(Aviation-NewsWire.Com, November 20, 2020 ) According to the latest market research the report "Augmented and Virtual Reality Market in Aviation by Technology (AR, VR), Function (Training, Operations), Component (Hardware, Software), Application (On-Board, Off-Board), Product, Vertical, and Region - Global Forecast to 2025", is expected to reach USD 1,372 million by 2025 from USD 78 million in 2019, registering a CAGR of 61.2% from 2019 to 2025.Improved passenger experience is a significant growth driver for the augmented and virtual reality market in aviation. Reduced chances of human error also drive this market.
By vertical, the civil aviation segment is expected to be a larger contributor to the augmented and virtual reality market in aviation during the forecast period.
Civil aviation has been witnessing strong growth over the past few years. One of the major factors driving this growth is the increased demand for aircraft. The growing aircraft fleet must go through regular and mandatory maintenance services. This demand is expected to drive the market for AR VR technology to be integrated for MRO and maintenance of civil aviation aircraft. Along with manufacturing and MRO, the pilots, crew, ground staff, and mechanics handling civil aviation operations will need training based on AR VR technology, which is also expected to be one of the reasons for civil aviation to lead the market during the forecast period.
North America is projected to lead the augmented and virtual reality market in aviation during the forecast period.
North America is expected to be the largest market for AR VR market in aviation during the forecast period. The presence of major AR VR players in the US has resulted in major collaborations and partnerships between aviation companies and AR VR players in North America. North America has the highest aircraft fleet and airports globally, thus driving the demand for integration of AR VR technology. Along with this presence of various airlines, major aircraft OEMs – Boeing, Lockheed Martin, and Pratt & Whitney, among others is expected to drive the market in this region.
Key Market Players
Some of the major players in the augmented and virtual reality market in aviation include Microsoft Corporation (US), Google Inc. (US), Eon Reality (US), Aero Glass (US), Upskill (US), Oculus VR (US), Jasoren (US), IMB (US), Fountx (Australia), and Sony (Japan), among others. These players provide AR VR hardware and software to various aviation companies.
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