According to MarkNtel Advisors’ research report “Global Augmented & Virtual Reality in Aviation Market Analysis, 2020”, the Global Augmented & Virtual Reality in Aviation Market is anticipated to grow at a CAGR of around 60.50% during 2020-25. The increasing demand for the new aircrafts in both commercial and the military aviation sector, performance efficiency, cost saving, and minimal human errors in conjunction to the improved customer experience are some of the key factors leading to the increased demand for augmented reality (AR) and virtual reality (VR) in aviation.
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 proliferating AR/VR in the global aviation market. Moreover, augmented and virtual reality support airport and airline operations facilitating cost savings by reducing aircraft layoff time.
Furthermore, the technology application in the on-board application segment is also proliferating over the period of time. Due to the growing emphasis towards the advance customer experience, the aviation companies are promoting in-flight entertainment devices, which is expected to add to the revenue growth of the AR and VR from the aviation industry during the projected period 2020-2025.
Growing Market for Gesture Tracking Devices to Uplift the AR & VR Market Revenue in Aviation
The head mounted display and head-up display products accounted for the significant market share during 2015-2019, as revealed by MarkNtel Advisors’ research report “Global Augmented & Virtual Reality in Aviation Market Analysis, 2020”. The market revenues from the two product segments is further anticipated to rise in the forthcoming years, accounting to the declining prices of the components, and the increasing aircraft fleet size. However, the gesture tracking product segment is expected to attain the highest CAGR during 2020-25, due to the presence of the product in initial growth phase. The demand for gesture tracking devices is rising in the aviation industry due to surging demand for tracking algorithms in training and operation work along with the easy operations offered through hands-free interface in manufacturing, designing, etc.
Market Penetration by the Large and Small Operators in the Industry
According to MarkNtel Advisors’, the global AR & VR in aviation market is consolidated, however undergoing fragmentation due to sprouting start-ups. The top leading players including Microsoft Corporation, Google Inc., Eon Reality, Aero Glass, Upskill, Sita, HTC, Bohemia Interactive Simulations, Oculus VR, Skylights Aero, Magic Leap Inc., PTC Inc., and Others.
The operators in the AR & VR in aviation market are following new product development, mergers and acquisition, as their key strategy towards market growth. For instance, IdeaNova, launched INPLAY VR, a new multimedia player to inflight entertainment in September 2018. The launch of this product is expected to attract consumers and adding more sales of INPLAY VR for in-flight entertainment in the coming years.
“Global Augmented & Virtual Reality in Aviation Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for Global AR & VR in Aviation across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Product (Head-Mounted Displays, Head-Up Displays, Handheld Devices, Accumulators & Filters, Gesture-Tracking Devices)
2. By Application (On Board, Off-Board)
3. By Technology (Augmented Reality, Virtual Reality),
4. By Component (Hardware, Software)
5. By Function (Pilots Training, Crew & Ground Support Staff Training, Engineers Training, Airlines Operation, Airport Operation, Others (Aircraft Operation, Maintenance Repair and Overhaul Operation etc.)
6. By Vertical (Civil, Military)
7. By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific)
8. By Country (US, Canada, Brazil, Argentina, Germany, France, UK, Saudi-Arabia, UAE, South Africa, China, India, Japan, Singapore)
9. By Company (Microsoft Corporation, Google Inc., Eon Reality, Aero Glass, Upskill, Sita, HTC, Bohemia Interactive Simulations, Oculus VR, Skylights Aero, Magic Leap Inc., PTC Inc., and Others).
Key questions answered in the study:
1. What are the current and future trends of the Global AR & VR in Aviation industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global AR & VR in Aviation industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global AR & VR in Aviation suppliers across various regions?