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Augmented and virtual reality (AR/VR) technologies are revolutionizing the manufacturing industry, driving significant market growth. Here’s an overview of the current trends, future projections, and key players in this dynamic field.

Market Growth and Projections

• 2023-2024 Growth: The market for AR/VR in manufacturing is set to grow from $10.09 billion in 2023 to $13.14 billion in 2024, with a CAGR of 30.2%.
• Future Projections: By 2028, the market is expected to reach $38.19 billion, growing at a CAGR of 30.6%.

Key Growth Drivers

• Technological Advancements: Improvements in hardware and software technologies are driving AR/VR adoption.
• Digitalization: The manufacturing sector is increasingly embracing digital transformation.
• Application Expansion: AR/VR is being used for plant optimization, workforce training, and simulative applications.
• Industry 4.0: The penetration of the fourth industrial revolution is boosting demand for AR/VR technologies.

Future Trends in AR/VR in Manufacturing

Technological and Market Developments

• Smartphones and Compatible Devices: Increased adoption of smartphones and availability of AR/VR headsets.
• Government Initiatives: Rising government support for technological advancements.
• Quality Management: Enhanced quality management processes through AR/VR technologies.

Key Trends

• Industrial Automation: Integration of AR/VR with automation technologies to enhance operational efficiency.
• Repair and Maintenance: Simplified and more efficient repair processes using AR/VR.
• Quality Control: Improved quality control and management through real-time data visualization.

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Synergy of Industrial Automation and AR/VR

Integration with Industrial Automation

• Automation Benefits: Automation uses control systems and technologies to optimize manufacturing processes.
• Enhanced Insights: AR/VR provides real-time data overlays on physical equipment, aiding in performance monitoring and maintenance.
• Proactive Decision-Making: Operators can make informed decisions to optimize manufacturing processes.

Industry Adoption

• Industrial Robots: A significant increase in industrial robot installations, enhancing automation (517,385 new robots installed in 2021).

Major Companies in the Market

Leading Players

• Apple Inc.
• Google LLC
• Panasonic Holdings Corporation
• Samsung Group
• Microsoft Corporation
• Sony Group Corporation
• Novac Technology Solutions
• Intel Corporation
• Lenovo Group Limited
• Continental AG
• Xiaomi Corporation
• Seiko Epson Corporation
• HTC Corporation
• PTC Inc.
• Magic Leap Inc.
• Worldviz Inc.

Innovations in AR/VR for Manufacturing

Smart Glasses

• Z100 Smart Glasses: Vuzix Corporation launched Z100 smart glasses in January 2024.
  • Features:
    • Hands-free, wearable computers with transparent displays.
    • Battery life up to 48 hours.
    • Lightweight design (35 grams).
    • Advanced optics and microdisplay engine.
    • Provides real-time information from Android or iOS devices.
  • Applications: Language translation, navigation, health tracking, workflow updates.

Strategic Acquisitions

• Apple and Mira: In June 2023, Apple acquired Mira to bolster its AR technology capabilities.
  • Purpose: Strengthen commitment to AR technology and expand influence in the manufacturing sector.

Market Segmentation

By Component

• Hardware
• Software
• Services

By Technology

• Augmented Reality
• Virtual Reality

By Device Type

• Head-Mounted Display
• Head-Up Display
• Handheld Devices

By Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises

By Application

• Product Design and Development
• Safety and Training
• Maintenance and Repair

Regional Insights

• Largest Market: North America led the market in 2023.
• Fastest-Growing Region: Asia-Pacific is expected to experience the fastest growth in the forecast period.

The augmented and virtual reality market in manufacturing is poised for continued exponential growth, driven by technological advancements, industry digitalization, and strategic collaborations. As AR/VR technologies become more integrated with industrial automation, the future of manufacturing looks increasingly innovative and efficient.

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The Augmented And Virtual Reality in Manufacturing Global Market Report 2024  provides an overview of the augmented and virtual reality in manufacturing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The augmented and virtual reality in manufacturing market forecast analyzes augmented and virtual reality in manufacturing market size, augmented and virtual reality in manufacturing market share, leading competitor and their market positions.

The Table Of Content For The Augmented And Virtual Reality in Manufacturing Market Include:
1. Augmented And Virtual Reality in Manufacturing Market Executive Summary
2. Augmented And Virtual Reality in Manufacturing Market Segments
3. Augmented And Virtual Reality in Manufacturing Market Size And Augmented And Virtual Reality in Manufacturing Market Growth Rate
4. Key Augmented And Virtual Reality in Manufacturing Market Trends
5. Major Augmented And Virtual Reality in Manufacturing Market Drivers
……
25. Key Mergers And Acquisitions In The Augmented And Virtual Reality in Manufacturing Market
26. Top Augmented And Virtual Reality in Manufacturing Companies
27. Augmented And Virtual Reality in Manufacturing Market Opportunities And Strategies
28. Augmented And Virtual Reality in Manufacturing Market, Conclusions And Recommendations
29. Appendix

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