Augmented reality to grow to $30B by 2030

Augmented reality will gain in adoption in the next several years with global enterprise AR revenues are set to grow from $1 billion in 2021 to $77 billion in 2030, according to a GlobalData study.

In GlobalData’s report Augmented Realty (AR) in Power-Thematic Research, an increasing number of power equipment manufacturers are utilizing AR to improve operations in workforce training and assembling as part of this transformation. The technology improves the speed of the assembly process faster and reduces potential error. The use of AR in early product development by power equipment manufacturers allows designers to iterate concepts virtually and more flexibly from concept to prototype without incurring additional prototyping costs, according to a press release.

“While only a budding technology at present, AR will soon become essential for all power operators. Currently, only core power operators have adopted the technology which has allowed for key time and cost savings,” Daniel Clarke, analyst on the Thematic Research Team at GlobalData, said in the release. “A specialist AR vendor, which was a primary case study in the report, noted that their technology had helped a power company save $23 million with immediate effect and has ensured that these companies save on travel costs.”

Companies that have started adopting AR include EDF, Enel, Fortum, General Electric, Iberdrola and Siemens Gamesa, and more.

“The quality of the tailored hardware and software products offered by specialized AR vendors to energy companies should not be ignored. Power companies that have not yet adopted AR into their business strategy will be lagging behind their competitors,” Clarke said in the release. “The energy sector is unique in that equipment downtime can cause significant damage to the reputation of an energy company as customers will be rightly displeased when lights go out or bills go up. Therefore, the improvements in speed related to equipment maintenance are notable.”