Yahoo Finance Aviation Augmented and Virtual Reality Market to Reach $23.6 Billion by 2031: Allied Market Research
Surge in adoption of Augmented Reality (AR) and Virtual Reality (VR) based solution for trainings and marketing purposes and rise in internet penetration to drive the growth of the global aviation augmented and virtual reality market. Closed manufacturing facilities, decreased investment in the aviation sector, presence of adverse restrictions on both international and domestic travels during the pandemic had a negative impact on the market.
Portland, OR, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aviation augmented and virtual reality market generated $0.91 billion in 2021, and is projected to reach $23.6 billion by 2031, growing at a CAGR of 39.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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AR and VR in Aviation Industry Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $0.91 billion |
Market Size in 2031 | $23.6 billion |
CAGR | 39.2% |
No. of Pages in Report | 369 |
Segments Covered | Technology, type, component, end-use, function, and region. |
Drivers | Surge in adoption of Augmented Reality (AR) and Virtual Reality (VR) based solution for trainings and marketing purposes. |
Extensive adoption of innovative technology in the aviation sector. | |
Opportunities | Increase in production and deliveries of commercial aircraft. |
Rise in internet penetration. | |
Restrains | Serious threats to the physical and emotional wellbeing of the end-users. |
Increase in security issues and cyber threat. |
COVID-19 Scenario:
The outbreak of COVID-19 has had a negative impact on the growth of the global aviation augmented and virtual reality market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those of commercial aircrafts which adversely impacted the growth of the market.
In addition, shortage of raw materials due to ban on import and export of essential raw materials, temporary ban on travelling through both domestic and international flights, and decreased investment in the sector during the pandemic further aggravated the impact on the market.
These stringent social distancing restrictions were imposed by the government to limit the spread of the virus during the pandemic.
The report offers detailed segmentation on the global aviation augmented and virtual reality market based on technology, type, component, end-use, function, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on technology, the marker based segment held the largest market share in 2021, holding two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The non-marker based segment, on the other hand, is expected to cite the fastest CAGR of 41.2% during the forecast period.
Based on type, the augmented reality segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 40.6% during the forecast period. The report also analyses other segment such as the virtual reality segment.
Based on end-use, the civil segment held the largest market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 40.0% during the forecast period. The report also includes other segments such as the military segment.
Based on region, the market across North America held the largest market share in 2021, holding nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to account for the highest market share in 2031. In addition, the same segment is expected to cite the fastest CAGR of 42.0% during the forecast period.
The key players analyzed on the global aviation augmented and virtual reality market report include Aero Glass, Bohemia Interactive Simulations, Elbit Systems Ltd., Eon Reality, Future Visual, Fountx (TAE AEROSAPACE), Google Inc., HoneyWell International Inc., International Business Machines Corporation (IBM), Magic Leap Inc., Microsoft Corporation, Oculus VR, PTC Inc, Sita, Skylights, Inc., Sony Corporation, Upskill (TeamViewer).
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The report analyzes these key players in the global aviation augmented and virtual reality market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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