In a recent published report, Kenneth Research has updated the market report for Augmented reality for MRO market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Augmented reality for MRO market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Augmented reality for MRO Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
The global augmented reality for MRO market is valued at $403.3 million in 2018 and is expected to reach $3,319.0 million by 2024, growing at a CAGR of 42.1% during the forecast period 2018–2024.
Maintenance, repair, and overhaul (MRO) are among the most critical areas of the engineering industry and are crucial for industry growth and seamless operations. Globally, the MRO sector is witnessing a significant change that has redefined the industry outlook. The sustained overall economic and manufacturing growth continues to drive maintenance and repair demand in developed as well as developing economies. Globally, private and public enterprises, including SMEs as well as large enterprises, are focusing on attaining efficiency in MRO by accelerating the maintenance and repair activities through industry specialized augmented reality technology solutions. At the same time, the competitive intensity is increasing at both the market and the supply side.
In addition, there is a lack of industry standards, which is still in the development phase. In the digitally connected world, the augmented reality for MRO market has reported a significant growth and is presenting ample opportunities for the industry players. The augmented reality hardware and software solutions are used by organizations of all sizes (small, medium, and large) across aerospace, automobile, manufacturing, and oil & gas sectors.
Market Analysis:
the global augmented reality for MRO market is valued at $403.3 million in 2018 and is expected to reach $3,319.0 million by 2024, growing at a CAGR of 42.1% during the forecast period 2018–2024. The market is driven by demand from the US and Western European countries. The Western Europe market has the strongest hold due to the presence of various large and small-scale manufacturing-based industries. The US is driving the market due to the demand from industrial and commercial channels, especially aerospace, automobile, and manufacturing set-ups. The market in APAC is in its initial stages due to the lack of industry-specific augmented reality technology solutions and digital infrastructure in emerging economies that hampers the market growth.
Market Segmentation Analysis:
The study covers and analyzes the global augmented reality for MRO market by components, applications, industry verticals, and regions. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions. The regions covered include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading the market followed by Europe, and Asia Pacific is emerging in the market.
Regions and Vendors Analysis:
The report contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The key and prominent vendors covered in the report include PTC Inc., Google LLC, Microsoft Corporation, Apple Inc., Blippar.com Ltd., Atheer, Inc., and Upskill among many others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
Benefits:
The report encompasses the study of the augmented reality for MRO market by components such as augmented reality hardware and augmented reality software; by applications such as preventive & corrective maintenance, system surveys and audits, performance modeling and benchmarking, risk identification and management, and others; by industry verticals such as aerospace, automotive, manufacturing, oil & gas, utilities, and others. AR-based innovation has received a lot of traction in the last three years.
Augmented reality innovative software solutions and applications have a broad scope of use in MRO. For instance, augmented reality technology solutions enable companies with the potential to examine and monitor engine parts and can provide a preview of a running engine in motion, analyze airline maintenance operations among other applications with greater accuracy and efficiency. The evolution of technologies such as cloud computing, cognitive computing, and machine learning is paving the way for the growth of augmented reality for MRO. Furthermore, the report provides details about the major challenges impacting the market growth.
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Table of Contents
1 Executive Summary 10
1.1 High Dominance and High Growth Markets in Augmented Reality for MRO 11
2 Industry Outlook 13
2.1 Industry Snapshot 13
2.1.1 Industry Trends 13
3 Market Snapshot 15
3.1 Total Addressable Market 15
3.2 Segmented Addressable Market 15
3.2.1 PEST Analysis 16
3.2.2 Porter’s Five Force Analysis 17
3.3 Related Markets 19
4 Market Characteristics 21
4.1 Market Overview 21
4.2 Market Development and Technological Impact 21
4.3 Market Segmentation 22
4.4 Market Dynamics 23
4.4.1 Drivers 24
4.4.1.1 Extended reach in maintenance and repair 24
4.4.1.2 Fusion of technologies 25
4.4.1.3 Increasing business performance and capacity 25
4.4.2 Restraints 25
4.4.2.1 Complexity in development of industry-specific augmented reality technologies 25
4.4.2.2 Security concerns 26
4.4.2.3 Managing traditional networks 26
4.4.3 Opportunities 26
4.4.3.1 Growth of cloud computing technology 26
4.4.3.2 Software as a core strategy 26
4.4.3.3 Optimizing manufacturing set-ups uptime 27
4.4.3.4 Emerging economies 27
4.4.4 DRO – Impact Analysis 28
4.4.5 Key Stakeholders 29
5 Augmented Reality for MRO Market, By Component 30
5.1 Overview 30
5.2 Augmented Reality Hardware 31
5.3 Augmented Reality Software 33
6 Augmented Reality for MRO Market, By Application 35
6.1 Overview 35
6.2 Preventive & Corrective Maintenance 36
6.3 System Surveys and Audits 38
6.4 Performance Modeling and Benchmarking 39
6.5 Risk Identification and Management 41
6.6 Others 42
7 Augmented Reality for MRO Market, By Industry Vertical 45
7.1 Overview 45
7.2 Aerospace 46
7.3 Automotive 48
7.4 Manufacturing 49
7.5 Oil & Gas, Utilities 51
7.6 Others 53
8 Augmented Reality for MRO Market, By Geography 55
8.1 Overview 55
8.2 North America 56
8.2.1 DRO for North America 57
8.3 Europe 61
8.3.1 DRO for Europe 62
8.4 Asia-Pacific 65
8.4.1 DRO for Asia-Pacific 66
8.5 LAMEA 69
8.5.1 DRO for LAMEA 70
9 Vendors Profile 73
9.1 PTC Inc. 73
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