The Global Light Field Market Anticipated to Generate a Revenue of $860.7 Million, Growing at a CAGR of 19.3% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global light field market is estimated to be valued at $860.7 million by 2028, surging from $216.2 million in 2020, at a noteworthy CAGR of 19.3%.
Covid-19 Impact on Light Field Market
The outbreak of the Coronavirus illness (COVID-19) has acted as a major restraint on the light field market, as supply chains have been disrupted by trade restrictions, and manufacture and deployment goods have been hampered by government lockdowns around the world. The disrupted value chain has harmed raw material supply, which, in turn, has harmed the growth of the digital camera market. As many governments-imposed restrictions on cross-border trade, manufacturers were forced to suspend production due to a shortage of parts and raw materials. Throughout 2020 and into 2021, the outbreak is projected to have a detrimental impact on businesses. Global economic growth has slowed as a result of the onset and spread of COVID-19. It has had a negative impact on a number of industries, including the imaging industry. Companies are planning and trying to keep their operations running. The primary obstacles that businesses encounter are product manufacturing and distribution. To restrict the spread of the epidemic, several governments have implemented or extended lockdowns, causing problems in the light field technology market.
Light Field Market Insights
Light-field displays generate a three-dimensional (3D) image, which makes them useful in augmented reality, virtual reality, and mixed or extended reality. Because the needs of each business are diverse, different industries, such as healthcare and entertainment, have created different prospects for this light field market. The expanding popularity of augmented reality (AR) and virtual reality (VR), as well as new 4-D technology, have proven to be a huge opportunity for this industry. With improved vision imaging and a much deeper understanding of diseases from various angles, these modern light field technologies can meet the expectations of the healthcare industry. In the entertainment industry, these technologies can aid in the creation of content that is so realistic that it is difficult to distinguish between the physical and digital worlds.
The scarcity of skilled workers and expertise act as a restraining factor and can create barrier for the development of the market.
Consumer preference is evolving toward high-resolution photos, movies, and animated videos as a result of technological improvements. As a result, the entertainment & media industry is predicted to drive the global light field imaging market forward. Over the anticipated period, the Global 3D imaging market is expected to grow at a rapid pace due to rising investment in 3D medical imaging and rising demand from 3D retail and e-commerce. Furthermore, the demand for 3D imaging technology in the medical industry is being fueled by rising advancements in the healthcare and life sciences fields, as well as 3D technology to see interior body structure for treatment and diagnostics.
Global Light Field Market, Segmentation
The global light field market is segmented based on component, enterprise size, end-use, and region.
Software and hardware (imaging solutions and light field displays) are further divided into the component sector. With revenues topping $627.4 million by 2028, up from $160.4 million in 2020, the hardware sub-segment is predicted to have the biggest light field market share. The light field industry is expected to be stimulated by increased research into light field display market, such as virtual reality headsets and light field screens. Light-field displays, which are now utilized in VR and AR headsets, provide an image that faithfully replicates how we view light in the actual world. Light-field displays, in particular, offer both increase in the usage and accommodation, the human visual system's two focus mechanisms.
Media & entertainment, healthcare, defense, and others make up the end-use sub-segment. The media & entertainment sub-segment is predicted to have a dominant market share of $274.8 million by 2028, up from $69 million in 2020. The ability of light field imaging to create a natural viewing environment makes it one of the most investigated 3D imaging technologies for media and entertainment. The introduction of 3D technology has resulted in improvements in content quality and viewing experience for users. Through advanced 3D-capable devices such as 3D display units and virtual reality gadgets, 3D technology has enabled the presentation of high-definition (HD) content to enhance the viewing experience. The usage of a camera array for immersive augmented reality, head-mounted displays, video conferencing, live display walls, and other applications dependent on a user's point of view is described in Apple's latest light field patent. The shifting focus of technological giant in the light field market is booming the demand for it in the market.
The light field market for the North America region is projected to have the largest share. The market in North America generated a revenue of $95.9 million in 2020 and is projected to reach up to $379.1 million by 2028. North America is expected to provide the largest market share in terms of revenues throughout the projection period since it is a technologically sophisticated area with a large number of early adopters and the presence of prominent industry players. The demand for the light field market has been fueled by the increasing use of new technologies and user demand for high resolution and better angle views.
Top 10 Major Key Players in the Global Light Field Market are -
- Avegant Corp
- OTOY Inc.
- Raytrix GmbH
- Light Field Lab, Inc.
- Google Inc.
- Japan Display Inc.
- Toshiba Corporation
- Fathom Optics
- WOOPTIX S.L.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Light Field Market
- Bargaining Power of Suppliers: In the light field market, there are a lot of options. In addition, light fields are in great demand from a variety of countries in order to reduce transaction complexity.
As a result, the bargaining power of suppliers is low.
- Bargaining Power of Buyers: In order to meet evolving customer demands, shippers are increasingly relying on multi-channel logistics solutions that take advantage of every mode of transportation.
As a result, the bargaining power of buyers is high.
- Threat of New Entrants: Companies joining the light field market must contend with all of the big players advanced technological alternatives.
As a result, the threat posed by new entrants is low.
- Threat of Substitutes: Due to the entry of players with technologically improved platforms and lower-cost solutions, the threat of substitutes is strong.
Therefore, the threat of substitutes is high.
- Competitive Rivalry in the Market: Competitive rivalry among market leaders is low, owing to the fact that the majority of participants in the light field industry are focused on improving platform efficiency, business expansion, and product innovation.
As a result, the market's competitive rivalry is high.