The global volumetric display market accounted for a revenue of approximately $132.5 million in 2018, and is estimated to rise at 28.0% CAGR, reaching up to $975.1 million by 2026.
The volumetric display market has experienced a considerable growth previously; but due to the unpredicted COVID-19 outbreak, the global market will experience an unexpected downfall in 2020, due to declination in the product demand. This is majorly because of the market might experience a fall in the product availability due to the shutdown of many manufacturing units across the globe. During this situation, our analysts have predicted the performance of volumetric display market during the COVID-19 outbreak, and have come to below mentioned inferences.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|29.0%||28.0%||Q1/Q2 2022||103||USD 226.5 Million||USD 178.5 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Volumetric display is used to provide visual representation of any object in 3D. These visual 3D images are displayed with the help of a projector, sensors and other components. These displays are majorly used in the healthcare sector for the imaging and diagnosis applications. Also, technological advancements in 3D technology such as 3D printing, 3D holographic projections and other developments are creating huge demand for volumetric displays in the medical sector. Moreover, growing usage of volumetric displays to design novel imaging and diagnosis device is projected to accelerate the market growth.
The working procedure of the volumetric displays is relatively complex; this is mainly due to incorporation of several components in these systems. These components increase the overall installation and maintenance prices of the volumetric displays. These major factors are restricting the market. Furthermore, lack of technical knowledge and low-resolution power of volumetric displays are expected to hamper the growth of the market in the upcoming years.
The COVID-19 pandemic has obstructed the global volumetric display market in a negative manner. Due to the widespread of coronavirus, the World Health Organization (WHO) has updated operational guidelines to control the spread of coronavirus. Due to these guidelines, about 70.0% global industries are in partial lockdown. This factor is significantly affecting the growth of volumetric displays market, and will definitely experience a downfall in the business growth. This is majorly owing to, medical diagnosis practices are struggling to serve patients during coronavirus crisis.
According to new survey by Conceptual MindWorks, telemedicine use is increased but patient’s volume will remain low due to coronavirus lockdown. This factor is hampering the growth of the market. However, several governments across the globe are supporting and initiating several activities to help to organizations for the business in the COVID-19 outbreak. For instance, in recent times, government of Canada has implemented an essential worker retention incentive program. This program will provide $100 per week to low income workers who are working full time and part time is essential services such as healthcare workers and others.
MANAGING SUCCESS AMDIST
THE PANDEMIC STRESS
The unexpected downfall was experienced in 2020, is anticipated to slow down the market growth compared to the previous years. However, as per a study by Research Dive, the volumetric display market is estimated to improve and register profitability by the end of Q2 in 2022. It is predicted that the volumetric display market will witness to grow at a noteworthy growth after the situation is under control. In addition, commercializing of volumetric displays along with growing demand trend for 3D holographic mixed reality displays, which is combination of augmented reality (AR) and virtual reality (VR) for real time interaction between real and virtual objects. These factors will accelerate the market growth in the coming years.
Moreover, most of the market players are concentrating on product developments and new technology introduction to gain competitive edge. For instance, VividQ, a software startup specialized in 3D holographic technology designed a real time holographic display platform which finds its applications in a wide range of industries.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Volumetric Display Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity