Report: AR Industry May Disrupt Future Oil & Gas Operations

Report: AR Industry May Disrupt Future Oil & Gas Operations

Worth nearly $4 billion in 2018, the global AR market is expected to reach $76 billion by 2030, growing at a compound annual growth rate (CAGR) of 24%, it said.

Early adopters of the technology have seen use cases within inspection and maintenance, monitoring applications, employee training and on-field worker safety within the energy sector, stated GlobalData in its latest thematic report, Augmented Reality in Oil and Gas.

There are notable improvements in both the hardware and software space within AR technology, and this is reflected in the growing number of use cases, it added.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, said: "The growing use of wearable devices, smartphones and tablets in the oil and gas industry is making it conducive for the adoption of AR applications in the industry."

"Combining AR