China's virtual reality industry will surpass 10 billion yuan ($1.51 billion) in output value in 2018, according to organizers of an industrial fair.

The VR industry will realize an annual compound growth rate of more than 80 percent within the next five years, with China becoming the largest VR market in 2021, according to the 2018 Asia VR & AR Fair and Investment Summit.

"China's VR industry will grow at a steady and fast pace in the years ahead, with the industrial value reaching 79.02 billion yuan in 2021," said Zhou Gangyi, director of the Guangzhou VR Industrial Association.

The 2018 Asia VR & AR Fair and Investment Summit is scheduled for April 3-5 in Guangzhou, the capital of Guangdong province.