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For a fully immersive VR system with haptic feedback, a separate safety monitoring system should be implemented. The system should rely on depth data provided by a depth sensor (e.g. Kinect, SwissRanger) and dynamically monitor a safety zone around a robotic arm.
-) Unreal Engine
-) Depth sensor (e.g. http://hptg.com/industrial/)
-) C++, OpenCV, ROS
comparable SafetyEYE system by Pilz: