The global aviation augmented & virtual reality market revenue was valued at US$ 0.91 billion in 2021 and is expected to reach US$ 23.6 billion by 2031. The market will register a CAGR (Compound Annual Growth Rate) of 39.2% during the forecast period from 2022 to 2031.
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The use of augmented and virtual reality for training in the aviation industry provides vast possibilities for increasing the effectiveness of the process while dramatically reducing costs in comparison with traditional means. Both military and civil aviation heavily depend on training practical skills. The crew should be familiar with the multiple controls of their aircraft so that all movements are almost automatic, and meanwhile, all members of the crew should be able to act in an emergency.
Factors Affecting Market Growth
The rise in the delivery of aircraft as a part of fleet modernization programs drives the aviation augmented and virtual reality market.
Factors such as the surge in the adoption of Augmented Reality (AR) and Virtual Reality (VR) based solutions for training and marketing purposes and an increase in the production and deliveries of commercial aircraft are driving the growth of this global market.
The people using virtual reality have faced eye strain, headaches, and, in some cases, nausea. Thus, health concerns restrain the growth of the aviation AR and VR market.
COVID-19 Pandemic Effect on Market Growth
The COVID-19 impact on the aviation augmented and virtual reality market is unpredictable and is expected to remain in force for a few years. The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely which negatively affected the aviation augmented and virtual reality market in 2020.
Governments across the globe implemented strict lockdowns and made social distancing mandatory to prevent the spread of the COVID-19 virus. Consequently, several organizations began work-from-home programs as a precautionary measure. This led to a sudden decline in global demand for traveling, which has affected the market. However, various aircraft operators have started using Augmented Reality (AR) and Virtual Reality (VR) solutions in in-flight entertainment systems for enhanced consumer experience and improved passenger experience which is driving the market for aviation augmented and virtual reality market.
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Regional Analysis
North America is expected to be the largest market for the global AR and 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 manufacturers in North America. North America has the highest aircraft fleet and airports in the world. Therefore, driving the demand for the integration of AR-VR technology.
Leading Competitors
The major leading competitors in the global aviation augmented & virtual reality market is:
PTC Inc
Fountx
Future Visual
Elbit Systems Ltd
HoneyWell International Inc.
Sony
IBM Corporation
Sita
Bohemia Interactive Simulations
Oculus VR
Skylights Aero
Magic Leap Inc
Microsoft Corporation
Google Inc.
Eon Reality
Aero Glass
Upskill
Others
Segmentation Analysis
The global aviation augmented & virtual reality market segmentation focuses on technology, type, component, end-use, function, and region.
Segmentation Analysis Based on Technology
Immersive
Non-Immersive
Marker Based
Non-Marker Based
Segmentation Analysis Based on Type
Virtual Reality
Augmented Reality
Segmentation Analysis Based on Component
Software and Solutions
Hardware
Segmentation Analysis Based on End-Use
Military
Civil
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Segmentation Analysis Based on Function
Operation
Training
Segmentation Analysis Based on Region
North America
U.S.
Canada
Mexico
Europe
o Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia-Pacific
China
India
Japan, South Korea
ASEAN
Rest of Asia-Pacific
Middle East & Africa (MEA)
Brazil
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Aviation Augmented & Virtual Reality Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Aviation Augmented & Virtual Reality Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Aviation Augmented & Virtual Reality Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Aviation Augmented & Virtual Reality Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Aviation Augmented & Virtual Reality Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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