According to a new report published by Allied Market Research, titled, “Aviation Augmented & Virtual Reality Market,” The aviation augmented & virtual reality market was valued at $0.91 billion in 2021, and is estimated to reach $23.6 billion by 2031, growing at a CAGR of 39.2% from 2022 to 2031.
In 2021, North America dominated the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. The performance within aerospace and defense is driven by increase in demand from the commercial space sector, rise in the U.S. defense expenditure, and presence of major players.
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There are prominent key factors that drive the growth of the aviation augmented and virtual reality market, such as increased demand for higher efficiency and cost saving in aviation, and reduced chances of human error owing to use of AR and VR technology. The market economy is also responsible for the growth of the AR and VR in aviation market. Emerging countries in the region, such as India and China, are experiencing significant increases in the civil aviation market due to increase in demand for air travel. Thus, the aviation sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the aviation augmented and virtual reality market.
COVID-19 Impact Analysis
- 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 lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for aircraft components.
- As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for 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 precautionary measure. This led to a sudden decline in global demand for traveling, which has affected the aviation augmented and virtual reality market.
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KEY FINDINGS OF THE STUDY
- By technology, the non marker based segment is expected to register a significant growth during the forecast period.
- By type, the augmented reality segment is expected to register a significant growth during the forecast period.
- By component, the software and solutions segment is projected to lead the global aviation augmented and virtual reality market
- By end use, the civil segment is projected to lead the global aviation augmented and virtual reality market
- By function, the training segment is projected to lead the global aviation augmented and virtual reality market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
KEY FINDINGS OF THE STUDY
- By technology, the non marker based segment is expected to register a significant growth during the forecast period.
- By type, the augmented reality segment is expected to register a significant growth during the forecast period.
- By component, the software and solutions segment is projected to lead the global aviation augmented and virtual reality market
- By end use, the civil segment is projected to lead the global aviation augmented and virtual reality market
- By function, the training segment is projected to lead the global aviation augmented and virtual reality market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in this aviation AR and VR market are Aero Glass, Bohemia Interactive Simulations, Elbit Systems Ltd., Eon Reality, Future Visual, Fountx (TAE AEROSAPACE), Google Inc., HoneyWell International Inc., International Business Machines Corporation (IBM), Magic Leap Inc., Microsoft Corporation, Oculus VR, PTC Inc, Sita, Skylights, Inc., Sony Corporation, Upskill (TeamViewer).
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