Light Field Market Size Projected to Generate a Revenue of $323.0 Million by 2031Download Sample Reports Overview
The Global Light Field Market Size is predicted to be valued at $323.0 million by 2031, surging from $79.0 million in 2021, at a noteworthy CAGR of 15.3%.
Impact Analysis of COVID-19 on the Light Field Market
The COVID-19 pandemic wreaked havoc on worldwide supply chains, affecting the light field sector in a variety of ways. The pandemic has made it more difficult for light field camera and display manufacturers to obtain the components and materials they require to manufacture their products, such as delays in the availability of hardware components including sensors and other devices needed to manufacture light field cameras. This has caused delays in the production and transportation of light field products, slowing the light field market growth.
Supply chain interruptions have also increased the cost of production for light field manufacturers. This is due to rising transportation and logistics costs, as well as rising material and component costs. As a result, it has become increasingly difficult for light field manufacturers to ensure smooth availability of the components required for the manufacturing of light field cameras. Because of the pandemic, light field manufacturers have found it difficult to forecast future availability of hardware and software components. This complicates the producers' ability to plan production schedules and to meet the demand from end use sectors such as media & entertainment, healthcare, automotive, and others.
Global Light Field Market Analysis
Light field has major applications across augmented reality (AR) and virtual reality (VR) as it offers realistic simulations of images with improved accuracy and depth perception. Light field technology is effective in generating realistic and immersive visual experiences, which is crucial for VR and AR technologies. Light field cameras are capable of recording the direction and position of light, enabling more realistic and comprehensive virtual environments to be created. Light field displays can also provide more realistic and engaging 3D pictures, which are required for producing a realistic virtual or augmented reality experience.
As the popularity of VR and AR grows in wide range of applications such as gaming, education, entertainment, and healthcare, so will the demand for light field technologies. Companies that successfully develop and commercialize light field solutions for virtual reality and augmented reality applications are predicted to leverage the possibility of revenue growth. These factors are anticipated to boost the light field market size in the coming years.
However, the high cost of light field cameras and displays can make it difficult for some industries to justify the investment in the technology. This can limit the potential applications of light field technology to industries that are able to justify the expense, such as the entertainment and gaming industries. Also, the technological limitations and challenges with capturing and processing of enormous amount data generated by light field is anticipated to restrain the light field market share during the analysis period.
The creation of new content that utilizes light field technology offers the potential for the market to grow and flourish. By offering more accurate and detailed visual information, light field technology may facilitate the creation of more engaging and optimistic media experiences. Light field technology is widely used in the entertainment sector for the creation of realistic and immersive gaming, virtual reality, and augmented reality experiences. Light field cameras can record more comprehensive and accurate 3D data, allowing for the creation of more realistic virtual settings and characters. Light field technology can be utilized in architecture and design to create more precise and realistic virtual simulations of buildings and other structures. This enables architects and designers to visualize and test their plans prior to the start of construction, increasing efficiency and lowering the chance of errors. These factors are anticipated to generate excellent opportunities for the light field market players during the forecast period.
Global Light Field Market, Segmentation
The global light field market is segmented based on technology, industry vertical, and region.
The technology segment is further classified into hardware and software. Among these, the hardware sub-segment accounted for a dominant market share in 2021. As the light field market continues to grow, we can expect to see continued innovation in the hardware segment as companies develop new and more advanced light field cameras, sensors, processors, and displays. This will be significant in enabling new applications and use cases for light field technology across a range of industries and applications. Light field technology includes a variety of specialized hardware parts such as Graphics Processing Units (GPUs) and Application Specific Integrated Circuits (ASICs), that are tuned for processing massive volumes of data in real-time. These hardware devices help in capturing the 3D information about the object that helps in generating high-quality images. Also, these hardware devices are used for object detection and tracking in computer vision. These factors are anticipated to boost the popularity of light field hardware in the coming years.
The industry vertical segment is further classified into media & entertainment, healthcare, architecture & real estate, industrial, and others. Among these, the media & entertainment sub-segment accounted for highest market share in 2021. Light field technology is crucial for media and entertainment sector as increasing number of businesses and content creators adopt technologies such as augmented reality and virtual reality. In the media and entertainment sector, the light field is used for film as well as video production. Light field cameras help in generating immersive and realistic experiences to the users. In media & entertainment, the light field offers enhanced navigation and manipulation of objects in the scene. Light field technology offers an immersive and engaging experience to the companies operating in the media & entertainment sector. This is because in the media and entertainment sector, light field cameras capture multiple perspectives to allow viewers in exploring and analyzing the 3D scene. This can make movies and other forms of media more interesting for users and provide a new level of immersion.
The light field market in the North America region is projected to show the fastest growth by 2031. Light field and 3D imaging are being aggressively invested in by companies in order to drive market expansion in North America. North American companies are utilizing light field and 3D imaging technology to improve visualization and augmented reality. These factors are anticipated to boost the North America light field market size during the forecast period.
Key Players in the Global Light Field Market
Some of the leading Light Field market players are
- Japan Display
- Fathom Holografika
- Light Field Lab
- Photonic Crystal
- Looking Glass Factory
In July 2022, AYE3D, the leading company in light field has announced that it has joined Dassault Systèmes’ emerging technology partner program.