AR/VR Market for Energy & Utilities Sector Estimated to be $18B by 2022

Published by , November 12, 2018 1:50 pm

(Forbes.com) ABI Research recently put the total AR market for energy and utilities sector at $18 billion by 2022. Even now, AR and VR technologies are incrementally reducing maintenance downtime at energy and utilities sites, and cutting costs of mobilizing and sending specialized personnel to actual sites for the purpose of a mere inspection.
Automation vendors are claiming plant and output downtime reduction by as much as 30%, and as a domino effect an uptick in throughput by as much as 10 times over. Of course, such AR, VR and robotics-premised solutions constitute excellent news for an industry that has already cut costs across the board in the wake of the 2015-16 oil price slump in order to re-position itself to cope with lower oil prices.