Augmented Reality (AR) in Power – Thematic Research

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The global Augmented Reality (AR) market is valued at $11 billion in 2022. 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.

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.

Global AR market overview

Global AR market overview

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What is the impact of AR on the power industry?

There are several ways in which AR technology can improve equipment maintenance in the power sector. Firstly, AR smart glasses allow for equipment to be visually modified using 3D models in real-time. AR smart glasses and mobile equipment can also allow for the 3D imposition of relevant documents, which can help the worker understand the tools required to fix the issue, the maintenance history, and access asset user manuals.

AR technology that includes sensors can help employees detect faulty equipment sooner, reducing the risk of workers being injured by the equipment. AR solutions can allow workers to work remotely or subject matter experts to dial into video calls. This reduces the potential risk that workers take when fixing equipment in person. It also supports the provision of high-quality guidance, which, in turn, reduces the risk of an accident.

Due to the coming retirement of baby boomers working in the energy sector, power companies may struggle to find qualified workers and provide adequate training. AR technology allows for remote real-time access to experts. As a result, older experts who are close to retirement can train younger employees across a broader geographical landscape. This is especially useful for power companies, which often operate across international borders.

Real-time remote access to experts can help deal with the challenge of COVID-19. The airborne virus has disrupted the in-person training that the sector is used to and severely disrupted and complicated travel between and within countries. But the power companies that have invested in AR technologies will have somewhat mitigated these challenges since experts no longer need to be present to assist with training, equipment maintenance, or health and safety-related issues.

What are the different value chains of AR?

The value chains of AR can be divided into five segments: semiconductors, components, devices, platforms, and apps & content.

Semiconductors

Semiconductors are one of the key battlegrounds in AR today. Chipmakers are now striving to improve their existing capabilities to suit the evolving requirements of AR, mostly around screen resolution, frame rates, processing speed, and connectivity.

Components

Much of the major action in AR components is around 3D sensors, cameras, audio, displays, and batteries. These components come together for positional tracking, motion tracking, gesture recognition, and machine vision.

Devices

AR-enabling hardware comes in various forms, including smartphones, eyewear (AR smart glasses), and AR headsets. For consumer AR applications, smartphones are the most used platform, while enterprises typically prefer AR headsets and AR smart glasses, which offer a broader range of functions.

Platforms

Building an AR ecosystem by incorporating both hardware and software is essential for the long-term success of any company in this market. The five prerequisites for a successful AR ecosystem are application programming interfaces (APIs) & SDKs, AR engines – games, AR engines – enterprise, AI, and application delivery networks (ADNs) & content delivery networks (CDNs).

Apps & Content

Content is a major area of concern for AR companies. Snap, Meta, Tencent, and ByteDance have merged AR and eCommerce into their social media platforms, offering users the ability to try on products virtually. The ease of viewing products online, coupled with the ability to interact with those products, gives users a novel and immersive shopping experience.

Which are the key power companies associated with the AR theme?

The key power companies associated with the AR theme are EDF, Enel, Fortum, General Electric, Iberdrola, and Siemens Gamesa.

Which are the specialist AR vendors in the power industry?

The specialist AR vendors in the power industry are Arvizio, HeadApp, Kognitiv Spark, Librestream, PIXO, RealWear, RE’FLEKT, and VRMADA.

Market Report Scope

Market size (Year – 2022) $11 billion
Forecast period 2020-2030
Value chains Semiconductors, components, devices, platforms, and apps & content.
Key power companies EDF, Enel, Fortum, General Electric, Iberdrola, and Siemens Gamesa
Specialist AR vendors Arvizio, HeadApp, Kognitiv Spark, Librestream, PIXO, RealWear, RE’FLEKT, and VRMADA

Scope

  • This report focuses on augmented reality in power.
  • It identifies the key challenges facing the power sector and how AR can help overcome these challenges. It contains details of M&A deals driven by the augmented reality theme, and a timeline highlighting milestones in the development of augmented reality.
  • In addition, the report discusses possible AR applications in the power industry as well as the benefits to utilities.
  • The report also provides an overview of the competitive positions held by AR smart glass and headset providers, moreover, it includes major adopters of AR in the power sector. It also covers primary and secondary research case studies on how AR is being adopted in the power sector.

Reasons to Buy

The report provides:

  • A comprehensive analysis of the present scenario and emerging market trends in the power sector and how AR can help overcome challenges.
  • Insights of the leading players in the augmented reality theme and where do they fit in the value chain.
  • Extensive analysis of the augmented reality industry, AR disruption in the power sector, key mergers and acquisitions, and significant milestones in the journey of augmented reality.
  • Profiles of major market players within the AR industry and leading adopters of AR in the power sector, aid in interpreting the competitive outlook of this theme. It helps utilities to identify possible blind spots resulting from technology disruptions and market linkages to fully comprehend the risks and possibilities affecting their industry.

Apple
Samsung Electronics
Xiaomi
Huawei
BBK Electronics
Alphabet (Google)
Lenovo
Sony
Asus
Vuzix
Seiko Epson
Rokid
ThirdEye
nReal
Realmax
Xloong
Iristick
NuEyes
Toshiba
Microsoft
RealWear
Varjo
Magic Leap
Aryzon
EDF
General Electric
Siemens Gamesa
Enel
Fortum
Iberdrola
NTPC
SPIC
China Datang Corporation
NHPC

Table of Contents

| Contents

Executive Summary 3

Augmented Reality Value Chain 4

Semiconductors 5

Components 8

Devices 11

Platforms 12

Apps and content 15

Power Challenges 16

The Impact of Augmented Reality on Power 18

Case Studies 21

Data Analysis 24

Market size and growth forecasts 24

Mergers and acquisitions 27

Company filings trends 28

Hiring trends 29

Augmented reality timeline 31

Companies 32

Leading augmented reality adopters in power 32

Leading augmented reality vendors 33

Specialist augmented reality vendors in power 37

Sector Scorecard 39

Glossary 42

Further Reading 47

| Our Thematic Research Methodology 48

| About GlobalData 50

| Contact Us 51

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