Sector Spotlight: Industrial XR
Last June, I wrote an article discussing the many ways that AR and VR technologies could impact our lives. It’s now 2024 and the Apple Vision Pro has launched to much fanfare. While by no means does this mean the technology is now mainstream, I think we can all agree that when Apple does something, people pay attention.
Earlier this month, I had the pleasure of attending the Industrial Immersive Week conference in Houston. This was a small but focused conference all about how immersive technology can augment industrial processes and workflows. In my past article, I spoke about AR and VR generally, so this time I thought we’d spend more time discussing specific industrial applications and the technologies that make it possible.
One note I want to start with is to clarify the misconception that you need specialized hardware to reap the benefits of immersive technologies. While there are certain situations where having an AR or VR headset is instrumental to the task at hand, there are plenty of other situations where the hardware is simply one of many ways to consume the content.
Back at the conference, most attendees agreed that we are getting closer to the tipping point for mass adoption of extended reality (XR)… but we’re not there yet. A number of different possibilities were showcased, and most revolved around the applications of XR in training scenarios for high skill labor (e.g., nuclear operators), which is something I touched on in my last article. However, one use case that really caught my attention was the application of immersive technologies in complex industrial settings.
Imagine a future in which every oil and gas refinery had a visual twin in the form of a 3D model, created through a series of LiDAR scans of the physical asset. These digital representations of the assets can then be utilized across the organization for:
Improved Design and Planning
3D Laser Scanning Helps Avert Clashes in a Power Plants New Installation
Detailed Models: 3D scans can capture the exact geometry of an existing structure, providing a highly accurate and detailed as-built model. This information can then be used when planning future modifications, expansions, or repairs.
Clash Detection: 3D scans can be used to overlay exisiting infrastructure with planned expansions to prevent potential clashes or conflicts before construction begins.
Enhance Maintenance and Inspection
Protecting the Past: How 3D Laser Scanning Enables Essential Maintenance of Historic Buildings
Remote Monitoring and Inspection: 3D models can be used to create digital twins, virtual replicas of the physical assets. These digital twins can then be integrated with sensor data to enable remote monitoring of the structure’s health and performance. This allows for proactive maintenance and early detection of potential issues, reducing downtime and improving safety.
Improved Accessibility and Efficiency: 3D scans provide a permanent record of the asset’s condition at a specific point in time. This allows inspectors to virtually access and inspect any part of the structure, even in difficult-to-reach areas, improving accessibility and efficiency compared to traditional physical inspections.
Training and Safety
Case Fortum: VR Helps Minimize Human Errors in the Most Safety-Critical Environments
Realistic Training Simulations: 3D models can be used to create immersive training simulations for personnel working on or around the infrastructure. These simulations can replicate real-world scenarios, allowing them to practice procedures and emergency responses in a safe and controlled environment.
Improved Safety Planning: 3D models can be used to plan and visualize complex maintenance or repair procedures beforehand, identifying potential hazards and developing safer work practices.
Decommissioning and Asset Management
Reality capture workflows heighten safety in nuclear decommissioning
Accurate Documentation: 3D scans provide a comprehensive record of the asset’s condition at the time of decommissioning. This information can be used for asbestos identification, material quantification, and waste management planning, ensuring proper and sustainable decommissioning practices.
Improved Asset Management: 3D models can be integrated with asset management systems to track the history and performance of the infrastructure, facilitating informed decisions regarding future maintenance, upgrades, or replacements.
That being said, the value provided by these technologies are often only maximized when several of the building blocks (e.g., 3D capture, live data collection, AI/ML, simulation models, etc.) come together to form somewhat of an ecosystem.
While we are still early on the industrial XR adoption curve today, I believe we are just a matter of years (not decades) away from the scenarios above becoming a widespread reality. As always, I look forward to witnessing the maturation of the AR/VR/XR space and if you are a founder in the space, I would love to continue the dialogue!
A few notable companies to check out below:
Cintoo (cloud platform for 3D reality capture)
3D at Depth (subsea LiDAR scanning)
Squint (AR training for manufacturers)
MACE Virtual Labs (turnkey enterprise VR/AR solutions)
About Maverix Private Equity:
Maverix seeks to make significant minority investments in disruptive companies with proven business models who have potential for rapid growth. We seek investments primarily in Canada and the US with a focus on the Consumer Retail, Healthcare & Wellness, Financial Services, Transportation & Logistics, and Work, Live, Play & Learn sectors. Our investment size ranges from US$20mm to $100mm+.