The energy and utility sectors are facing major disruptions with the adoption of immersive technology like augmented reality. With the rising demand for electricity and utilities, the old business model can no longer tend to the needs of today’s world. Augmented reality has completely revamped these industries and increased operational safety and efficiency. AR also plays a significant role in helping companies in these industries to stay competitive in the market.
Market Growth of Energy and Utilities
According to the report by Markets and Markets, the global market size of the energies and utility sector is expected to reach USD 4.3 billion by 2025 with an annual CAGR of 16.3% with investments in smart glasses, AR platforms, and digital channels to improve customer processes and experience driving the growth.
Challenges that AR solves in Energy and Utilities Sector
The energy and utility industries will only benefit by investing in augmented reality and helps in solving some of the most significant challenges bothering these industries. Let’s check out in detail.
• Retirement of Highly Qualified Workforce
The biggest challenge faced by the energy and utility sector is the retirement rate of a highly qualified workforce. The US Department of Energy report says that 25% of US employees in the energy and utilities are going to retire during the next five years. And with the retirement of a talented workforce, the companies face substantial institutional knowledge loss. Companies are usually forced to recruit new workers with much knowledge and skills to fill up their positions. Let’s see how AR bring a solution to these problems.
What if you could provide your aging workforce a chance to transfer their knowledge to the new workers? Imagine your newly recruited engineer having trouble inspecting. They can connect to the expert, in this case, your highly qualified workforce. Their years of experience resolving and facing challenges can easily guide the engineer to complete the task. In this way, you can be less worried as your highly qualified staff passes their knowledge and skills to the next generation of the workforce.
• Inspection and Maintenance Process
Inspection and maintenance of plants are one of the main challenges faced by the energy and utility industries. Suppose your field workers are equipped with AR wearables, smartphones, or tablets. In that case, they can immediately access extra (augmented)
information like operating manuals or documentation whenever they face new challenges in the inspection, maintenance, and repair process. In case of critical issues, they can connect with experts at a remote location, share their physical space, and resolve problems immediately. This speeds us the maintenance and inspection tasks significantly and reduces costs, and saves time.
• Operational Safety
Safety is of prime importance in these industries. A simple error can result in tremendous loss of life, time, and money. With AR, you can bring these risks to a very low level. Augmented reality helps in the mapping of potential hazards and threats and reduces the risk of danger by helping in through inspection, safety check-up, and maintenance, making the hazardous workplace safer.
Contact the Expert
XRmeet’s augmented reality based remote assistance is an obvious fit in the energy and utility space and is used by Fortune 500 companies to improve operational efficiency and safety. If you are looking to adopt AR into your company, please send us a mail to email@example.com or Request a Demo.