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The global demand for use of virtual reality in the construction industry is experiencing a significant rise, and the market is expected to grow considerably in next few years. An apartment consists of various rooms, electrical fixtures, sanitary fittings, doors, windows, and finishing elements such as paints and flooring. A virtual reality solution, typically consists of a viewing system, tracking system, interactive element, artistic element, and sensory system to create a virtual environment. This technology can be used to create a virtual apartment and person can become a part of this virtual apartment to experience it. Thus, the use of virtual reality in construction gives the stake holders and potential customers a very descriptive image of the actual living environment and eliminates the need to physically visit the site, which is a key driver in the growth of the virtual reality in construction market. The hazards and accidents during construction can also be prevented by the use of virtual reality, thus making it a valuable asset for any construction company. The key players in the construction industry are determined towards integrating of virtual reality at a higher degree, which ensures rapid growth of virtual reality in construction sector throughout the forecast period.
Description
This technology is especially useful in the construction sector, which involves various consultancies such as architectural, structural, and MEP in planning of the structure. The incorporation of virtual reality can help in identifying overlaps or defects in the proposed structure by collaboration of different plans prepared by various consultancies. Virtual reality enables the designers to identify and rectify defects in the planning phase of the project. The increasing complexity in construction sector, ensures substantial growth in the use of virtual reality in construction throughout the forecast period.
COVID-19 Impact analysis
Top Impacting Factors
The exponentially increasing population and rising urbanization has rapidly increased the demand for residential and commercial buildings. The increasing safety regulations as well as customer demands have drastically complexified a building structure. The use of virtual reality helps the stake holders to understand the utility of the structure in a better way and make the design more efficient, which is a key driver in the growth of virtual reality in construction sector. The use of virtual reality by real estate consultancies has increased rapidly as it helps the potential buyer to visualize, experience and bond with a building space without the need to invest time by physically visiting the site. Virtual reality also helps collaborate various complicated drawings and specifications that enable the designers to increase the safety and utility of the structure, which further increases the demand for the use of virtual reality in construction. The complexity of construction sector as well as high initial cost of implementation are the restraints in the growth of virtual reality in construction industry. Virtual reality can also be used to train personnel to work in risky environments such as skyscrapers and tall bridges, which ensures substantial growth of virtual reality in construction market.
Market Trends
Key Benefits of the Report
Virtual Reality in Construction Market Report Highlights
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Key Market Players | Virtuix, Barton Malow, Samsung, HQSoftware, Magic Leap, Inc., Anglian Water Services Limited, Sony, NVIDIA Corporation, EON Reality, HTC Corporation |
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