The global AR and VR in aerospace and defense were US$3.9 billion in 2018 and are projected to reach US$5.8 billion by 2026, exhibiting a CAGR of 37.9% during the forecast period. Engineers and designers in the aerospace and military sectors realized the usefulness of augmented reality in the early stages of the platform and system development. The ability to prototype and manufacture new equipment using AR and VR substantially speeds up the prototyping and development process, saving time for the development of new products. NASA is using AR technology developed by Lockheed Martin to fasten the construction of the Orion spacecraft. Engineers can also use AR to investigate and address technical issues such as wiring issues, design challenges, and so on.
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.
North America is expected to be the largest 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.
Key companies covered in the virtual reality (VR) in aerospace and defense market research reports are Unity Technologies, Microsoft, Google, Sony, HTC Corporation, Samsung, Facebook Technologies, LLC., EON Reality, Inc. Magic Leap, Inc., WorldViz, NextVR Inc., NVIDIA Corporation, Virtuix, among others.
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