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 Intellectual 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
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article