The global virtual reality in aerospace and defense market size was USD 391.9 million in 2018 and is projected to reach USD 5,840.7 million by 2026, thereby exhibiting a CAGR of 37.9% during the forecast period. This information is published by Fortune Business Insights, in a report, titled, “Virtual Reality in Aerospace and Defense Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Application (Training, Maintenance Assistance, Design and Manufacturing, Passengers Entertainment), and Regional Forecast, 2019-2026.” The report provides elaborate information regarding the virtual reality in aerospace and defense market trends, growth drivers, obstacles, and other market-related challenges. It further highlights the sales and distribution channels available across all the regions to enhance top-line revenues.
Increasing Advancement in 3D Technology to Drive Growth
In the aerospace and defense equipment manufacturing processes, the 3D design has proven to be very beneficial. It has not only impacted the manufacturing process positively but also enhanced the performance of the aircraft. Besides, new technologies are introduced in the 3D design. It is aiding in opening doors to new opportunities for optimizing the production cost and time. Moreover, there have been rapid developments in virtual reality technology, which in turn, is giving rise to new applications in the aerospace and defense industry. Other than that, a seamless design process, tighter integration, and virtual assembly lines are likely to boost the virtual reality in aerospace and defense market growth during the forecast period.
Hardware Segment to Lead: Rising Usage to Conduct Research & Development Will Favor Growth
In terms of component, the market is grouped into content, hardware, and software. Amongst these, at present, the hardware segment possesses maximum virtual reality in aerospace and defense market share. The hardware includes head-mounted devices, virtual reality headsets, and controllers. All these components allow the technicians and engineers to conduct research and development activities in the equipment. The content segment, on the other hand, is anticipated to grow at a fast pace as content creation and network transmission are considered to be the base of virtual reality technologies. Lastly, the software segment would grow steadily as numerous companies are working towards developing new software solutions for the industry.
Key Market Players
Fortune Business Insights profiles some of the most reputed companies operating in the virtual reality in aerospace and defense market. They are as follows:
· Magic Leap, Inc.
· Unity Technologies
· Facebook Technologies, LLC.
· NVIDIA Corporation
· NextVR Inc.
· HTC Corporation
· EON Reality, Inc.
· Other key market players
Early Adoption of Virtual Reality Technologies to Augment Market in North America
The virtual reality in aerospace and defense market is geographically classified into Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Out of these, North America had generated USD 136.3 million in 2018 in terms of revenue. The region is expected to grow remarkably during the forthcoming years owing to the early adoption of virtual reality technology. Additionally, the presence of renowned organizations, namely, Sony, HTC, and Google would augment market growth in this region.
Asia Pacific is set to exhibit a significantly high CAGR on account of enhanced logistics, maturing open sky agreements, and the latest trade relationships. Apart from that, an urgent need for strengthening military equipment by utilizing modern facilities is leading to a rise in the adoption of virtual reality solutions in this region.
Qatar Airways & Rolls-Royce Implement Virtual Reality to Train Engineers
April 2019: The International Air Transport Association (IATA) declared that the number of passengers worldwide is set to double by 2036. It will reach 7.8 Billion. The industry is hence, facing a major challenge of training more engineers to repair and maintain the ever-increasing number of aircraft. To cope up with this challenge, Qatar Airways and Rolls-Royce are incorporating virtual reality into their engineering training programs. The engineers at Qatar Airways were the first ones to receive their training through the Trent XWB engine, Rolls-Royce’s pioneering engine.