Global AR VR in Oil and Gas Market Ecosystem By Products; By Components; By Raw Materials; By Region; By Application (Training & Simulation, Maintenance & Monitoring ), By Region, Forecast to 2027

The global AR VR in Oil and Gas Market Ecosystem was valued at US$ 106.7 Mn in 2018 and is expected to reach US$ XX Mn by the end of the forecast period, expanding at a CAGR of 27.40% during the forecast period. The capability of visualizing with improved digital elements has been one of the prime benefits offered by AR VR, and this technology has found a wide range of applications across several end-use industries. The oil & gas industry is among those industries that are rapidly adopting AR VR for enhancing their business processes. AR VR in the oil & gas industry helps in performing risky operational activities such as oil drilling in deep oceans. This keeps employees away from performing such risky operations.

Oil and gas companies use AR VR solutions to perform operations that reduces the turnaround time, are cost efficient, and saves a lot of time as well. Sensor-based connected devices such as rig monitoring equipment, generators, compressors and other forms of underground drilling equipment can use AR VR enabled applications embedded in them. This has allowed engineers to perform risky operations effectively, without the need to be physically present at the site and to receive real-time information on the equipment performance and health. Rig monitoring systems need to be checked at regular intervals such for performance issues like parts breakdown, overload, and/or performance lag, and AR VR enabled applications can effectively carry out such activities with a lesser turnaround time. Further, AR VR can also enhance the visual experience of the underground layout including vital components such as geological formation, structural faults, and seismic traces, among others. Using this information, geologists, production engineers, and field engineers can make real-time strategic decisions during drilling operations.

In addition to these, the immersive 3D view presented by AR VR helps in simulation and training in the oil & gas industry. Field engineers and process operators receive hands on expertise and enough knowledge of the entire process of production, drilling, transportation, and processing, without the need to be physically present at the site location. In the oil & gas industry, routine processes require long hours of dedicated work under risky conditions. Due to this, an in-depth training program is essential for these, which in turn has created several opportunities for AR VR in oil and gas market ecosystem.

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Ecosystem Snapshot: AR VR in Oil and Gas Market Overview

 

Based on products, head mounted displays accounted for the majority share in 2018 and is likely to display similar trends in the coming years as well. For training and simulation in the oil & gas sector, HMDs are considered a better option compared to other products, as they provide a heightened degree of realism for training and simulation applications. HMDs provide superior image quality and performance, and they are also rugged and lightweight. Large oil & gas corporations use HMDs for geolocation, especially when it comes to tracking tools and back-up components while working in closed and dark environments. Further, HMDs also aid in reducing the cost incurred during training programs. The use of smart glasses or helmets help workers receive on-the-job training from experts located elsewhere.

Augmented reality is widely used in the oil & gas industry for remote monitoring purposes. The mentor can see through the field engineer’s camera and can draw the operator’s field of view in order to collaborate on finding a solution to the problem. While VR headsets are considered ideal, as they provide the best learning experience, VR applications can be streamed to a handheld device as well. The full-scale implementation of AR VR, AI, and blockchain could add approximately US$ 1 Trn to the value of oil & gas corporations over the next 11 years.

AR VR in Oil and Gas Market Ecosystem: Segmentation

Application	Products	Components	Raw Materials	Offering
Training & Simulation	Head Mounted Displays	Sensors	Silicon	Solutions
Maintenance & Monitoring	Handheld Screens	Camera	GaN	Services
	Smart Glass	IMU	Glass
	AR Screens	Processor	Plastic
		Graphics (Cards)	SiC
		Audio IC’s	Metal
		Memory	Others
		Displays
		Modules
		Others

 

Global AR VR in Oil and Gas Market Ecosystem

Based on regions, the Middle East & Africa dominated the global market for AR VR in oil and gas in 2018. The Middle East is the world leader in the oil & gas industry. Several large oil and gas producers are located across the Middle East in countries such as Saudi Arabia, U.A.E, and Iraq. Saudi Arabia accounts for approximately 15% of the total oil output and is considered the world’s largest producer of oil, while Iraq is currently ranked the second largest producer of oil in the region. Saudi Aramco is planning five expansions - four for crude oil and one for natural gas, in order to boost the output of the Saudi Arabian economy. The company’s MSC capacity was measured at 12 Mn barrels per day in 2018. However, the new expansion is expected to add 1.45 Mn barrels per day as the additional capacity. Such expansions are expected to boost the market for AR VR in the oil & gas market ecosystem in Saudi Arabia in the coming years.

North America is considered a lucrative region for this market as well, with the U.S. spearheading the growth of this industry in North America. It is expected that the complete penetration of AR VR could add US$ 1.5 Trn to the global economy, giving it a tremendous boost. The U.S., China, and Japan are expected to be the major contributors to the GDP boost at US$ 537 Bn, US$ 183.3 Bn, and US$ 143.2 Bn respectively. Further, AR VR solutions are expected to create immense job opportunities in countries such as China, the U.S., Germany, Japan, and the U.K.

AR VR in Oil and Gas Ecosystem: Market Statistics Glimpse

There are many trends that are having an impact on the AR VR in Oil & Gas Ecosystem market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.

AR VR In Oil and Gas Market Ecosystem: Key Players

Company	Ecosystem Positioning	Total Revenue	Industry	Region
Microsoft Corporation	Product Manufacturer	$110.4 Billion	AR VR Industry	Global
Google LLC	Product Manufacturer	$136.22 Billion	AR VR Industry	Global
Lenovo	Product Manufacturer	$14 Billion	AR VR Industry	Global
HTC Corporation	Product Manufacturer	$0.73 Billion	AR VR Industry	Global
Facebook	Product Manufacturer	$55 Billion	AR VR Industry	Global

 

Very few markets have the interconnectivity with other markets like AR VR. Our Interconnectivity module focuses on the key nodes of heterogenous markets in detail. Smart Sensors, Head Mounted Displays, Silicon, and Smart Glass are some of our key researched markets

AR VR in Oil and Gas Market Ecosystem Major Interconnectivities

 

Global AR VR in Oil and Gas Market Ecosystem: Key Trends

Trends	Application	Products
An increase in the use of augmented reality headsets by employees at drilling platforms, in order to repair oil rigs faster and more efficiently. This helps organizations in improving efficiency and reducing operation costs	Maintenance & Monitoring	Head-Mounted Displays

 

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