Augmented Reality & Virtual Reality In Manufacturing Market To Reach $62.71 Billion By 2030

Augmented Reality & Virtual Reality In Manufacturing Market Growth & Trends

The global augmented reality & virtual reality in manufacturing market size is anticipated to reach USD 62.71 billion by 2030, growing at a CAGR of 28.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth over the next eight years as more manufacturing industries have incorporated AR & VR in their production processes. The AR VR technology in manufacturing is used for training the workforce, test safety & error detection, and quality assurance, among others. The advancements in 3D technology and the combination of Artificial Intelligence (AI) with VR give development prospects to the market, especially in the automation and manufacturing businesses. Therefore, all these factors impact the growth of augmented reality and virtual reality in the manufacturing market positively.

The applications in manufacturing, such as product design & development, training in the industrial environment, and remotely conducting repair & maintenance tasks, demand the use of AR VR technology due to its convenience, low operational costs, and better proficiency. Organizations are adopting cutting-edge gadgets with the latest technologies, such as sensors for gesture input, eye tracking, motion tracking, spatial sound, and voice support. Therefore, adopting the latest devices and software compatible with AR and VR offers manufacturers various applications. Hence, the wide range of usage of AR VR in manufacturing is expected to create market demand.

The growing popularity of augmented and virtual reality technologies for industrial end-use is expected to drive market growth for the forecasted period. In recent years, there has been a significant increase in the demand and popularity of augmented reality and virtual reality headsets due to technological advancements in capturing images and sounds. The incorporation of VR headsets in industries for vivid applications creates market opportunities. For instance, the National Aeronautics and Space Administration (NASA) deployed VR expertise to provide a Virtual Space Station (VSS), collaborative computer-delivered treatment programs, and collaborative behavioral health training.

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Augmented Reality & Virtual Reality In Manufacturing Market Report Highlights

• The hardware segment accounted for over 57% of the total revenue share in 2021 owing to the adoption of AR VR devices in manufacturing end-use

• The augmented reality segment is expected to record a revenue of over USD 41.00 Billion in 2030, due to its wide range of applications in manufacturing processes

• The handheld devices segment is expected to grow at the highest CAGR of 29.3% from 2022 to 2030 owing to the advantage of portability offered by handheld devices

• The product design and development segment accounted for the highest revenue share of around 51.0% in 2022 the reason being the high penetration of AR VR in product design and development

• Asia Pacific is expected to register the fastest growth over the forecast period due to the fast adoption of AR VR technology among a large base of manufacturers in the region

Augmented Reality & Virtual Reality In Manufacturing Market Segmentation

Grand View Research has segmented the global augmented reality & virtual reality in manufacturing market based on component, technology, device, application, and region:

AR & VR In Manufacturing Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware

• Software

• Services

AR & VR In Manufacturing Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Augmented Reality

• Virtual Reality

AR & VR In Manufacturing Device Outlook (Revenue, USD Million, 2018 - 2030)

• Head-mounted Display

• Head-up Display

• Handheld Devices

AR & VR In Manufacturing Application Outlook (Revenue, USD Million, 2018 - 2030)

• Product Design & Development

• Safety & Training

• Maintenance & Repair

AR & VR In Manufacturing Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

List of Key Players of Augmented Reality (AR) & Virtual Reality (VR) In Manufacturing Market

• Microsoft Corporation

• Google LLC

• Samsung Group

• Vuzix Corporation

• SkillReal

• Ediiie

• EON Realty, Inc.

• Kaon Interactive Inc.

• Worldviz, Inc.

• SoluLab

• ESI Group