Augmented and Virtual Reality (AR VR) Market in Aviation

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MarketsandMarkets projects the global Augmented and Virtual Reality Market in Aviation to grow from USD 78 million in 2019 to USD 1,372 million by 2025, at a CAGR of 61.2% from 2019 to 2025.

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MarketsandMarkets projects the global Augmented and Virtual Reality Market in Aviation to grow from USD 78 million in 2019 to USD 1372 million by 2025 at a CAGR of 61.2 from 2019 to 2025. One of the major factors driving the market growth is the reduced chances of human error. Augmented reality AR technology permits computer- generated data or imagery to overlay physical objects accurately in real-time. AR enhances the perception of users and the provided information helps them perform tasks in the real world. The major components of an AR system are displays sensors and embedded electronics. It is used widely in areas such as employee training and video conferencing. Virtual reality VR technology provides the user with a virtual environment using computer hardware and software. It provides a fully immersive environment in which the user can interact with objects similar to those in the real world. VR technology works on components such as gesture recognition systems sensors and embedded electronics. Download PDF Brochure https://www.marketsandmarkets.com/pdfdownloadNew.aspid230427667 The Augmented and Virtual Reality Market in Aviation includes the market for both commercial as well as military aviation. It studies the market for functions such as training and operations which comprises the complete aviation ecosystem from designing manufacturing airline airport operations to pilot and crew training engineer training as well as aircraft maintenance. By technology the augmented reality segment is expected to grow at highest CAGR during the forecast period owing to its increasing rate of adoption in functions such as training maintenance and designing. Use of augmented reality for pilot training where the real-time situations will be augmented will drive market growth.

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For functions such as maintenance and designing aircraft system layout can be augmented on handheld device or a display where the engineer can check the correctness of system functions for instance aircraft wiring which runs across the aircraft can be checked for its correctness by augmenting the wiring system on a device rather than checking it physically on the aircraft. This can lead to reduced grounding time or faster testing time of the system. By vertical the military aviation segment of the augmented and virtual reality market in aviation is expected to grow at a higher CAGR during the forecast period. AR VR technology is used in military fighter cockpits in the form of headsets for pilots that gives them mission-critical information in their line of sights. There has been an increase in the procurement of fighter aircraft by various governments which in turn is expected to increase the demand for AR VR in military aviation vertical. In terms of geographic coverage the augmented and virtual reality market in aviation has been segmented into four regions namely North America Europe Asia Pacific and Rest of the World. Asia Pacific is expected to grow at the fastest rate owing to new airport programs in countries such as India China and Japan. The increased air travel has led to an increase in aircraft fleet. This along with new airports will drive the demand for AR VR technology for airport and airline operations as well as training of staff that is hired to cater to this growth. The augmented and virtual reality market in aviation is driven by various factors one of which is the increased efficiency and cost savings. High operating costs are one of the major factors responsible for airline failure or debt. Aircraft maintenance and repair costs are significantly high and not only cause delays but also lead to revenue loss. Boeing estimates that when an aircraft is not in service an on-ground time of even one to two hours may cost anywhere in the range of USD 10000 to 150000. These costs can be reduced if not completely mitigated by accelerating the pace of maintenance tasks with the use of AR VR technology. AR VR technology is also used in manufacturing and design processes in the aviation industry. For instance Pratt Whitney has been using AR VR technology in collaboration with IBM and Dassault Systems to design and manufacture aircraft engines. Boeing has also been testing the use of AR technology for electric wire installation in its 747-8 Freighter. In 2018 Boeing tested this technology using smart glasses and the Skylight AR platform from Upskill. This provided a real-time 3D hands-free wiring diagram to technicians. The in-depth instructions of the wiring layout around the fuselage simplified a complex environment leading to an increase in the efficiency of the technicians. Upskill states that Boeing experienced a 25 cut in production time because of its Skylight and smart glass platform. Speak to Analyst https://www.marketsandmarkets.com/speaktoanalystNew.aspid230427667

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About Mark e t sa n d M a r k e t s™ MarketsandMarkets™ provides quantified B2B research on 30000 high growth niche opportunities/threats which will impact 70 to 80 of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80 of global Fortune 1000 companies as clients. Almost 75000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities identify most important customers write "Attack avoid and defend" strategies identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1500 MicroQuadrants Positioning top players across leaders emerging companies innovators and strategic players annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform "Knowledgestore" connects over 200000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook IL 60062 USA: 1-888-600-6441 Email: Newslettermarketsandmarkets.com

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