Strategic Intelligence: Augmented Reality in Energy
Description
Strategic Intelligence: Augmented Reality in Energy
Summary
AR is transforming the energy sector by offering remote inspections, collaboration between experts and field workers, and new training methods. It has applications across the value chain for both the oil and gas and power industries.
AR will become a $87 billion market by 2030
Augmented reality (AR) is a technology that allows users to see the real world overlaid with digital data. GlobalData forecasts that the global AR market will grow from $29.9 billion in 2024 to $87.3 billion in 2030 at a compound annual growth rate (CAGR) of 20%. AR has key use cases in the energy sector that drive enterprise adoption. These include remote assistance for equipment maintenance, immersive training experiences, and improving health and safety. Despite this, AR adoption has fallen short of its initial hype, straining vendors financially and prompting Microsoft to discontinue its mixed reality HoloLens headset, used by major players such as Chevron and Shell.
AR is reducing equipment downtime
AR enables frontline workers to have hands-free calls with experts who can directly add annotations to equipment, reducing the need for experts to travel to different sites. AR can also provide access to documents and checklists for workers to follow, including the asset maintenance history. These features ensure equipment is up and running quickly, minimizing downtime and allowing workers to work efficiently.
AR aids in training new staff
An aging workforce in the energy industry is increasing the need to capture knowledge from existing workers and train new staff on complex equipment. AR helps new workers to practice skills in a low-risk environment using standardized procedures, with in-field documents and prompts that reduce common mistakes, building confidence. AR also enables live collaboration with remote experts who can guide them through tasks, strengthening training outcomes
The report covers how AR overcomes key challenges in the energy industry. These include equipment mainteance, training, health and safety, and an ageing workforce.
Scope
Summary
AR is transforming the energy sector by offering remote inspections, collaboration between experts and field workers, and new training methods. It has applications across the value chain for both the oil and gas and power industries.
AR will become a $87 billion market by 2030
Augmented reality (AR) is a technology that allows users to see the real world overlaid with digital data. GlobalData forecasts that the global AR market will grow from $29.9 billion in 2024 to $87.3 billion in 2030 at a compound annual growth rate (CAGR) of 20%. AR has key use cases in the energy sector that drive enterprise adoption. These include remote assistance for equipment maintenance, immersive training experiences, and improving health and safety. Despite this, AR adoption has fallen short of its initial hype, straining vendors financially and prompting Microsoft to discontinue its mixed reality HoloLens headset, used by major players such as Chevron and Shell.
AR is reducing equipment downtime
AR enables frontline workers to have hands-free calls with experts who can directly add annotations to equipment, reducing the need for experts to travel to different sites. AR can also provide access to documents and checklists for workers to follow, including the asset maintenance history. These features ensure equipment is up and running quickly, minimizing downtime and allowing workers to work efficiently.
AR aids in training new staff
An aging workforce in the energy industry is increasing the need to capture knowledge from existing workers and train new staff on complex equipment. AR helps new workers to practice skills in a low-risk environment using standardized procedures, with in-field documents and prompts that reduce common mistakes, building confidence. AR also enables live collaboration with remote experts who can guide them through tasks, strengthening training outcomes
The report covers how AR overcomes key challenges in the energy industry. These include equipment mainteance, training, health and safety, and an ageing workforce.
Scope
- This report provides an overview of AR and how it will impact the energy industry.
- The report predicts how AR in energy will evolve, including the key challenges it will solve.
- It includes selected case studies highlighting who is innovating in energy using AR technologies.
- The report also includes a comprehensive data analysis, including market size and growth forecasts for the AR market.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
- This report is essential for senior executives at energy companies to understand the critical benefits from integrating AR technology into their operations. Energy companies who fail to implement AR solutions will fall behind.
- In addition, the report identifies the leading AR adopters in energy, as well as specialist tech vendors in this space.
Table of Contents
41 Pages
- Executive Summary
- Players
- Value Chain
- The Impact of AR on Energy
- Oil and gas
- Power
- How AR helps tackle the challenge of an aging workforce
- How AR helps tackle the challenge of training the workforce
- How AR helps tackle the challenge of equipment maintenance
- How AR helps tackle the challenge of health and safety
- Case Studies
- AR aids ITER in identifying differences in designs and installations
- TotalEnergies uses RealWears AR headsets for remote assistance
- PLN has enhanced its grid inspections using AR and GIS
- Companies
- Leading AR adopters in energy
- Specialist AR vendors in energy
- Sector Scorecard
- Oil & gas sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Power Utilities Sector Scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- Our Thematic Research Methodology
- Report Authors
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Leading AR adopters in energy
- Table 2: Specialist AR vendors in energy
- Table 3: Glossary
- Table 4: Further Reading
- Table 5: Report Authors:
- List of Figures
- Figure 1: Key players in augmented reality
- Figure 2: The augmented reality value chain
- Figure 3: Thematic investment matrix
- Figure 4: Enterprises' use of AR dominates the market over consumer use
- Figure 5: ITER has used AR from Gamma AR to overlay designs onto installations
- Figure 6: TotalEnergies has adopted AR for remote collaboration
- Figure 7: PLN has used AR in its inspections for poles, lines, and substations
- Figure 8: Who does what in the integrated oil & gas sector?
- Figure 9: Thematic screen - Oil & gas sector scorecard
- Figure 10: Valuation screen - Oil & gas sector scorecard
- Figure 11: Risk screen - Oil & gas sector scorecard
- Figure 12: Who does what in the power utilities sector?
- Figure 13: Thematic screen - Power Utilities Sector Scorecard
- Figure 14: Valuation screen - Power Utilities Sector Scorecard
- Figure 15: Risk screen - Power Utilities Sector Scorecard
- Figure 16: Our approach to identifying the companies most likely to succeed in a sector over the next five years
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