What is the Future Potential of the Volumetric Display Market After the COVID-19 Pandemic?
More and more people are now inclined towards volumetric 3D displays and the technological enhancements associated with it. There has been an enormous demand for volumetric displays in the areas of media, entertainment, defense, gaming, and medicine. Initially, the volumetric display market has seen a drastic downslide due to the impact of Covid-19 on the market but because of its necessity in a number of industries, its future potential is limitless.
The volumetric display market has seen a significant growth in the last few years due to its persistent technological advancements. The market is widening its reach gradually by getting into industries like automotive, healthcare, aerospace, etc. Volumetric displays are also extensively used in gaming and entertainment industry in order to provide a superior user experience to the customers. According to a report conducted by Research Dive, the global volumetric display market is set to garner $975.1 million by the year 2026, growing at a CAGR of about 28% year after year.
What is a Volumetric Display?
Volumetric display is a display device that forms graphical visual representation of an object in three physical dimensions along with a 360-degree spherical moving angle. The visual 3D images are unveiled with the help of a projector, sensors, and other elements. The displays are most commonly used in healthcare sectors for medical imaging, X-ray, CT scan, MRI scan & other diagnostic purposes, and gaming sector to maximize the user experience. Other sectors include military & defense, media & entertainment, aerospace, etc.
Adverse Impact of COVID-19 on the Volumetric Display Market
The volumetric display market has experienced a substantial downfall due to the havoc caused by the novel coronavirus. Moreover, the distribution and supply chain system of the market has also been adversely affected due to the impeded flow of raw materials and finished products due to the pandemic. The cost and maintenance charges levied on volumetric displays are consequently high, which restricts its market growth globally. The volumetric display market is brutally competitive owing to the presence of the number of vigorous and variegated international players prevalent in the market, making it an extremely competitive scenario. Thus, this fierce competition further draws back the volumetric display market growth, especially in this unprecedented coronavirus crisis. Therefore, the government of several countries have taken salient initiatives in order to help the organizations to recover from the crisis.
Future Potential of the Volumetric Display Market After the Pandemic
There has been an immense demand for amplified gaming experience among diehard gamers. Due to the nationwide lockdowns, youngsters have spent more time on playing games than anything else, and hence they crave for better experiences while playing games. Developed countries like UK and US have also seen massive demand for volumetric displays in the defense sector. These countries tend to actively adopt and invest in advanced technologies in order to expand and strengthen their defense potential. It has been observed that consumers have gradually inclined towards volumetric 3D displays rather than traditional 3D displays. The reason for this inclination among consumers is that volumetric displays not only have better visual effects but also provide a better resolution. Furthermore, real time 3D experience in the volumetric display is top-notch which further enthralls the gamer for an enhanced experience. Therefore, a significant acceleration in the market growth is expected in the long run.
Key Players of the Market
Some of the key players in the volumetric display market are Lightspace Technologies Inc., Voxon Photonics, Burten Inc., Coretec Group Inc., Looking Glass Factory Inc., Zebra Imaging, Holoxica Ltd., etc. The ability of these companies to innovate and reorientate their offerings and products is extraordinary in order to differentiate themselves from others to gain a substantial amount competitive edge. For instance, Coretec Group Inc. has introduced a glass-free 3D static volumetric display technology capable of delivering 800 million voxels with a 360-degree viewing angle. Therefore, companies have constantly been enhancing their strategies on R&D, collaborations, and value-added features.