Virtual Reality in Manufacturing Industry to Rise at an Astonishing 39.2% CAGR; Recent Advances in VR Hardware to Aid Growth

The global virtual reality in manufacturing industry is projected to reach USD 14,887.0 million by 2026. According to a report published by Fortune Business Insights, titled “Virtual Reality in Manufacturing Industry Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration), and Regional Forecast, 2019-2026,” the market was worth USD 924.7 million in 2018 and is projected to exhibit a CAGR of 39.2% during the forecast period, 2019-2026.

Manufacturing is a sensitive aspect of businesses that allows almost zero or minimum room for error. The use of human labour tends to produce at least a small amount of error. In such circumstances, there is the need for automated machines and technologies, that are not affected by any external factors. The use of virtual reality in manufacturing has been a fruitful one in several aspects. It not only helps minimize the errors, but can help perform tasks in shorter time and eliminate the use of manual labour for repetitive tasks. The properties of virtual reality have allowed enhanced operations in the manufacturing process of any industry. The trends of automation have further led to an increased demand for the concept across the world. Recent advances in virtual reality concepts have had a direct impact on the growth of the market. The increasing investment in the efforts taken to maximize the use of VR in manufacturing will aid the growth of the market in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-vr-in-manufacturing-industry-101714

Key Segments in the Virtual Reality in Manufacturing Industry

• By Component: The report segments the market on the basis of component into hardware, software, and content. Among these segments, hardware is projected to witness high growth in the coming years. Recent advances in VR hardware including the controllers, headsets, sensors, and HMDs have enabled applications across diverse industries. The rapid adoption of VR-integrated devices will have a direct impact on the growth of the market in the coming years. The use of VR hardware in manufacturing and design will contribute to the increasing demand for the product across the world.


• By Application: The market has been segmented on the basis of application into design and development, safety and training, maintenance and repair, and communication & collaboration. Among these sub-segments, the safety and training segment will witness considerable growth in the coming years, driven by the increasing use of this service in training and implementation purposes. The demand for safety and training has risen dramatically in recent years. Besides this segment, the design and development segment will account for a high market share in the coming years. VR offers the ability to recreate the prototype or product before implementation.

North America to Emerge Dominant; Improving IT Infrastructure to Aid Growth

The report segment the market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America will emerge dominant in the coming years driven by the increasing investment in the development of IT infrastructure. Besides North America, the Middle East and Africa is projected will exhibit considerable growth in the coming years due to the growing adoption for the product in several countries across this region.

Some of the leading companies that are setting new Virtual Reality in Manufacturing Industry trends are:

• 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

Key Industry Developments:

• November 2016: HTC and Autodesk have collaborated with a view to creating an integrated system for designers to create and model. The system will make use of cloud integrated engine.

The global Virtual Reality in Manufacturing Industry is segmented into: