption and development of 3D design. The introduction of VR solutions has positively influenced the aerospace and defense industry from the last few years.
Many centers have been established for VR in aerospace and defense industry. For instance, Embraer’s virtual reality center is equipped with modern graphic computer systems, which enables the engineers to visualize the aircraft structure through 3D electronic models.
Request a Free sample to learn more about this report.
VR in aerospace and defense has created lucrative market opportunities. Organizations are looking forward to partner up or even acquire software vendors providing VR solutions to offer better services to their customers. For instance, Lockheed Martin, an aerospace company, is using virtual reality to build F-35. The company incorporates VR glasses to monitor each part of the warplane.
“Increasing Demand for New 3D Tools in Aerospace and Defense to Boost Growth”
The 3D design has enabled significant gains in the aerospace and defense equipment manufacturing processes. This has positively impacted both performance of the aircraft as well as the manufacturing processes. The advancements in new 3D technologies are bringing new market opportunities for the optimization of production time and cost in the aerospace and defense industry. 3D technology has been a continuous trend, specifically in the aerospace industry.
Recent developments in the virtual reality technology have promised new applications in aerospace and defense domain, thereby impacting the virtual reality in aerospace and defense market growth. 3D visualization abilities incorporated with digital mock-ups with physical objects, virtual assembly lines, tighter integration, and a seamless design process would drive the market in the coming years.
“Growing Need for Enhanced Maintenance and Repair Solution to Drive Growth”
VR enables real-time visualizing properties. It has widely influenced maintainability and accessibility of complex machineries. VR has made assembly planning, fights check design, and other designing processes in the aerospace and defense industry more effective and efficient which has further led to productive manufacturing.
Pratt & Whitney provides training tools in VR. They have developed simulation environment where engineers can walk inside a jet engine and explicitly explore each part and study them. Also, Lockheed collaborated with Ngrain, a Vancouver-based company. The company develops the software and claims that the combination of the glasses and their software enables the engineers to work 30 percent faster with 96 percent accuracy.
Moreover, Japan Airlines has deployed Google Glass for its maintenance operations, intending to improve work efficiency. This system enables the maintenance staff to receive advice and guidance in the form of audio while they are working. Also, they are able to share a photograph or real-time video data with their associates. Such initiatives are expected to foster the VR in aerospace and defense market share in the forthcoming years.
“VR Hardware to Dominate Owing to the Possession of Numerous Benefits”
Based on the component, the market is segmented as hardware, software, and content. VR hardware contributes to the maximum revenue share in the market. VR hardware, including VR headsets, head-mounted devices, and other controllers enables the engineers and technicians to execute research and development in the defense and aerospace equipment.
VR content is likely to grow at a notable CAGR in the coming years. Network transmission and content creation are forming the foundation of VR technology. Content is a more significant concern for the VR in aerospace and defense industry. The industry may face some challenges due to lack of VR content offerings. VR also incorporates audio and video content to offer immersive experiences in aerospace and defense.
VR software is likely to gain importance in the aerospace and defense sector. Several companies are actively working towards developing VR software for aerospace and defense. For instance, Airbus is providing VR programs for new maintenance and research operations in the aerospace industry. The company offers RHEA (Realistic Human Experiment Analysis) rooms for fully immersive and realistic experience of the aircraft.
“Training Segment to Generate Maximum Revenue Backed by a Need for Task Optimization”
Based on the application, the market has been classified into training, maintenance assistance, design and manufacturing, and passenger entertainment. Training is the most ubiquitous application of VR across the VR in aerospace and defense industry. VR has enabled the engineers or expertise to optimize the procedures and tasks by providing advanced training to the workforce in the industry.
Passengers' entertainment segment is estimated to grow at a significant CAGR through the forecast period. The International Air Transport Association (IATA) has projected that the global passenger number will reach 7.8 billion by 2036. This factor contributes to the demand for advanced passenger entertainment solutions to provide better-quality service to passengers.
To know how our report can help streamline your business, Speak to Analyst
Other applications of VR in aerospace and defense include design and manufacturing, maintenance assistance, and others. Air France has already deployed passenger entertainment system using the VR headsets. This enables the passengers to watch 3D and 2D films and TV shows.
The market has been analyzed across five major regions, including North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
North America is anticipated to witness a flourishing growth in the global virtual reality in aerospace and defense market. In 2018, North America had generated a revenue of USD 136.3 million and is likely to acquire a remarkable market share till 2026. Early adoption of VR technology would foster market growth in the region. Also, the presence of key market players such as Google, HTC, and Sony would drive the market in this region.
Asia Pacific is projected to grow at a remarkable CAGR in the global market. Export promotions, new trade relationships, maturing open sky agreements, and enhanced logistics will drive the demand for VR solutions in aerospace and defense industry. There is an immense need to adopt VR solutions in defense to strengthen the military equipment with advanced facilities, which will contribute to market growth.
North America Virtual Reality in Aerospace and Defense Market Size (USD Million), 2018
To get more information on the regional analysis of this market, Request a Free sample
Europe is expected to hold a strong position in the global market followed by North America and Asia Pacific. Europe houses some of the eminent players in the aerospace and defense industry, such as Airbus. Airbus is prominently working on offering VR programs through the Airbus Holographic Academies, which are trying to take this technology to the next level in the industry. This will drive the virtual reality in aerospace and defense market revenue across the region.
The Middle East and Africa is expected to exhibit a moderate growth rate, whereas Latin America is expected to have a notable CAGR in the virtual reality in aerospace and defense market. The adoption of advanced technologies and substantial investment of organizations would expand the market size in this region.
“Key players to Focus on Mergers and Acquisitions”
Increasing investments by aerospace and defense giants, namely, Boeing, Lockheed Martin, Airbus in VR solutions is expected to boost the market growth and encourage the market players to develop advanced VR solutions specifically for the aerospace and defense industry.
For instance, Boeing has announced its investments in C360 technologies, company based in Pittsburgh. The company focused on providing 360-degree video and augmented and virtual reality. This is the primary investment of Boeings HorizonX’s venture arm in the emerging Pittsburgh tech market.
The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market.
An Infographic Representation of Virtual Reality (VR) in Aerospace and Defense Market
To get information on various segments, share your queries with us
Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and key virtual reality in aerospace and defense market industry trends, competitive landscape, and company profiles.
Value (USD million)
Fortune Business Insights says that the global virtual reality in aerospace and defense market size was USD 391.9 million in 2018
As per our study, the global virtual reality in aerospace and defense market is projected to reach USD 5,840.7 million by 2026.
The global virtual reality in aerospace and defense market will grow at a compound annual growth rate (CAGR) of 37.9% CAGR.
Virtual reality in aerospace and defense industry is expected to have an unprecedented market growth till 2026.The market value is projected to reach up to 5,840.7 million by 2026.
In virtual reality in aerospace and defense industry, hardware and content segments are expected to lead the VR in aerospace and defense industry market.
Increasing demand for new 3D tools in aerospace and defense and growing need for enhanced maintenance and repair solution of complex machineries are the factors that are driving the market.
Facebook Technologies, Samsung, Google, Microsoft, and HTC are the top players in the virtual reality in aerospace and defense market.
North America is expected to hold the highest market share in virtual reality in aerospace and defense market. North America houses the major market players in the virtual reality (VR) in aerospace and defense, such as Microsoft, HTC, and others. this drives market growth across the region.
Asia Pacific is estimated to grow at a remarkable CAGR in virtual reality in aerospace and defense market.
Cost of hardware, lack of awareness about the VR capabilities, and limited content are some of the limiting factors that are likely to restrict the virtual reality in aerospace and defense market growth.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry