Global Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Overview
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Size is expected to reach USD 77 Million by 2030, registering a CAGR of 61.1% during 2020-2030.
The AR/VR technologies are developing due to their wide usage in the aviation and military sector. This technology is now widely preferred in various countries worldwide for different aviation purpose services. This technology has become important in the aviation sector due to various training purposes. The rise of the AR/VR market in the aviation sector is largely driving the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Growth. The importance of this technology is spreading in various regions, and Augmented Reality and Virtual Reality (AR/VR) in Aviation Market is expressing a rapid growth rate. The rise in the development of smart airports and modernization of infrastructure in the airports is accelerating the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Growth.
AR/VR solutions have wide usage in the airline and airport operation process, and it is used for designing and training purposes. This includes various training activities such as pilot training, cabin crew training and it is even used for better interaction and other necessary operating requirements in the aviation industry. The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Trends are even developing due to its high demand in military operations, where the technology is used for flight training and air combat. The aviation and the military sectors are largely driving Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Analysis. The rise in the need for AR/VR solutions in the aviation field for a better experience for different processing activities is enhancing Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Analysis.
The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Forecast will continue its significant growth in the future due to a wide range of preferences worldwide because of its advanced solution and automation process.
COVID-19 Analysis
Due to the effect of the pandemic, Augmented Reality and Virtual Reality (AR/VR) in Aviation Market noticed a downfall in the growth graph. The strict lockdown rules restricted people to travel and stopped all the transport facilities. This factor has affected the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Outlook. But the market's growth to restore in position in the future years during the post-pandemic period. Recovering from the COVID-19 effect, the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Forecast to achieve strong CAGR.
Chief Factors Existing In The Market
Key Market Drivers
There are many key drivers of Augmented Reality and Virtual Reality (AR/VR) in Aviation Market that are responsible for the rapid increase of the market’s growth. Implementing efficient AR/VR solutions in airports and airlines is the major driver of the market. Other major drivers of Augmented Reality and Virtual Reality (AR/VR) in Aviation Market include eliminating human error and enhancing the travelling experience.
Market Challenges
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market are even noticing challenges, but the key players are targeting it to help the market overcome them. Cost-related issues regarding the installation of AR/VR solutions are the market's major challenging factor.
Market Opportunities
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market is receiving huge opportunities due to various advantages of the AR/VR solutions. These solutions help reduce the risk of accidents which has been the major advantage of the market.
Restraints
The major restraining factor of Augmented Reality and Virtual Reality (AR/VR) in Aviation Market is the rise of concern regarding the privacy of personal data and other health-related risks. These factors are hampering the growth of the market.
Cumulative Evaluation Of The Market
The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market evaluation shows the role of chief existing market factors. The key drivers are lifting the market and the market opportunities to set trends for the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Value. The other growth lagging factors are carefully checked by the key players. The market is expected to reach its expected USD value in the review period.
Market Segmentation
The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market are segmented into technology, function, product, component, application and vertical segment.
By Technology
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market are divided into augmented reality and virtual reality based on the technology segment. The augmented reality segment has been considered the largest market since 2018. The market is upgrading due to the use of AR for design simulation of components in aircraft MRO. Virtual reality is used for pilot training, showing a positive impact on Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Trends.
By Function
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market is categorized into training and operations. AR/VR plays an effective role in training activities, driving the market to hold the largest share of the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Share. The rise in need to upgrade the components of aircrafts
By Product
In the product segment, the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market are classified into, Head-Mounted displays, Head-Up Displays, Handheld Devices and Gesture-Tracking Devices. The Head-Mounted displays are mostly used for pilot training simulators. The Head-Up Displays holds the largest market share of the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Share. It is highly used for navigation during take-off and landing time; meanwhile, the handheld devices help train the cabin crew members, hence the market acquiring steady growth. The gesture tracking devices help the users provide inputs to the AR/VR system, making the works more interactive.
By Component
The Augmented Reality and Virtual Reality (AR/VR) component segment in Aviation Market is divided into hardware and software. Between two of these, the hardware segment is leading the market. This segment includes hardware devices that are required to capture real-time data. The software segment is expected to accelerate the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Size due to its usage in cabin and cockpit crew training purposes.
By Application
The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Size are sub-categorized into onboard and on the ground in the application segment. The ongoing segment is considered the larger segment due to the increase in demand for AR/VR based in-flight entertainment solutions and automation. AR/VR solutions for ground services are driving the on-ground segment.
By Vertical
The vertical segment of the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market is divided into civil and military segments. The civil segment is noticed as the larger segment due to the rapid growth of AR/VR solutions in the civil aviation sector. The increase in flight training in the military segment is boosting the market.
Regional Analysis
According to the regional analysis, the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market are rapidly growing various regions such as North America, Europe, Asia American market is dominating the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Outlook due to high investments in the US military and for modernization of infrastructure for training purposes. The European market is emerging because of the high investment in AR/VR based solutions for aviation training purposes. The Asia Pacific region is even estimated to witness the highest CAGR due to increased air traffic in developing countries like China and India. The airlines' large-scale investment in training facilities is driving the regional market of the Middle East & Africa. Military investments in countries of Latin America is driving Augmented Reality and Virtual Reality (AR/VR) in Aviation Market.
Competitive Intensity Within The Industry
The key players of Augmented Reality and Virtual Reality (AR/VR) in the Aviation Market play a crucial role in diversifying the global market. Here is the list of key players of Augmented Reality and Virtual Reality (AR/VR) in Aviation Market.
- Microsoft Corporation (US)
- Google Inc. (US)
- EON Reality (US)
- Aero Glass (US)
- Upskill (US)
- Sita (Switzerland)
- HTC (Taiwan)
- Bohemia Interactive Simulations (US)
- Oculus VR (US)
- Elbit Systems Ltd (Israel)
- HoneyWell International Inc. (US)
- Sony (Japan)
- IBM Corporation (US)
Recent Market Development
- The AR/VR solutions in the aerospace and defence sector are projected to reach US$ 5.8 Billion by 2026.
- NASA is using AR technology developed by Lockheed Martin to fasten the construction of the Orion spacecraft.
Report Overview
The overview report of the Augmented Reality and Virtual Reality (AR/VR) in Aviation Market states the market's growth rate in recent years. The market is to continue its growth consistency to achieve the estimated CAGR in the future years. The market segments to reach its expected CAGR with good share value to drive the global Augmented Reality and Virtual Reality (AR/VR) in Aviation Market. The geographical report states the development of the market in various regions across the world, and the overall report shows the consistent growth of the market.
Key Industrial Segments
By Technology
- Augmented Reality
- Virtual Reality
By Function
By Product
- Head-Mounted Displays
- Head-Up Displays
- Handheld Devices
- Gesture-Tracking Devices
By Component
By Application
By Vertical
AR VR Aviation Market Highlights:
Frequently Asked Questions (FAQ) :
The Augmented Reality and Virtual Reality (AR/VR) in Aviation Market to reach a CAGR of 61.1% during the forecast period.
The North American Region is the dominating region of the market.
The health-related risk and the rise in concern for personal data are the restraining factors of the market.
