Virtual Reality in Manufacturing Industry to Reach USD 14,887.0 Million by 2026; Advent of Digitalization in All Commercial Sectors Worldwide to Add…

Pune, May 13, 2020 (GLOBE NEWSWIRE) -- 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. A recently published report by Fortune Business Insights titled, Virtual Reality in Manufacturing Industry Share, Trends & 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, 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.

This Report Answers the Questions Below:

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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.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Drivers & Restraints-

Rising Demand for Minimizing Operational Cost will Aid in Expansion of Market

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.

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.

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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.

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. Below are a couple of the latest key 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.

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

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Detailed Table of Content

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Virtual Reality in Manufacturing Industry to Reach USD 14,887.0 Million by 2026; Advent of Digitalization in All Commercial Sectors Worldwide to Add...