Augmented and Virtual Reality (AR VR) Market in Aviation worth $1,372 million by 2025

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science-technology

Summary

MarketsandMarkets projects the global Augmented and Virtual Reality Market in Aviation to grow from USD 78 million in 2019 to USD 1,372 million by 2025, at a CAGR of 61.2% from 2019 to 2025.

Press Release

MarketsandMarkets projects the global Augmented and Virtual Reality Market in Aviation to grow from USD 78 million in 2019 to USD 1,372 million by 2025, at a CAGR of 61.2% from 2019 to 2025. One of the major factors driving the market growth is the reduced chances of human error.

Augmented reality (AR) technology permits computer-generated data or imagery to overlay physical objects accurately in real-time. AR enhances the perception of users, and the provided information helps them perform tasks in the real world. The major components of an AR system are displays, sensors, and embedded electronics. It is used widely in areas such as employee training and video conferencing.

Virtual reality (VR) technology provides the user with a virtual environment using computer hardware and software. It provides a fully immersive environment in which the user can interact with objects similar to those in the real world. VR technology works on components such as gesture recognition systems, sensors, and embedded electronics.

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The Augmented and Virtual Reality Market in Aviation includes the market for both commercial as well as military aviation. It studies the market for functions such as training and operations (which comprises the complete aviation ecosystem from designing, manufacturing, airline & airport operations, to pilot and crew training, engineer training, as well as aircraft maintenance.

By technology, the augmented reality segment is expected to grow at highest CAGR during the forecast period owing to its increasing rate of adoption in functions such as training, maintenance, and designing. Use of augmented reality for pilot training, where the real-time situations will be augmented will drive market growth.

For functions such as maintenance and designing, aircraft system layout can be augmented on handheld device or a display, where the engineer can check the correctness of system functions, for instance, aircraft wiring which runs across the aircraft can be checked for its correctness by augmenting the wiring system on a device, rather than checking it physically on the aircraft. This can lead to reduced grounding time or faster testing time of the system.

By vertical, the military aviation segment of the augmented and virtual reality market in aviation is expected to grow at a higher CAGR during the forecast period. AR VR technology is used in military fighter cockpits in the form of headsets for pilots that gives them mission-critical information in their line of sights. There has been an increase in the procurement of fighter aircraft by various governments, which, in turn, is expected to increase the demand for AR VR in military aviation vertical.

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