Virtual Reality in Manufacturing Market: Growth and Trends

The “Virtual Reality in Manufacturing Industry Research Report Overview by 2024” market size is reached USD 0.92 billion  by 2018 and it is projected to reach USD 116.25 billion by 2032 between the forecast period and expected Compound annual growth rate of 30.9% between the forcast period by (2018-2032).

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Virtual Reality in Manufacturing Industry Share, Trends & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration), and Regional Forecast Between, 2019-2032

Major Keyplayers of virtual reality in manufacturing industry:

Some of the key players operating in the global virtual reality in manufacturing industry are:

• Unity Technologies
• Microsoft
• Google
• Sony
• HTC Corporation
• Samsung
• Facebook Technologies, LLC.
• EON Reality, Inc.
• Magic Leap, Inc.
• WorldViz
• NextVR Inc.
• NVIDIA Corporation
• Virtuix
• Groove Jones LLC

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Key industry developments of virtual reality in manufacturing industry:

• EON Reality Inc. announced EON World Builder(TM) beta release. EON World Builder enables the users to build, design, upload, and share any design they wish to. This application works only on the IOS or android phones, and it is included in the EON Experience VR Library.
• HTC and Autodesk are working together intending to revolutionize the way designers to create, model and collaborate. Through a cloud-based design engine, Forge, and HTC vive platform, customers would be able to collaborate with immersive experiences using VR.

Drivers and restraints of virtual reality in manufacturing industry:

• Drivers:
  • Enhanced Training and Simulation: VR provides immersive training environments for operators and engineers, improving skills and reducing errors.
  • Improved Design and Prototyping: VR enables virtual prototyping and design visualization, accelerating the product development process and reducing costs.
  • Increased Efficiency and Productivity: VR tools can streamline workflows and optimize production processes, enhancing overall manufacturing efficiency.
  • Better Collaboration: VR facilitates remote collaboration and communication among team members, improving coordination and decision-making in manufacturing projects.
  • Advanced Quality Control: VR allows for detailed inspection and quality control simulations, helping to identify and address potential issues before physical production.
• Restraints:
  • High Initial Investment: The cost of VR hardware and software can be a significant barrier for smaller manufacturers.
  • Technical Complexity: Implementing and integrating VR solutions can be complex and require specialized technical expertise.
  • Limited Adoption: The adoption of VR in manufacturing is still evolving, and some industries may be slow to embrace new technologies.
  • Data Security Concerns: The use of VR systems raises concerns about data security and the protection of sensitive manufacturing information.
  • Potential Health Issues: Prolonged use of VR equipment can lead to discomfort or health issues such as eye strain or motion sickness for users.

Regional Insights:

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Sweden, and Rest of Europe)
• Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
• Latin America (Brazil, Mexico, Argentina  and Rest of Latin America)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

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