What is the global market size of Virtual Reality (VR) In Manufacturing Industry Market?

Global Virtual Reality (VR) in the Manufacturing Industry Market was valued to be USD 1.2 billion in 2021, and it is expected to reach USD 4.8 billion by 2028 at a CAGR of 39.4% over the forecast period (2022 - 2028). Read More

Global Virtual Reality (VR) in Manufacturing Industry Market

Virtual Reality (VR) In Manufacturing Industry Market Size, Share, Growth Analysis, By Component(Hardware, Software, Content), By Application(Product Design, Development, Safety, Training), By Device(Semi & Fully Immersive, Non-immersive), By Technology(HMD, GTD, PDW), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2054 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

Virtual Reality (VR) In Manufacturing Industry Market News

In January 2022, Microsoft HoloLens 2 was introduced in India. It is made to enable users to interact with holograms and features sensors that enable head and eye tracking. HoloLens 2 offers new opportunities for connecting with consumers and partners while assisting businesses and their employees in completing critical activities faster, safer, and more effectively.

Virtual Reality (VR) In Manufacturing Industry Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Virtual Reality (VR) In Manufacturing Industry Market size was valued at USD 29.8 billion in 2019 and is poised to grow from USD 31.41 billion in 2023 to USD 50.42 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).

Virtual reality-based research and development initiatives are anticipated to receive the attention of key participants in the manufacturing industry. The advantages of VR are being utilized by many producers in the industrial setting. For instance, the elevator maker Thyssenkrupp recently declared that its technicians would be utilizing Microsoft Hololens technology as a tool to enhance servicing operations. Service technicians can visualize and pinpoint elevator issues thanks to Hololens. 'Unity Technologies', 'HTC Corporation', 'Oculus VR, LLC (Facebook Technologies, LLC)', 'Google LLC', 'Microsoft Corporation', 'Siemens AG', 'ESI Group', 'Vuzix Corporation', 'PTC, Inc.', 'NVIDIA Corporation', 'Dassault Systemes SE', 'General Electric Company', 'Alphabet Inc.', 'Sixense Enterprises Inc.', 'Upskill', 'Magic Leap, Inc.', 'Marxent Labs LLC', 'zSpace, Inc.', 'DAQRI', 'Lenovo Group Limited'

The development of cutting-edge technologies is expected to support the use of VR in the manufacturing industry: Leading advances in the manufacturing sector are being driven by the emergence of cutting-edge technologies like Industry 4.0, digital twins, virtual reality, artificial intelligence, and others. VR and digital twin technology together will offer useful insights into the product manufacturing process. One of the main uses of VR in the manufacturing sector is the introduction of industrial robots. The use of VR in the industrial sector allows designers to replicate their designs using cutting-edge VR technologies. They may fix mistakes at the first stage and cut down on production time and expense by doing this.

Prototyping using VR: Producing physical prototypes is a standard technique for manufacturers to test and improve design, development, and safety concepts, which can be costly and time-consuming. Car manufacturers can generate digital twins of the vehicles using VR-powered prototyping, which gives them more freedom to experiment with ideas, tweak concepts, and fine-tune constraints. Automakers and designers can see the finished product in virtual reality before it is ready. Ford and other businesses already use virtual reality (VR) in prototyping to increase creative freedom and lessen their direct environmental effect. This is expected to positively affect the virtual reality (VR) in the manufacturing industry market and boost the overall growth of the market over the forecast period.

Based on the region, the North American region currently dominates the virtual reality (VR) in the manufacturing industry market share. North America earned the highest revenue in 2021 and is expected to maintain a commanding market share throughout the projected period. The region's early embrace of cutting-edge technology has helped fuel market expansion and given thrust to the region's established IT infrastructure.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Virtual Reality (VR) In Manufacturing Industry Market News

Virtual Reality (VR) In Manufacturing Industry Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Virtual Reality (VR) In Manufacturing Industry Market?

Who are the key vendors in the Virtual Reality (VR) In Manufacturing Industry Market?

What is the key driver of Virtual Reality (VR) In Manufacturing Industry Market?

What is the key market trend for Virtual Reality (VR) In Manufacturing Industry Market?

Which region accounted for the largest share in Virtual Reality (VR) In Manufacturing Industry Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300