The global augmented reality (AR) market will reach $37 billion by 2025. While the application of augmented reality in the oil and gas sector is still in its early stages, this technology has the potential to significantly disrupt the industry within the next few years. The wider digitalization of the oil and gas industry will streamline operations, rewarding innovative companies with an edge over their competitors.

Oil and gas companies are increasingly realizing the potential for AR to improve the efficiency of their operations. AR’s ability to facilitate remote assistance saves machine downtime and lengthy maintenance visits to sites. AR devices that are safe, secure, and hands-free are the missing link between increasing volumes of data under the digitalization of the industry and the application of this information to situations where it is needed.

What is the impact of AR on the oil & gas industry?

Workers in the oil and gas industry are often placed in potentially hazardous environments. Site workers are required to make timely decisions when maintaining or repairing equipment. AR technology can ensure that workers have access to all the required information. In addition to remote expert assistance, AR can improve employee safety through digital workflow solutions.

AR can provide small improvements to the ESG credentials of oil and gas companies. In addition to improving workplace safety and thus boosting the social pillar of ESG, AR can be used in combination with IoT and digital twin technology to identify sources of emissions such as methane leaks. As the most potent greenhouse gas, methane’s contribution to climate change is receiving high levels of attention.

What are the different value chains of AR market?

The value chains of AR market can be divided into five segments: semiconductors, components, devices, platforms, and apps & content.

Semiconductors

Semiconductors are one of the key battlegrounds in AR today. Chipmakers are now striving to improve their existing capabilities to suit the evolving requirements of AR, mostly around screen resolution, frame rates, processing speed, and connectivity.

Components

Much of the major action in AR components is around 3D sensors, cameras, audio, displays, and batteries. These components come together for positional tracking, motion tracking, gesture recognition, and machine vision.

Devices

AR-enabling hardware comes in various forms, including smartphones, eyewear (AR smart glasses), and AR headsets. For consumer AR applications, smartphones are the most used platform, while enterprises typically prefer AR headsets and AR smart glasses, which offer a broader range of functions.

Platforms

Building an AR ecosystem by incorporating both hardware and software is essential for the long-term success of any company in this market. The five prerequisites for a successful AR ecosystem are APIs & SDKs, AR engines – games, AR engines – enterprise, AI, and application delivery networks (ADNs) & content delivery networks (CDNs).

Apps & Content

Content is a major area of concern for AR companies. Snap, Meta, Tencent, and ByteDance have merged AR and eCommerce into their social media platforms, offering users the ability to try on products virtually. The ease of viewing products online, coupled with the ability to interact with those products, gives users a novel and immersive shopping experience.

Which are the key oil & gas companies associated with the AR theme?

The key oil & gas companies associated with the AR theme are Baker Hughes, BP, Chevron, Equinor, Exxon Mobil, Royal Dutch Shell, National Orwell Varco, and Saudia Arabian Oil Co.

Who are the specialist AR market vendors in the oil & gas industry?

The specialist AR market vendors in the oil & gas industry are Argis Solutions, Fugro, Kognitiv Spark, Librestream, RealWear, Stantec, and Trimble.

For more insights on how AR will impact the oil & gas industry, download a free report sample

AR Market Report Overview

Scope

• The detailed value chain comprises five segments: semiconductors, components, devices, platforms, and applications and content. Leading and challenging vendors are identified across all five segments.
• Challenges the oil and gas sector is currently facing are outlined, and the solutions provided by augmented reality are addressed.
• Details of specific use cases of augmented reality in the oil and gas sector are given.
• Forecasts for augmented reality revenues to 2030 split by enterprise and consumer applications are shown. Comprehensive industry analysis is also provided, looking at company filing, hiring, and social media trends related to augmented reality in the oil and gas sector.
• An overview of key contracts and partnerships between oil and gas companies and AR vendors between January 2020 to March 2022 is provided. A timeline highlighting milestones in the development of augmented reality is also include

Reasons to Buy

• To understand the impact augmented reality is having on the oil and gas industry.
• To identify the emerging trends in this theme and how these developments might advance in the future.
• Learn about the different use cases of augmented reality in oil and gas and how AR is being used to address the industry’s challenges.
• View market forecast data for AR technology up to 2030.
• Source the leading AR vendors for the oil and gas sector from our winner’s lists and shortlist potential partners based on their areas of expertise. GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.