With 39.2% CAGR, Global Virtual Reality in Manufacturing Industry Size Worth USD 14.8 Billion in 2026

Pune, India, Aug. 25, 2022 (GLOBE NEWSWIRE) -- A recently published report by Fortune Business Insights titled, "Virtual Reality in Manufacturing Industry Share, Trends & Industry Analysis, By Component, By Application and Regional Forecast, 2022-2026," states that the market value was USD 924.7 million in 2018 and is expected to rise at a CAGR of 39.2% to reach USD 14,887.0 million by the end of 2026. The global virtual reality in manufacturing industry size is projected to witness substantial growth owing to the increasing trend of digitalization accepted across almost all commercial sectors worldwide. There is a rise in demand for advanced solutions in the manufacturing sector for optimizing any chances of uncertainty or error and this propelled the installation of virtual reality solutions in most of the production companies worldwide.

Industry Developments:

November 2016 – Autodesk and HTC entered into a joint venture to form a cloud-based design engine for combining the HTC vive and Forge platforms to provide VR experience to their customers. The main aim is to revolutionize the method with which designers create, form models, and collaborate for an immersive VR experience.
May 2015 – The release of EON World Builder (TM) beta was announced by EON Reality Inc. This builder allows the users to create, upload, build, and share any design of their choice. This application is present in the EON Experience VR Library and is accessible on android or IOS phones.

Request Sample Copy of the Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/virtual-reality-vr-in-manufacturing-industry-101714

Report Scope:

Report Coverage	Details
Forecast Period	2022 to 2026
Forecast Period 2022 to 2026 CAGR	39.2 %
2026 Value Projection	USD 14887.0 Million
Base Year	2018
Market Size in 2018	USD 924.7 Million
Historical Data for	2015 to 2017
No. of Pages	120
Segments covered	By Component, Application and 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
	VR Hardware Segment is Projected to Propel the Market Growth

Drivers & 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.

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.

Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/virtual-reality-vr-in-manufacturing-industry-101714

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.

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.

Competitive Landscape-

Collaborative Efforts and Innovative Product Launches will Intensify 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.

Have Any Query? Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/virtual-reality-vr-in-manufacturing-industry-101714

This Report Answers the Questions Below:

Which strategies are applied by significant players to intensify market competition?
How will the market witness growth in the coming years with changing consumer preferences for industrial robots?
Which region is likely to dominate the market in terms of revenue?
What is the competitive landscape of the market?

Fortune Business Insights™ lists the names of significant players in Virtual Reality in Manufacturing Industry. These include:

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

Quick Buy - Virtual Reality in Manufacturing Industry Research Report:

https://www.fortunebusinessinsights.com/checkout-page/101714

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

TOC Continued…!

FAQs:

At what compound annual growth rate (CAGR) will the global Virtual Reality in Manufacturing Industry grow?

The market will grow at a rate of 39.2% CAGR. Manufacturers are more inclined towards leveraging benefits of advanced technologies in automation processes.

How big is the Virtual Reality in Manufacturing Industry?

North America is projected to hold the largest market share in the Virtual Reality in Manufacturing Industry. The rapid adoption of advanced technologies and substantial investments of organizations in R&D would expand the market size across the region

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.