In a recent published report, Kenneth Research has updated the market report for Augmented Reality for MRO Market for 2024 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 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. 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 2024 till March 2024 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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In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2024. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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:
According to Research, 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.
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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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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.
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