Market Research Report
Augmented Reality (AR) in Power - Thematic Research
|Augmented Reality (AR) in Power - Thematic Research|
Published: March 31, 2022
Content info: 51 Pages
Delivery time: 1-2 business days
AR is a useful solution that will become a gamechanger. The power sector is facing several challenges over the coming years. The COVID-19 pandemic has put a significant strain on finances and on the ability of power companies to carry out their day-to-day operations. These issues, exacerbated by the sector's aging workforce and inadequate field worker training, make equipment maintenance and inspection more difficult. Augmented reality (AR), albeit a nascent technology, offers contemporary solutions to these problems. AR will also enable the first practical uses of the enterprise metaverse. Although this is known to be a consumer-led platform, an enterprise metaverse will have applications across use cases such as remote collaboration, training, equipment maintenance, and digital twins. Remote technology for a newly adapted remote world The technology is improving quickly, with the global revenue for enterprise AR set to grow exponentially from $1 billion in 2021 to $77 billion in 2030. Enterprise AR accounted for only 12% of the total revenue share in 2021 but this will increase to 65% in 2030 as enterprise AR becomes increasingly useful. The COVID-19 pandemic has accelerated digitalization as many employees were forced to work from home. This, in turn, made AR technology more useful and thus a more obvious investment decision for companies in the power sector. In sum, AR offers the power sector several advantageous use cases, mainly concerning improving efficiency and safety by speeding up the equipment maintenance schedule and ensuring experts are on hand to assist via remote AR. The key use cases for power utility companies include employee training, improving health and safety, and equipment assembly, inspection, and maintenance.
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