Global Virtual Reality (VR) in Manufacturing Industry Market

Global Virtual Reality (VR) In Manufacturing Industry Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Product Design, Development), By Device(Semi & Fully Immersive, Non-immersive), By Technology(HMD, GTD) - Industry Forecast 2023-2030


Report ID: SQMIG45D2054 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

Global Virtual Reality (VR) In Manufacturing Industry Market Insights

Virtual Reality (VR) In Manufacturing Industry Market size was valued at USD 29.8 billion in 2021 and is poised to grow from USD 31.41 billion in 2022 to USD 50.42 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).

Over time, the manufacturing business has seen a significant transition as a result of technological advancements. Industry 4.0, the digital twin, and artificial intelligence have all offered room for several virtual reality applications in the industrial sector. Virtual reality has had a favorable impact on quality control, worker safety, and product design. Manufacturers have been dealing with a shortage of competent laborers and an increase in manufacturing time for the past few years. Manufacturers have been compelled to implement effective and cutting-edge technical solutions by factors like economic growth, globalization, and the growing demand to boost market value. A growing tendency of digitalization has been noticed among manufacturers in recent years.

The use of virtual reality in manufacturing has given the major players attractive new market opportunities. A wide-ranging platform for the use of VR in the manufacturing industry has been made available by the growing popularity of smart factories, industrial IoT, and industrial robots. Technical roles have received specialized training to use VR applications with the goal of increasing production, including control engineers, technicians, skilled operators, and others. Additionally, manufacturers are increasingly interested in adopting virtual reality in the manufacturing sector due to its capacity to deliver immersive experiences, 360-degree content views, high simulation environments, and actionable analytical data.

US Virtual Reality (VR) In Manufacturing Industry Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 29.8 billion

Largest Segment

Product Design and Development

Fastest Growth

Product Design and Development

Growth Rate

29.8% CAGR

Global Virtual Reality (VR) in Manufacturing Industry Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Virtual Reality (VR) in Manufacturing Industry Market Size By Application 2022-2028 ($ Bn)
Global Virtual Reality (VR) in Manufacturing Industry Market Size By Application 2022-2028 (%)

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Global Virtual Reality (VR) In Manufacturing Industry Market Segmental Analysis

Global Virtual Reality (VR) in Manufacturing Industry Market is segmented based on component, application, device, technology, and region. Based on Component, it is categorized into Hardware, Software, and Content. Based on Application, it is categorized into Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration. By device, the market is segmented into Semi & Fully Immersive, Non-immersive. By technology, the market is segmented into HMD, GTD, PDW. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Virtual Reality (VR) In Manufacturing Industry Market Analysis by Component

On the basis of component, the VR hardware segment is expected to dominate the global virtual reality (VR) in manufacturing industry market over the forecast period. The need for VR hardware is rising as VR technology spreads quickly across industries. Affordability and low maintenance requirements are other variables that influence demand for VR systems. The CAGR for the VR content segment is estimated to be exponential throughout the projection period. Virtual reality (VR) provides a completely realistic simulation environment and a 360-degree perspective of the prototype, which aids designers in identifying risks and design flaws and adjusting their work accordingly. These elements are probably what will increase demand for more sophisticated VR content in the manufacturing sector.

Virtual Reality (VR) In Manufacturing Industry Market Analysis by Application

On the basis of application, the product design and development segment is expected to dominate the global virtual reality (VR) in manufacturing industry market over the forecast period. The ability to mimic a prototype or early-stage product design in VR is effortless. The advanced simulation offers insightful information about product design that helps engineers find flaws and problems in the design. Eventually, this cuts both the production time and cost. The skill gap between engineers and employees is expected to be closed by the fast usage of virtual reality in safety and training. By transferring knowledge and intellectual property, virtual reality adoption is anticipated to turn the conventional method of training into a more advanced and effective means to provide quality training to engineers. For instance, a major producer of technological goods used AR and VR tools to create contact between engineers and subject matter specialists rather than using telephone or any other conventional method.

Global Virtual Reality (VR) in Manufacturing Industry Market By Application, 2021 (%), 2021 (%)

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Global Virtual Reality (VR) In Manufacturing Industry Market Regional Insights

Based on the region, the North American region currently dominates the global virtual reality (VR) in the manufacturing industry market share. North America earned the highest revenue in 2021 and is expected to maintain a commanding market share throughout the projected period. The region's early embrace of cutting-edge technology has helped fuel market expansion and given thrust to the region's established IT infrastructure.

During the forecast period, Asia Pacific is also estimated to display a fantastic growth rate. Manufacturing is a major industry in nations like China, India, and Japan, hence there is a need for modern manufacturing solutions. This element will fuel the need for virtual reality applications in the region's manufacturing sector. The highest market share for virtual reality in the industrial sector is anticipated to belong to China.

Europe is expected to be the leader in VR in Manufacturing Industry market. The region's significant industrial base and digitalization of services are expected to drive market growth. The United Kingdom is expected to play a significant role in VR in the manufacturing industry. Italy is recognized as the second-largest manufacturer after Germany, creating an opportunity for VR in the region's manufacturing industry.

The market in the Middle East and Africa is expected to grow steadily. However, during the forecast period, Latin America is expected to see moderate growth in VR in the manufacturing industry. Lack of familiarity with VR applications in manufacturing, as well as a lack of expertise and content, are some of the factors that will likely limit market growth in the coming years.

Global Virtual Reality (VR) in Manufacturing Industry Market By Geography, 2022-2028, 2023-2030
  • Largest
  • Fastest

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Global Virtual Reality (VR) In Manufacturing Industry Market Dynamics

Virtual Reality (VR) In Manufacturing Industry Market Drivers

  • The development of cutting-edge technologies is expected to support the use of VR in the manufacturing industry: Leading advances in the manufacturing sector are being driven by the emergence of cutting-edge technologies like Industry 4.0, digital twins, virtual reality, artificial intelligence, and others. VR and digital twin technology together will offer useful insights into the product manufacturing process. One of the main uses of VR in the manufacturing sector is the introduction of industrial robots. The use of VR in the industrial sector allows designers to replicate their designs using cutting-edge VR technologies. They may fix mistakes at the first stage and cut down on production time and expense by doing this.

Virtual Reality (VR) In Manufacturing Industry Market Restraints

  • The high price & security concerns associated with the VR are projected to limit the market growth: The high development and SoC integration costs for VR are a significant barrier impeding the growth of the augmented and virtual reality markets. Additionally, problems with security compliances and an increase in cyberattacks caused by lax security standards are significant elements impairing market dynamics. In addition, a lack of technological know-how that can lead to data manipulation, spoofing, sniffing, cyberattacks, and man-in-the-middle attacks is a major factor that is anticipated to limit market growth to some extent.

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Global Virtual Reality (VR) In Manufacturing Industry Market Competitive Landscape

Virtual reality-based research and development initiatives are anticipated to receive the attention of key participants in the manufacturing industry. The advantages of VR are being utilized by many producers in the industrial setting. For instance, the elevator maker Thyssenkrupp recently declared that its technicians would be utilizing Microsoft Hololens technology as a tool to enhance servicing operations. Service technicians can visualize and pinpoint elevator issues thanks to Hololens.

Virtual Reality (VR) In Manufacturing Industry Market Top Players Company Profiles

  • Unity Technologies
  • HTC Corporation
  • Oculus VR, LLC (Facebook Technologies, LLC)
  • Google LLC
  • Microsoft Corporation
  • Siemens AG
  • ESI Group
  • Vuzix Corporation
  • PTC, Inc.
  • NVIDIA Corporation
  • Dassault Systemes SE
  • General Electric Company
  • Alphabet Inc.
  • Sixense Enterprises Inc.
  • Upskill
  • Magic Leap, Inc.
  • Marxent Labs LLC
  • zSpace, Inc.
  • DAQRI
  • Lenovo Group Limited

Virtual Reality (VR) In Manufacturing Industry Market Recent Developments

  • In January 2022, Microsoft HoloLens 2 was introduced in India. It is made to enable users to interact with holograms and features sensors that enable head and eye tracking. HoloLens 2 offers new opportunities for connecting with consumers and partners while assisting businesses and their employees in completing critical activities faster, safer, and more effectively.

Global Virtual Reality (VR) In Manufacturing Industry Key Market Trends

  • Prototyping using VR: Producing physical prototypes is a standard technique for manufacturers to test and improve design, development, and safety concepts, which can be costly and time-consuming. Car manufacturers can generate digital twins of the vehicles using VR-powered prototyping, which gives them more freedom to experiment with ideas, tweak concepts, and fine-tune constraints. Automakers and designers can see the finished product in virtual reality before it is ready. Ford and other businesses already use virtual reality (VR) in prototyping to increase creative freedom and lessen their direct environmental effect. This is expected to positively affect the virtual reality (VR) in the manufacturing industry market and boost the overall growth of the market over the forecast period.

Global Virtual Reality (VR) In Manufacturing Industry Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to the global virtual reality (VR) in manufacturing industry market analysis, the market is currently led by the North American region, due to the increasing adoption of cutting-edge technology in this region. Along with this,  the VR hardware segment is projected to lead the market due to the increasing adoption and popularity of VR technology across various technologies, over the forecast period.

Report Metric Details
Market size value in 2021 USD 29.8 billion
Market size value in 2030 USD 50.42 billion
Growth Rate 29.8%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware, Software, Content
  • Application
    • Product Design, Development, Safety, Training, Maintenance, Repair, Communication & Collaboration
  • Device
    • Semi & Fully Immersive, Non-immersive
  • Technology
    • HMD, GTD, PDW
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Unity Technologies
  • HTC Corporation
  • Oculus VR, LLC (Facebook Technologies, LLC)
  • Google LLC
  • Microsoft Corporation
  • Siemens AG
  • ESI Group
  • Vuzix Corporation
  • PTC, Inc.
  • NVIDIA Corporation
  • Dassault Systemes SE
  • General Electric Company
  • Alphabet Inc.
  • Sixense Enterprises Inc.
  • Upskill
  • Magic Leap, Inc.
  • Marxent Labs LLC
  • zSpace, Inc.
  • DAQRI
  • Lenovo Group Limited
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Virtual Reality (VR) In Manufacturing Industry Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Virtual Reality (VR) In Manufacturing Industry Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Virtual Reality (VR) In Manufacturing Industry Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Reality (VR) In Manufacturing Industry Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Virtual Reality (VR) In Manufacturing Industry Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Virtual Reality (VR) In Manufacturing Industry Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Virtual Reality (VR) In Manufacturing Industry Market size was valued at USD 29.8 billion in 2021 and is poised to grow from USD 31.41 billion in 2022 to USD 50.42 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).

Virtual reality-based research and development initiatives are anticipated to receive the attention of key participants in the manufacturing industry. The advantages of VR are being utilized by many producers in the industrial setting. For instance, the elevator maker Thyssenkrupp recently declared that its technicians would be utilizing Microsoft Hololens technology as a tool to enhance servicing operations. Service technicians can visualize and pinpoint elevator issues thanks to Hololens. 'Unity Technologies', 'HTC Corporation', 'Oculus VR, LLC (Facebook Technologies, LLC)', 'Google LLC', 'Microsoft Corporation', 'Siemens AG', 'ESI Group', 'Vuzix Corporation', 'PTC, Inc.', 'NVIDIA Corporation', 'Dassault Systemes SE', 'General Electric Company', 'Alphabet Inc.', 'Sixense Enterprises Inc.', 'Upskill', 'Magic Leap, Inc.', 'Marxent Labs LLC', 'zSpace, Inc.', 'DAQRI', 'Lenovo Group Limited'

The development of cutting-edge technologies is expected to support the use of VR in the manufacturing industry: Leading advances in the manufacturing sector are being driven by the emergence of cutting-edge technologies like Industry 4.0, digital twins, virtual reality, artificial intelligence, and others. VR and digital twin technology together will offer useful insights into the product manufacturing process. One of the main uses of VR in the manufacturing sector is the introduction of industrial robots. The use of VR in the industrial sector allows designers to replicate their designs using cutting-edge VR technologies. They may fix mistakes at the first stage and cut down on production time and expense by doing this.

Prototyping using VR: Producing physical prototypes is a standard technique for manufacturers to test and improve design, development, and safety concepts, which can be costly and time-consuming. Car manufacturers can generate digital twins of the vehicles using VR-powered prototyping, which gives them more freedom to experiment with ideas, tweak concepts, and fine-tune constraints. Automakers and designers can see the finished product in virtual reality before it is ready. Ford and other businesses already use virtual reality (VR) in prototyping to increase creative freedom and lessen their direct environmental effect. This is expected to positively affect the virtual reality (VR) in the manufacturing industry market and boost the overall growth of the market over the forecast period.

Based on the region, the North American region currently dominates the global virtual reality (VR) in the manufacturing industry market share. North America earned the highest revenue in 2021 and is expected to maintain a commanding market share throughout the projected period. The region's early embrace of cutting-edge technology has helped fuel market expansion and given thrust to the region's established IT infrastructure.

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