Running V-Ray for the first time
By default, when Revit is launched, the V-Ray for Revit license is not automatically engaged and the V-Ray toolbar is grayed out.
To pull your license and start using V-Ray, press the Enable V-Ray button. When Revit is closed, your V-Ray license will be released automatically.
If you prefer your V-Ray license to be engaged automatically every time when Revit is loaded, use the Obtain License on start-up option.