DUBLIN--(BUSINESS WIRE)--The "Augmented Reality for MRO (Maintenance, Repair and Overhaul) Market - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
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 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 vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
Key Topics Covered:
1 Executive Summary
1.1 High Dominance and High Growth Markets in Augmented Reality for MRO
2 Industry Outlook
2.1 Industry Snapshot
2.1.1 Industry Trends
3 Market Snapshot
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.2.1 PEST Analysis
3.2.2 Porter'sFive force Analysis
3.3 Related Markets
4 Market Characteristics
4.1 Market Overview
4.2 Market Development and Technological Impact
4.3 Market Segmentation
4.4 Market Dynamics
188.8.131.52 Extended reach in maintenance and repair
184.108.40.206 Fusion of technologies
220.127.116.11 Increasing business performance and capacity
18.104.22.168 Complexity in development of industry-specific augmented reality technologies
22.214.171.124 Security concerns
126.96.36.199 Managing traditional networks
188.8.131.52 Growth of cloud computing technology
184.108.40.206 Software as a core strategy
220.127.116.11 Optimizing manufacturing set-ups uptime
18.104.22.168 Emerging economies
4.4.4 DRO - Impact Analysis
4.4.5 Key Stakeholders
5 Augmented Reality for MRO Market, By Component
5.2 Augmented Reality Hardware
5.3 Augmented Reality Software
6 Augmented Reality for MRO Market, By Application
6.2 Preventive & Corrective Maintenance
6.3 System Surveys and Audits
6.4 Performance Modeling and Benchmarking
6.5 Risk Identification and Management
7 Augmented Reality for MRO Market, By Industry Vertical
7.5 Oil & Gas, Utilities
8 Augmented Reality for MRO Market, By Geography
8.2 North America
8.2.1 DRO for North America
8.3.1 DRO for Europe
8.4.1 DRO for Asia-Pacific
8.5.1 DRO for LAMEA
9 Vendors Profile
9.1 PTC Inc.
9.3 Google LLC
9.4 Apple Inc.
10 Companies to Watch for
10.1 Blippar.com Ltd
10.2 Wikitude GmbH
10.3 Atheer, Inc.
10.5 Infinity Augmented Reality, Inc.
10.6 Magic Leap
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