The operational and the economic advantages offered by the integration of augmented reality (AR) and virtual reality (VR) to the aviation industry is anticipated to uplift the market revenues for the augmented reality and virtual reality from the aircraft industry in the forthcoming years. The other key benefits offered by the technology includes low human intervention and hence very insignificant chances of human error, improved passenger experience, reduces service outrage timings and increased in-service duration of the aircrafts, among others.
According to MarkNtel Advisors’ research report titled “Global Augmented Reality and Virtual Reality in Aviation Market Analysis, 2020”, the Global Augmented Reality and Virtual Reality in Aviation market is anticipated to grow at a CAGR of around 60.50% during 2020-25. In the aviation sector, augmented and virtual reality supports various functions across manufacturing, maintenance, airport and airline operations, training, etc. The availability of wide applications in the aviation industry is leading to a proliferation of AR/VR in the global aviation market. Moreover, augmented and virtual reality further support airport and airline operations facilitating cost savings by reducing aircraft layoff time.
Civil Aviation Sector is Expected to Hold the Leading Position in the Global AR & VR Market in the Aircraft Industry During 2020-2025
The Civil Aviation vertical has been anticipated to attain the highest CAGR during 2020-25, due to the rapidly increasing passenger fleet size in the aviation industry and the resultant surge in the demand for new aircrafts, that would demand for the regular repair and maintenance of aircraft components for uninterrupted services, as stated in the MarkNtel Advisors’ research report on “Global Augmented Reality and Virtual Reality in Aviation Market Analysis, 2020”. Also, the market for AR and VR in the civil segment would be supported by the future growth in the number of crew members, ground and other supportive staff, and pilots requiring training and development sessions based on AR and VR technology, in the period 2020-25.
Head-Mounted Product Type is Contributing to the Maximum Market Revenue
The demand for head-mounted display product is rising due to declining prices of components such as micro display throughout the world. Moreover, the increasing adoption of head-mounted display for tracking, training, simulation, security, and monitoring are further adding demand for head-mounted display. Consequently, the revenue share of the head-mounted display is surging from the past few years and is further expected maintain the uptick trend through 2025.
The Locational and the Competitive Advantage are Supporting the North America Market Growth
The North America has been the largest revenue generating region to the Augmented Reality and Virtual Reality in Aviation market during 2015-19. The competitive advantage of the region due to the presence of major aircraft and the technology developer multinationals in the local geography with higher concentration in the US is supporting the dominant position of the region.
According to MarkNtel Advisors, some the of key competitors operating in the global Augmented Reality and Virtual Reality in Aviation market include Microsoft Corporation, Google Inc., Eon Reality, Aero Glass, Upskill, Sita, HTC, Bohemia Interactive Simulations, Oculus VR, Skylights Aero, Magic Leap Inc., and PTC Inc.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Market Segmentation, Market Shares) of Global Augmented Reality and Virtual Reality in Aviation Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Augmented Reality and Virtual Reality in Aviation Market?
4. Who are the key competitors or market players and how they perform in Global Augmented Reality and Virtual Reality in Aviation Market, competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Augmented Reality and Virtual Reality in Aviation Market study?