PC game company Razer is setting its sight on China's rapidly growing domestic virtual reality (VR) market as the company plans to launch its latest VR products within the country.

According to Min-Liang Tan, the Chief Executive Officer and Co-founder of Razer, the San Diego-based company intends to launch new VR products and devices - developed in collaboration with Chinese partners - sometime in July 2016.

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The company will also unveil its VR line-up at the upcoming China Digital Entertainment Expo & Conference (ChinaJoy) event which will take place in Shanghai. ChinaJoy is currently the largest gaming and digital entertainment exhibition in both China and Asia.

Furthermore, Mr. Tan added that the company is looking to make Open Source Virtual Reality (OSVR) the "de facto platform" in China, according to a report by South China Morning Post (SCMP).

Founded in 2005, Razer is known for developing a wide range of devices related to PC gaming such as peripherals, keyboards, mice, game controllers, headsets, tablets and laptops. Recently, the company began focusing on OSVR, an open source hardware and software project supported by industry leaders with the aim to enable most VR headsets and controllers from all vendors to be used with any games.

According to Razer's website, OSVR is "an ecosystem designed from the ground up to set an open standard for Virtual Reality input devices, games and output with the sole goal of providing the best possible game experience in the Virtual Reality space."

Meanwhile, China's VR industry is expected to expand more than three times by the end of 2016 - worth $860 million - as compared to last year's $230 million. According to iResearch Consulting Group, that figure could eventually reach up to $8.5 billion by the year 2020. In the Chinese province of Guizhou, a new VR theme park is currently in the works along with the country's first VR roller coaster. The theme park is said to be part of a massive project that's worth $1.52 billion.

TagsRazer Inc, China Virtual Reality Market, VR, VR technology