Global Augmented Reality and Virtual Reality in Aviation Market Research Report: Forecast (2022-27)

Market Overview

The aviation industry is one of the fastest-growing & prominent sectors that procure the latest technologies, aircraft, and new models & versions, principally to better the industry and enhance the passenger experience in every possible way.

Several researchers & developers are working on integrating augmented & virtual reality technological solutions in the aviation industry to improve operational efficiency & offer greater productivity. As a result, both civil & military aviation verticals are increasingly inclining toward exhibiting these technologies and gaining an edge in the industry.

Market Insights

The Global Augmented and Virtual Reality in Aviation Market is projected to grow at a CAGR of around 60.50% during the forecast period, i.e., 2022-27. The growth of the market is driven by the surging air traffic worldwide, i.e., propelling airlines to expand their aircraft fleet, coupled with the mounting need to bring operational efficiency, cost-effectiveness, zero or minimal human errors, & enhance the passenger experience across the aviation industry. 

Besides, massive support from governments of different countries worldwide and the active participation of prominent players in developing & integrating augmented & virtual reality solutions in the aviation sector are also driving the global market. 

Moreover, the soaring application of these technological solutions for training & practices for pilots & crew for a better experience and closer view of situations than conventional methods is another prominent aspect infusing the demand for augmented & virtual reality solutions across the aviation industry. 

Furthermore, the mounting government focus on strengthening the civil & military aviation capabilities with the latest technologies, upgrades, & versions, especially across developed & developing countries, shall further boost the global market in the years to come.

Impact of Covid-19 on the Global Augmented and Virtual Reality in Aviation Market

The advent of Covid-19 in 2020 had a decelerating impact on most industries worldwide, where aviation & its related sectors observed a catastrophe. The Global Augmented & Virtual Reality in Aviation Market was no exception and witnessed several challenges associated with the development & integration of these technologies into the aviation industry.

It was principally due to the imposition of stringent movement restrictions & lockdowns by governments of different countries worldwide to curb the spread of this dreadful disease. Since most countries restrained traveling amidst the crisis, air traffic displayed a severe downfall and reduced the demand for aircraft & the integration of new technologies.

Moreover, with the paradigm shift toward work-from-home, several research & development activities for augmented & virtual reality in the aviation sector were put on a temporary hold, which further caused substantial financial losses for the leading market players.

However, with the reducing number of Covid-19 cases, restrictions were uplifted, and business operations recommenced, which, in turn, generated growth opportunities for the leading players to bring new features & upgrades in their product offerings to the aviation industry. The same trend is likely in the coming years, which would drive lucrative opportunities for the global market.

Market Segmentation

Based on the Vertical:

• Civil 
• Military

Amongst these two, the Civil vertical is expected to dominate the Global Augmented & Virtual Reality in Aviation Market with the largest share during 2022-27. It owes principally to the growing air travel worldwide due to improved economy & changing living standards of people. It, in turn, is leading to an increased aircraft procurement for civil applications and encouraging the leading market players to provide aircraft integrated with advanced technologies like augmented & virtual reality solutions.

Besides, the mounting demand for bringing cost-effectiveness & operational efficiency to airlines is another aspect behind the burgeoning demand for augmented & virtual reality solutions in the civil aviation sector and driving the market through 2027. Moreover, these solutions are also gaining swift momentum for training & practice sessions to offer a closer look at uncertain & critical situations that the pilot & crew might face. Hence, these aspects project a significant growth prospect for the global market around the civil aviation vertical in the coming years.

Regional Landscape

Geographically, the Global Augmented & Virtual Reality in Aviation Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Amongst all regions globally, North America is projected to dominate the Augmented & Virtual Reality in Aviation Market with the largest share during 2022-27. It owes principally to prominent market players extensively present in the region & actively participating in developing augmented & virtual reality solutions and integrating them into the aviation sector.

North America is amongst the early adopters of advanced technologies and has a vast aircraft fleet. The increasing number of collaborations, partnerships, & acquisitions among the regional market leaders and the growing inclination of major countries across the region toward strengthening their aviation sectors are other crucial aspects projected to drive the regional market in the coming years.

On the other hand, Asia-Pacific is anticipated to display the fastest market growth over the forecast years, principally due to the rapidly expanding trade relations among different countries across the region, export promotions, maturing open sky agreements, and developing logistics.

It, in turn, is generating growth opportunities for the leading players in the market to scale their offerings in the aviation industry across Asia-Pacific & drive the regional market through 2027. Besides, the escalating need for different countries in the region to utilize augmented & virtual reality solutions for strengthening defense aviation is another prominent aspect projected to propel the market growth across Asia-Pacific in the years to come.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Augmented & Virtual Reality in Aviation Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Augmented & Virtual Reality in Aviation Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Augmented & Virtual Reality in Aviation Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Augmented & Virtual Reality in Aviation Market study?