Europe Augmented Reality & Virtual Reality In Manufacturing Market Size, Share & Industry Trends Analysis Report By Technology, By Device Type, By Component (Hardware, Software and Services), By Application, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Europe Augmented Reality & Virtual Reality In Manufacturing Market would witness market growth of 27.7% CAGR during the forecast period (2022-2028).
In the industrial sector, the technology could be utilized to assess a range of changes, identify harmful workplace conditions, and even visualize the final product. It allows manufacturers to offer more than digital characters, images, or material, including text, statistics, and information pertinent to the worker's current task. A worker may observe the operating temperature of a piece of equipment, indicating that it is too hot to touch with bare hands. An employee could be aware of everything going on around them, like the whereabouts of coworkers, the machinery that is malfunctioning, and prohibited areas inside a plant.
The increasing use of industrial robots in production promotes the need for augmented reality and virtual reality technology. Incorporating augmented reality (AR) into manufacturing and production procedures allows for the identification of errors and the provision of virtual help in real-time, both of which minimize production downtime. In turn, this is generating demand for augmented reality and virtual reality technology in the production process.
German manufacturing firms influence numerous high-value market niches, notably automobiles as well as semi-customizable machine tools. Moreover, they are not invulnerable to contest from low-wage developing economies, and in past few years, numerous large, internationally-oriented firms have detached themselves from the national institutional framework. They risk damaging Germany's renowned Mittelstand sector by doing so.
The Germany market dominated the Europe Augmented Reality & Virtual Reality In Manufacturing Market by Country in 2021; thereby, achieving a market value of $1.9 billion by 2028. The UK market is estimated to witness a CAGR of 26.6% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 28.6% during (2022 - 2028).
Based on Technology, the market is segmented into Augmented Reality and Virtual Reality. Based on Device Type, the market is segmented into Head-mounted Display, Head-up Display and Handheld Devices. Based on Component, the market is segmented into Hardware, Software and Services. Based on Application, the market is segmented into Product Design & Development, Safety & Training and Maintenance & Repair. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Microsoft Corporation, Vuzix Corporation, WorldViz, Inc., EON Reality, Inc., ESI Group, SkillReal Ltd., Kaon Interactive, Inc. and Solulab, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Augmented Reality
- Virtual Reality
By Device Type
- Head-mounted Display
- Head-up Display
- Handheld Devices
- Product Design & Development
- Safety & Training
- Maintenance & Repair
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Samsung Electronics Co., Ltd. (Samsung Group)
- Google LLC
- Microsoft Corporation
- Vuzix Corporation
- WorldViz, Inc.
- EON Reality, Inc.
- ESI Group
- SkillReal Ltd.
- Kaon Interactive, Inc.
- Solulab, Inc.
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