Strategic Intelligence: Augmented Reality in Energy

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. The analyst 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.

Report 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.

Reasons to Buy

• The analyst’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.