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Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Overview
Augmented Reality and Virtual Reality (AR/VR) in Aviation Market Size is expected to reach USD 77 Million by 2030, registering a CAGR of 61.1% during 2020-2030.
Drivers
Increasing Adoption in Military Sector to Boost Market Growth
The increasing adoption of AR and VR technology in the military sector will boost market growth over the forecast period. The growing use of aviation augmented and virtual reality in the military sector is one of the key aviation augmented and virtual reality market trends. This technology is being used to reduce costs, visualize navigation systems, and enhance combat aircraft handling abilities.
Opportunities
Growing Demand in Civil Aviation Industry to offer Robust Opportunities
The growing demand for AR and VR in the civil aviation industry will offer lucrative opportunities for this market in the forecast period. The growth of the aviation augmented, and virtual reality industry is driven by the rising demand for commercial aircraft and the heavy reliance on aviation to facilitate practical training. The rise in domestic and international travellers is raising the safety and quality standards of the civil aviation industry, further fuelling the need for aviation augmented and virtual reality. Additionally, a digital transformation across civil aviation has changed skill development and training procedures. This is also contributing to the demand for augmented and virtual reality in aviation.
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Restraints and Challenges
Rise in Cyber Threats to act as Market Restraints
The rise in cyber threats & the growing security issues may act as market restraints over the forecast period.
Besides, the COVID-19 impact may also impede market growth.
Market Segmentation
The global AR and VR in aviation market is bifurcated based on vertical, application, component, product, function, and technology.
By vertical, civil will lead the market over the forecast period.
By application, on-board will domineer the market over the forecast period.
By component, hardware will spearhead the market over the forecast period.
By product, head mounted displays will head the market over the forecast period.
By function, training will spur the market over the forecast period.
By technology, AR will command the market over the forecast period.
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Regional Analysis
North America to Head AR and VR in Aviation Market
North America is expected to lead the Augmented & Virtual Reality in Aviation Market with the largest share from 2022-2027. This is mainly due to the presence of major market players in the region that are actively involved in developing augmented & virtual reality solutions and integrating them into the aviation industry. North America is one of the early adopters of advanced technologies and has a large aircraft fleet. The growing number of partnerships, collaborations, and acquisitions among key players in the region and the increasing efforts by major countries to strengthen their aviation sectors are other important factors that are likely to drive growth in this regional market in the coming years.
Key Players
Prominent players in the AR and VR in aviation market report include Microsoft Corporation (US), EON Reality (US), Google Inc. (US), Aero Glass (US), Upskill (US), Sita (Switzerland), HTC (Taiwan), Bohemia Interactive Simulations (US), Oculus VR (US), Skylights Aero (US), Magic Leap Inc. (US), PTC Inc. (US), Future Visual (UK), Jasoren (US), Atheer Inc. (US), Elbit Systems Ltd (Israel), HoneyWell International Inc. (US), Sony (Japan), and IBM Corporation (US).
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