Augmented and Virtual Reality in Aviation Market: Current Analysis and Forecast (2024-2032)

Report Description

Global Augmented and Virtual Reality in Aviation Market Size & Forecast

The Global Augmented and Virtual Reality in Aviation Market was valued at USD 527.55 million in 2023 and is expected to grow at a strong CAGR of around 49.04% during the forecast period (2024-2032) owing to rising demand for Augmented and Virtual Reality in Aviation in the spacecraft industry across the globe.

Global Augmented and Virtual Reality in Aviation Market Analysis

Augmented and Virtual Reality in Aviation are used for predictive maintenance, remote assistance, visualization of maintenance issues, training purposes, and flight simulation for realistic scenarios. These technologies have provided interactive modules for immersive training scenarios for engineers and technicians. Additionally, various safety procedures and real-time guidance for crew and ground staff can also be provided with the help of AI and VR technologies, which has caused the market to witness a sizeable growth in recent years.

The Global Augmented and Virtual Reality in Aviation Market was valued at USD 527.55 million in 2023 and is expected to grow at a strong CAGR of around 49.04% during the forecast period (2024-2032). One of the key factors that has remarkably supported the integration of the AR and VR solutions market in aviation is the integration of digital cockpits and head-up displays. These displays are integrated with the new generation of aircraft to overlay critical flight information such as navigation data, airspeed, engine temperature, fuel, and altitude directly in the pilot’s view. Many of the aviation companies have started integrating the head-Up displays to offer such functionality to provide a compressive field of view to the pilot and offer better situational awareness. For instance, in 2024, the government of Singapore announced its plans to purchase 8 new F35 aircraft. This purchase would be on top of an earlier 12 F35A aircraft purchase signed by the government of Singapore.

In another instance, in 2024, the government of Germany announced its plans to purchase 20 additional Eurofighter Typhoon aircraft (4.5 generation) by the end of 2025.

Global Augmented and Virtual Reality in Aviation Market Trends

This section discusses the key market trends that are influencing the various segments of the Global Augmented and Virtual Reality in Aviation Market as identified by our team of research experts.

AI and Machine Learning to Promote Predictive Maintenance

One of the key concerns of the aviation industry across the globe is timely maintenance and reducing the risk to a greater degree. With the advent of flight safety analytics and the integration of artificial intelligence and machine learning techniques, the ability to anticipate and mitigate possible risks has drastically been reduced. With the help of real-time data analysis, AI and machine learning can reduce the risk by providing predictive insights, which has earmarked its presence through its adoption by leading aircraft manufacturers. Airbus is one of the leading companies among these to adopt similar technologies as it uses Skywise, an open data platform that collects vast amounts of data from all the aircraft of Airbus, which helps to improve operational excellence by greater fleet operational performance and reliability.

With the growing need for predictive systems, AI diagnostics, and maintenance in the aviation industry, the demand for augmented and virtual reality in aviation in this particular category is anticipated to find rapid growth, subsequently improving its market in the coming years.

North America is Expected to Hold Major Market Share During Forecast Period

North America Augmented and Virtual Reality in the Aviation market has held the major market share across the globe. Some of the key factors that have contributed to the growth are the presence of the largest commercial and military aircraft fleet requiring maintenance, repair, and overhaul activities on a regular basis. The North American aviation industry is further anticipated to rise due to massive orders being placed by the leading aviation companies in recent years. For instance, in 2024, American Airlines ordered 260 new aircraft from Airbus, Boeing and Embraer. With the massive purchase, the airline is looking forward to expanding its international operations for trans-Atlantic operations.

Boeing is one of the key manufacturers that has a vast list of unfilled orders, YTD deliveries, etc. For instance, according to Boeing, total unfilled orders for 737, 767, 777, and 787 models were 4763, 96, 539, and 790 units till 5/31/2024.

Considering the vast unfilled orders that are to be delivered in the coming years, the demand for AI and VR technology services for maintenance and pilot training is anticipated to rise in the forecasted years, i.e., 2024-2032.

Global Augmented and Virtual Reality in Aviation Industry Overview

The Global Augmented and Virtual Reality in Aviation Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Microsoft Corporation, Google Inc., Eon Reality, Aero Glass, Honeywell International Inc., Sita, IBM, Bohemia Interactive Solutions, Oculus VR, and Elbit Systems Ltd.

Global Augmented and Virtual Reality in Aviation Market News

• In January 2024, the French government announced the purchase of 42 additional Rafale Jets with a total cost of USD 5.5 billion. The respective aircraft will be delivered between 2027 to 2032.
• In 2024, the government of the Czech Republic signed a deal with the government of the US to buy 24 new F35 jets. The total worth of the deal would be USD 6.6 billion, to be delivered between 2031 to 2035.

Global Augmented and Virtual Reality in Aviation Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Augmented and Virtual Reality in Aviation Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Augmented and Virtual Reality in Aviation Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Augmented and Virtual Reality in Aviation market were the three major steps undertaken to create and analyze the adoption of Global Augmented and Virtual Reality in Aviation in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Augmented and Virtual Reality in Aviation market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Global Augmented and Virtual Reality in Aviation market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Global Augmented and Virtual Reality in Aviation market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by technology, by function, by product, and by component. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Augmented and Virtual Reality in Aviation market. Further, we conducted factor analysis using dependent and independent variables such as by technology, by function, by product, and by component in the Global Augmented and Virtual Reality in Aviation market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Augmented and Virtual Reality in Aviation market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Augmented and Virtual Reality in Aviation market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Augmented and Virtual Reality in Aviation market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Global Augmented and Virtual Reality in Aviation market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Augmented and Virtual Reality in Aviation market. Data was split into several segments and sub-segments after studying various parameters and trends in the by technology, by function, by product, and by component in the Global Augmented and Virtual Reality in Aviation market.

The main objective of the Global Augmented and Virtual Reality in Aviation Market Study

The current & future market trends of the Global Augmented and Virtual Reality in the Aviation market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Global Augmented and Virtual Reality in Aviation market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of by technology, by function, by product, and by component.
• Define and analyze the regulatory framework for global augmented reality and virtual reality in the aviation industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Global Augmented and Virtual Reality in Aviation market for the major regions.
• Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
• Company profiles of the Global Augmented and Virtual Reality in Aviation market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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