The primary aim of this Frost & Sullivan report is to examine the factors influencing the growth of extended reality (XR) technologies in the energy industry. XR refers to the spectrum of immersive experiences and technologies that blur the line between the real and the simulated world through audio, visual, and haptic cues. It is at the heart of the futuristic digital transformation, which aims to offer immersive and assisted experiences through a 3D virtual environment within or on top of the real world.

Frost & Sullivan conducts an annual survey targeting IT and business decision-makers to gather their opinions on various technologies. This year, the survey includes a new section focused on understanding the perception and utilization of immersive technologies and the metaverse in the energy sector. This study analyzes how respondents evaluate immersive technologies and the metaverse across various characteristics to gain insights into business priorities and identify major differentiating factors. The results offer a glimpse into enterprise decision-making processes, including:

•     How organizations are using or planning to utilize immersive technologies and the metaverse
•     The primary concerns and interests organizations have regarding the implementation of these technologies

The report forecasts revenues of the total market and provides individual forecasts by type of XR technology. Applying XR technology segmentation by type, the study forecasts the virtual reality (VR) market separately from the augmented reality (AR) and mixed reality (MR) market. The report groups AR and MR technologies together as AR-MR because both experiences merge elements of real and virtual worlds, unlike a fully simulated or user-immersed VR experience. Additionally, this report analyzes existing and future growth opportunities for digital twins (DTs) across various energy industry segments, as successful extended reality (XR) deployments in this sector will require the seamless integration of cross-industry solutions, including DTs.

The study analyzes the factors driving and restraining growth in this market and identifies the growth opportunities emerging from changes in this space for market players and stakeholders to leverage. The base year is 2023, and the forecast period is from 2024 to 2028.

Author: Lucrecia Gomez