Virtual Reality in Aerospace and Defense Market to Rise at an Exponential CAGR of 37.9% by 2026; High Demand for Fully Immersive & Digitized Training Space to Propel Growth

The global virtual reality in aerospace and defense market size is projected to reach USD 5,840.7 million by 2026. It will grow remarkably owing to the rising demand for a fully digitized and immersive environment. This information is published in a report by Fortune Business Insights, 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.” As per the report, the market was USD 391.9 million in 2018. However, it will exhibit a CAGR of 37.9% during the forecast period between 2019 to 2026.

Rising Number of Virtual Reality Centers to Drive Growth

Virtual reality provides real-time visualization. It has been influencing the accessibility and maintainability of complex equipment. Furthermore, it has made flight check design, assembly planning, and other design processes more efficient and smooth, which in turn, is leading to productive manufacturing. Numerous companies across the world are establishing new centers for virtual reality in aerospace and defense industry. Embraer, an aerospace conglomerate based in Brazil, for instance, has set up its new virtual reality center and it consists of advanced graphic computer systems. They allow the technicians to visualize the structure of the aircraft through 3D models. All these factors would positively affect the virtual reality in aerospace and defense market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-vr-in-aerospace-and-defense-market-101703

Key Segments of Virtual Reality in Aerospace and Defense Market

• Component: As per component, the market is grouped into software, content, and hardware. Out of them, the hardware segment had a high share in 2018. It would lead the market as components, namely, controllers, head-mounted devices, and headsets are used more by the technicians and engineers to conduct research and development activities. The software segment is likely to grow at a considerable pace owing to the rising number of software development projects that the key players are working on. Also, content creation is one of the most vital foundations of virtual reality technology. It will boost growth of the content segment.


• Application: In terms of application, the market is segregated into design and manufacturing, training, passengers and entertainment, and maintenance and assistance. The training segment had acquired 30.9% virtual reality in aerospace and defense market share in 2018. It is expected to retain its position in the coming years owing to a rising need for training engineers to maintain and repair aircraft and their engines. The passengers and entertainment segment, on the other hand, will also exhibit growth owing to the requirement to offer top-quality service to the passengers.


• Geography: By geography, the market is divided into Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. North America had generated USD 136.3 million in the year 2018 in terms of revenue. It would exhibit growth in the coming years owing to the rising adoption of virtual reality technology. Asia Pacific is anticipated to grow at a remarkable CAGR owing to enhanced logistics and new trade relationships. Europe would showcase robust growth as there are several renowned companies operating in the region. Lastly, the Middle East and Africa would showcase a staggering CAGR on account of increasing investment by numerous organizations.

Key Market Players Aim to Gain Competitive Edge by Developing Novel Virtual Reality Solutions

The reputed industry giants, namely, Airbus, Lockheed Martin, and Boeing are investing huge sums in the development of virtual reality solutions. As there is a rise in the need for more engineers to repair the increasing number of aircraft, these companies are incorporating virtual reality to train their workforce. This is one of the virtual reality in aerospace and defense market trends that is likely to help the companies gain a competitive edge.

Fortune Business Insights profiles some of the prominent organizations operating in the virtual reality in aerospace and defense market. They are as follows:

• HTC Corporation


• Virtuix


• Microsoft


• Magic Leap, Inc.


• NVIDIA Corporation


• Unity Technologies


• EON Reality, Inc.


• Google


• NextVR, Inc.


• Sony


• WorldViz


• Facebook Technologies, LLC.


• Samsung


• Other key market players

Anduril Unveils its New Autonomous & Unmanned Aircraft Called Interceptor

October 2019: Anduril, a provider of artificial intelligence for real-world field conditions, successfully created headlines because of its virtual border wall technology. The company has recently launched Interceptor, its new unmanned, artificial intelligent-connected aircraft. It is specifically developed to detect targets and eliminate fixed-wing or rotary threats automatically in any given environment- be it day or night. It would provide an extra layer of security for military forces and protect significant infrastructure.

The virtual reality in aerospace and defense market is segmented as: