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 2024-2031

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 2019 and is poised to grow from USD 31.41 billion in 2023 to USD 50.42 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).

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.

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Virtual Reality (VR) In Manufacturing Industry Market size was valued at USD 29.8 billion in 2019 and is poised to grow from USD 31.41 billion in 2023 to USD 50.42 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).

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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