The Augmented and Virtual Reality (AR VR) Market in Aviation is projected to grow from $78 million in 2020 to $1,372 million by 2025, at a CAGR of 61.2% during the forecast period. The increased efficiency and cost savings are major factors driving the growth of the augmented and virtual reality industry in aviation. Improved passenger experience and reduced chances of human error also contribute to the market’s growth.
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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.
By function, the operation segment is projected to grow at a higher CAGR during the forecast period.
Increasing demand for air travel around the world has given rise to aircraft demand and greenfield and brownfield airport projects. To cater to this growing demand, manufacturers, airports, airline, and maintenance, providers must adopt efficiency measures that improve their operational efficiency as well as save costs. Thus, the operation segment for augmented and virtual reality market in aviation is expected to grow at the fastest rate during the forecast period.
By component, the software segment is projected to grow at the highest growth rate during the forecast period.
AR VR hardware consists of sensors, displays, cameras, processors & controllers, cases, among others. These are a one time buy from the end-users. Whereas software used to support the hardware is continuously updated. The software will have many more evolutions as the time progresses, and more features are needed to be integrated within the hardware. Thus, the software segment for augmented and virtual reality market in aviation is expected to grow at the highest rate 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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