Augmented Reality in Energy and Utilities Market: Recent Industry Developments and Growth Strategies Adopted by Players

New digital technologies are ensuring that companies extract more energy more efficiently and with less impact on the environment. Augmented reality (AR) allows users to view their environments inversely by assimilating the digital content with the real world. Several players operating in the energy & utilities industry identify that strategic implementation of augmented reality not only enhances the customer experience, but also streamlines business operations. The impact of virtual and augmented reality on the energy industry is high. The ability of augmented reality (AR) to enhance workers’ safety and protect equipment addresses the priority of safety emphasized in the energy & utilities industry.

AR facilitates enhanced visualization of pipelines in concrete, underground assets or any complex modules, which aids in escaping breaks while digging. It also identifies dangerous leaks and reduces accidents. Thus, employee safety is maintained along with reduction in errors and total downtime. The use of digital technologies by organizations in the energy & utilities sector is expected to reduce capital expenditures by up to approximately 20%. AR devices complement the reality, thereby permitting the wearer to circumnavigate, change, and accomplish work-related procedures and duties without any obstacles.

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The energy & utilities industry faces lack of skilled workers and aging workforce, which may result in knowledge loss. AR aids field workers by connecting them with remote experts that can provide real-time guidance. Thus, increasing demand by enterprises to optimize businesses and enhance workforce security is expected to contribute significantly to the augmented reality in energy and utilities market during the forecast period. Use of augmented reality in the energy sector considerably improves work; simplifies knowledge transfer; and reduces costs.

It facilitates operational efficiencies. Various energy associations are investing large amounts in understanding the application of AR in the energy & utilities industry. For instance, The Electric Power Research Institute (EPRI) has partnered with Duke Energy, installing Atheer’s AR platform to demonstrate benefits of AR application in terms of enhanced productivity and safety led by hands-free data access. Expedited equipment maintenance offered by AR is also likely to drive the augmented reality in energy and utilities market during the forecast period.

However, lack of awareness regarding the implementation of software and unavailability of skilled individuals are expected to restrain the augmented reality in energy and utilities market during the forecast period. Implementation of AR in the energy & utilities industry can help companies streamline their operations; raise the overall safety level; and considerably reduce their operating expenses.

The global augmented reality in energy and utilities market can be segmented based on component, and region. Based on component, the augmented reality in energy and utilities market can be divided into hardware and software. The software segment can be sub-divided into cloud and on premise. In terms of region, the global augmented reality in energy and utilities market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global augmented reality in energy and utilities market during the forecast period, as the region is witnessing significant adoption of latest technologies.

Use of AR in the energy & utilities industry is helping reduce maintenance downtime at energy and utilities sites and reduces the costs of initiating and directing specialized workforces to actual sites for the purpose of a mere inspection. A large number of players are venturing into the augmented reality in energy and utilities market.

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Key players operating in the global augmented reality in energy and utilities market include Remote Technologies Inc., DAQRI, InnoCentive, Inc., and Vuzix. Key players are adopting various growth strategies such as mergers & acquisitions, partnerships, R&D, and product innovations so as to remain competitive in the augmented reality in energy and utilities market. For instance, in April 2018, Zpryme announced a collaboration with Austin Energy to release virtual and augmented reality applications (VR/AR apps), which are expected to transform the method by which retailers inform customers about energy in the next few years.