Worldwide Industrial Wearables Market by Device Type, Industry, Component & Region - Forecast to 2024
DUBLIN, Dec. 12, 2019 /PRNewswire/ -- The "Industrial Wearables Market by Device Type (AR Glasses, VR Headsets, Smartwatches, Smart Bands), Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Power & Energy), Component, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024, recording a CAGR of 50.2%.
The report defines, describes, and forecasts the industrial wearables market based on device type, component, industry, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial wearables market. It also analyzes competitive developments such as product launches & developments, expansions, agreements, partnerships, collaborations, and acquisitions carried out by the key players to grow in the market.
Increasing adoption of AR and VR devices in the automotive industry to drive the growth of industrial wearables market
Growth of the industrial wearables market includes a high requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology especially in the production area and VR technology in specifically in training domain, and technological advancements and automation in manufacturing plants are driving the growth of the industrial wearables industry. However, constraints such as data security and privacy issues may hinder the market growth.
Based on industry, automotive industry captured largest market share in 2018
Vehicle manufacturing is an important phase in automotive wherein industrial wearables play a vital role. Manufacturing involves the assembly of hundreds or thousands of individual components appropriately and as fast as possible in a precisely coordinated sequence. Assembling such components is a tedious task that requires numerous instructions to be followed. Using AR, instructions can be projected onto a display.
In repair and maintenance, wearables can be used to troubleshoot repairs and execute real-time communication with engineers. The adoption of industrial wearables in the automotive industry not only reduces the production time and decreases the development cost but also ensures efficient production planning, accurate production, and quality improvement & assurance. The aforementioned factors drive the demand for industrial wearables in the automotive industry.
APAC to record the highest growth rate in industrial wearables market during the forecast period
APAC is expected to be the fastest-growing market for industrial wearables owing to the factors such as government initiatives including Made in China 2025 that support the adoption of industrial IoT and smart manufacturing technologies, government support for the adoption of advanced communication technologies including 5G, and use of AR glasses and other wearables in automotive and other critical industries to increase productivity while reducing operational costs.
Investments by Chinese players in AR technology is also expected to drive the industrial wearables market in APAC. For instance, in 2016, Magic Leap (US) raised USD 794 million in a Series C round of funding, which was led by Alibaba (China). Moreover, players in the industrial wearables market invest significantly in R&D activities. For instance, in 2018, Huawei published a patent - Eyeglass Frame, which shows that the pair of AR glasses can be connected to a smartwatch, in the database of the World Itellectual Property Organization (WIPO).
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Industrial Wearables Market 4.2 Market, By Device Type 4.3 Market in North America, By Device Type and Industry 4.4 Country-Wise Growth Rate of Market
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 High Requirement for Effective Communication and Collaborative Working Environment 5.2.1.2 Increased Interests of Enterprises in Utilizing AR Technology Especially in Production ARea and VR Technology in Specifically in Training Domain 5.2.1.3 Technological Advancements and Automation in Manufacturing Plants 5.2.2 Restraints 5.2.2.1 Data Security and Privacy Issues 5.2.3 Opportunities 5.2.3.1 Rising Trend of Industry 4.0 and Smart Manufacturing 5.2.3.2 Growing Significance of Wearables in Warehouse Applications 5.2.4 Challenges 5.2.4.1 Dearth of Skills and Expertise to Manage Connected Devices
6 Industrial Wearables Market, By Device Type 6.1 Introduction 6.2 AR Glasses 6.2.1 AR Glasses to Lead Market During 2019-2024 6.3 VR Headsets 6.3.1 VR Headsets are Used Primarily to Ensure Smooth Conduction of Employee Training 6.4 Smartwatches 6.4.1 Industrial Smartwatches Send Alerts About Required Tasks to Be Done and Improve Product Quality By Providing Accurate Information to Workers 6.5 Smart Bands 6.5.1 Smart Bands Help in Effective Management of Workers' Health and Safety 6.6 Others 6.6.1 Smart Clothing 6.6.2 Wearable Cameras
7 Industrial Wearables Market, By Component 7.1 Introduction 7.2 Processors and Memory Modules 7.2.1 Processors and Memory Modules Likely to Command Market in Coming Years 7.3 Optical Systems and Displays 7.3.1 Oled Displays Gaining Traction for Wearables 7.4 Electromechanicals, Cases, and Frames 7.4.1 Electromechanical Components Ensure Support and Rigidity of Devices 7.5 Touchpads and Sensors 7.5.1 Touchpads and Sensors Ensure Smooth Monitoring of Different Health Parameters and Functioning of Wearable Devices 7.6 Connectivity Components 7.6.1 Connectivity Components are Critical for Transmitting Data to Different Devices 7.7 Camera Modules 7.7.1 Increased Application of Camera Modules in Different Industrial Wearables 7.8 Others
8 Applications of Industrial Wearables 8.1 Introduction 8.2 Field Repair Services 8.3 Operation and Assembly 8.4 Employee Monitoring 8.5 Warehouse Management 8.6 Emergency Response 8.7 Employee Training
9 Industrial Wearables Market, By Industry 9.1 Introduction 9.2 Automotive 9.2.1 Increasing Adoption of New Technologies to Improve Productivity and Quality Drives Market Growth 9.3 Aerospace & Defense 9.3.1 Need for Real-Time Assistance in Complex Assembly Operations Drives Demand for Industrial Wearables 9.4 Manufacturing 9.4.1 Industrial Wearables are Used to Reduce Downtime and Enhance Operational Efficiency 9.5 Oil & Gas 9.5.1 Critical Industries Require Safe Working Environment to Ensure Proper Functioning 9.6 Power & Energy 9.6.1 Growing Use of Wearable and AR Technologies to Increase Productivity and Reduce Workplace Hazards Augments Market Growth for Power & Energy 9.7 Chemicals 9.7.1 Rising Adoption of Industrial Wearables to Streamline Supply Chain Accelerates Growth of Market for Chemicals Industry 9.8 Others
10 Geographic Analysis 10.1 Introduction 10.2 North America 10.2.1 US 10.2.1.1 Presence of Leading Providers of Industrial Wearables in Country to Propel Market Growth 10.2.2 Canada 10.2.2.1 Adoption of Modern Technologies By Process and Discrete Industries to Provide Growth Opportunities to Canadian Market for Industrial Wearables 10.2.3 Mexico 10.2.3.1 Implementation of Cutting-Edge Technologies to Create Prospects for New Technologies 10.3 Europe 10.3.1 Germany 10.3.1.1 German Automotive Industry, Being Early Adopter of Advanced Technologies, to Boost Growth of Industrial Wearables Market 10.3.2 UK 10.3.2.1 Deployment of Smart Manufacturing and Industry 4.0 Technologies in Different Industries to Create Opportunity for Market 10.3.3 France 10.3.3.1 Aerospace Industry in France Creates Ample Opportunities for Players in Industrial Wearables Market 10.3.4 Italy 10.3.4.1 Collaborations and Strategic Partnerships Within Different Government Bodies Provide Chance to Italian Market to Grow 10.3.5 Rest of Europe 10.4 APAC 10.4.1 China 10.4.1.1 Need to Adopt Effective Automation Strategy and Government Support to Facilitate Industrial Revolution Would Accelerate Demand for Industrial Wearables 10.4.2 Japan 10.4.2.1 Automotive, Consumer Electronics, and Industrial Sectors Likely to Contribute Most to Market Growth in Japan 10.4.3 India 10.4.3.1 Digital Transformation of Industries to Boost Industrial Wearable Market Growth in India 10.4.4 South Korea 10.4.4.1 Government Support to Modernize Manufacturing Industry Open Doors for Market 10.4.5 Rest of APAC 10.5 RoW 10.5.1 South America 10.5.1.1 Adoption of Technologies for Improving Industrial Supply Chain to Create Demand for Industrial Wearables 10.5.2 Middle East & Africa 10.5.2.1 Implementation of Advanced Technologies in Oil & Gas and Mining Industries Offer Opportunity to Market
11 Competitive Landscape 11.1 Overview 11.2 Market Ranking Analysis 11.2.1 Product Launches 11.2.2 Agreements, Partnerships, and Collaborations 11.2.3 Expansions 11.2.4 Acquisitions 11.3 Competitive Leadership Mapping 11.3.1 Visionary Leaders 11.3.2 Dynamic Differentiators 11.3.3 Innovators 11.3.4 Emerging Players 11.4 Strength of Product Portfolio 11.5 Business Strategy Excellence
12 Company Profiles 12.1 Introduction 12.2 Key Players 12.2.1 Microsoft 12.2.2 Google 12.2.3 Epson 12.2.4 Vuzix 12.2.5 Magic Leap 12.2.6 Apple Inc. 12.2.7 Fujitsu 12.2.8 Honeywell 12.2.9 Oculus VR (Facebook) 12.2.10 Samsung Electronics Co. Ltd. 12.3 Right to Win 12.4 Other Key Players 12.4.1 Asus 12.4.2 Fitbit 12.4.3 Fossil 12.4.4 HTC 12.4.5 Olympus 12.4.6 Optinvent 12.4.7 RealWear 12.4.8 Thirdeye 12.4.9 Workerbase 12.4.10 Zepcam
For more information about this report visit https://www.researchandmarkets.com/r/g0imr4
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