Augmented Reality for MRO Market Revolutionary Scope the COVID-19

Last week, Eurowire reported on the Augmented Reality for MRO (maintenance, repair, and overhaul) Market Overview. MRO are among the key aspects of engineering, important for smooth operations and industry growth. The report provides an opportunity for key industry players to understand current market scenarios, government initiatives, latest trends, and technologies related to the market.

Currently, the global MRO sector is significantly changing; manufacturing and economic growth is fuelling the demand for repair and maintenance. These activities are being accelerated via Augmented Reality solutions to attain MRO efficiency in global, independent, private, and public enterprises. Industry standards are still in the development phase, but AR for the MRO market is expanding and providing opportunities for industry players.

Key points mentioned from the report include:

  • AR for MRO market was worth $403.3 million in 2018, and is estimated to reach $3319 million by 2024
  • The Western Europe AR market has the largest presence, with the US driving the market
  • AR-based innovation has gained traction in the past 3 years
  • AR software solutions have a broad scope of use in MRO
  • Example use case: AR solutions provide businesses with the ability to monitor and examine engine parts, allow for a motion preview of a running engine, and analyse airline maintenance operations
  • AR applications enable greater efficiency and accuracy
  • Technologies such as machine learning, cognitive computing, and cloud computing are allowing for the growth of AR for MRO

The global AR market is analysed by applications, regions, components, and industry verticals. The applications are: system surveys and audits, risk identification and management, performance modelling and benchmarking, and preventive and corrective maintenance. Regions covered include: North American, Europe, Asia Pacific, Latin America, Middle East, and Africa. The components are separated into AR hardware and AR software. Industry verticals focused on in the report are: manufacturing, automotive, utilities, oil and gas, and aerospace.

Key vendors, identified based on geographical presence, marketing and distribution, portfolio, significant events, and revenue generation, mentioned in the report include:

  • AREA Member PTC Inc.
  • AREA Member Atheer, Inc.
  • AREA Member Upskill
  • Microsoft Corporation
  • Google LLC
  • Apple Inc.
  • Ltd.
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