The need for immersive technologies will reshape business
strategies and drive seamless integration across industries
LONDON, Jan. 30,
2025 /PRNewswire/ -- The global energy industry is
undergoing a transformation driven by decarbonisation and
decentralisation, leading to increased digitalisation and the
utilisation of extended reality (ER) technologies.
Over the past three years, the foundations of the virtual
reality (VR) and augmented/mixed reality (AR-MR) markets have
become stronger, with major companies investing billions of dollars
to stimulate the growth of these technologies.
Extended reality plays a crucial role in the energy sector's
digital transformation, offering users immersive experiences within
intricately designed 3D virtual environments. This integration of
immersive technology is changing how industry professionals
interact with complex data and processes, ultimately leading to
innovative solutions and improved efficiency in energy management
and operations.
A Growing Market with Extensive Potential for Partnerships
and Collaboration
Frost & Sullivan forecasts an impressive compound annual
growth rate (CAGR) of 49.4% in global VR/AR-MR market revenues from
2023 to 2028. This growth is fuelled by continuous advancements in
immersive technologies and the increase in both consumer and
business interest.
The full potential of industrial extended reality (XR) hardware
lies in its adaptability to diverse applications. Unlike consumer
solutions, industrial XR often requires customisation for specific
sectors, such as energy.
Collaboration across the industry is essential to unlocking this
potential. By developing specialised software development kits
(SDKs) and advanced functionalities, stakeholders can ensure
seamless integration of XR technologies into existing workflows and
infrastructure, driving innovation and efficiency across industrial
domains.
Seamless Integration of Cross-Industry Solutions
Integrating cross-industry solutions is crucial for successful
XR implementations in the power and energy sectors. Leveraging
advanced technologies such as AI analytics, digital twins, process
simulations, and XR platforms enables companies to simulate asset
operations in real time. This approach supports informed
decision-making, enhances operational efficiency, and mitigates
risks.
For instance, digital twins can facilitate the integration of
distributed energy resources (DER) into the grid, enhancing the
operation of generation and storage assets, and delivering enhanced
customer experiences. By adopting these innovative tools, the power
and energy sectors can drive greater resilience, sustainability,
and performance.
Lucrecia Gomez, Global Power
& Energy Research Director at Frost & Sullivan,
comments: "Our annual survey of IT decision-makers revealed that
58% of respondents possess a high or moderate level of expertise in
immersive digital services within the energy sector. As the
industry matures and the demand for ER continues to rise, the
visibility and adoption of these technologies will quickly increase
across organisations worldwide."
Gomez adds: "The majority of organisations (62%) are actively
engaged in small, medium, or large-scale trials and
proof-of-concept projects involving immersive digital services.
Among these technologies, mixed reality (MR) stands out, capturing
the highest level of interest, with 20% of respondents expressing
that they are very or extremely interested in its
applications."
Looking ahead, augmented reality (AR) and mixed reality (MR) are
expected to gain significant traction across various business use
cases, including data centres, oil and gas, solar photovoltaics,
and nuclear power, among others. These technologies hold immense
potential to drive innovation and efficiency in the energy
sector.
To stay ahead in the fast-expanding global VR/AR-MR
landscape, find out more about the growth
opportunities here.
Frost & Sullivan, the growth pipeline company, enables
clients to accelerate growth and achieve best-in-class positions in
growth, innovation, and leadership. The company's Growth Pipeline
as a Service provides the CEO and the CEO's Growth Team with
transformational strategies and best-practice models to drive the
generation, evaluation, and implementation of powerful growth
initiatives. Frost & Sullivan leverages over 60 years of
experience in partnering with Global 1000 companies, emerging
businesses, and the investment community from more than 40 offices
on six continents.
Contact:
Kristina Menzefricke
Marketing & Communications
Global Customer Experience, Frost & Sullivan
kristina.menzefricke@frost.com
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SOURCE Frost & Sullivan
