Volumetric Display Market Size Projected to Generate a Revenue of $14,794.9 Million by 2031Download Sample Reports Overview
The Global Volumetric Display Market Size is predicted to be valued at $14,794.9 million by 2031, surging from $1,389.9 million in 2021, at a CAGR of 27.0 %.
Impact Analysis of COVID-19 on the Volumetric Display Market
The COVID-19 pandemic had a mixed impact on the volumetric display market. Some sectors, including the healthcare and education, have seen an increase in demand for volumetric displays as they required remote communication and visualization of 3D models. In certain industries, like entertainment and advertising, the pandemic also caused supply chain disruptions and led to decreased demand. Volumetric displays are used in the healthcare sector to visualize medical imaging data and help scientists and physicians in comprehending complicated medical problems. Volumetric displays have developed into a useful resource for remote consultation and training due to the rising requirement for remote communication and healthcare during the pandemic. This has become especially important during the pandemic, when traditional in-person learning was disrupted.
However, the pandemic led to decreased demand for volumetric displays in sectors like entertainment and advertising as several events and advertising campaigns were postponed or cancelled. The higher costs have resulted from the difficulty manufacturing and distributing volumetric displays due to disruptions to the supply chain. The COVID-19 pandemic presented some challenges for the volumetric display market. The increase in demand in certain industries has created new opportunities for growth and innovation. All these factors have moderately affected the volumetric display market growth during the pandemic.
Global Volumetric Display Market Analysis
There has been an increase in use of volumetric displays in medical imaging applications such as CT and MRI scans in the recent years. The immersive 3D visualization of medical imaging offered by volumetric displays can help clinicians in better understanding complex anatomical structures, identifying variations, and organizing surgical operations. Volumetric displays, as opposed to conventional 2D displays, can offer additional details regarding the spatial relationships between structures and allow for more precise and accurate diagnosis and treatment. In addition, the demand for volumetric displays has increased as a result of developments in medical imaging technology, such as the creation of high-resolution CT and MRI scanners. In addition to medical imaging, volumetric displays are also finding applications in other fields such as entertainment, gaming, and education. These are the major factors anticipated to boost the volumetric display market share during the forecast time.
However, the market for volumetric displays may face difficulties because of the restricted content options. The lack of material created for volumetric displays, as it was indicated, might lessen their attraction to customers in other industries. Encouragement of content providers to create particularly for volumetric displays is one method to overcome this difficulty. This might entail partnering with content producers to generate new kinds of material that are optimized for volumetric displays, or it could entail offering tools and resources to make it simpler to create content for these displays. This factor is anticipated to hamper the market expansion in the upcoming years.
The gaming industry is always looking for ways to provide immersive experiences for players. Volumetric displays can create highly realistic 3D environments, which could revolutionize gaming and virtual reality experiences. Volumetric displays produce three-dimensional pictures that seem to float in the air using a variety of technologies. This makes it the ideal technology for gaming and virtual reality since it offers spectators an immersive experience. The fundamental benefit of volumetric displays is that they make it easier to interact naturally with virtual things. The aesthetics and visual appeal of games can also be enhanced by volumetric displays. Due to their two-dimensional nature, conventional displays are constrained, whereas volumetric displays may produce 3D scenes that are realistic and feel far more immersive. The demand for volumetric displays in the gaming industry is projected to increase in the future.
Global Volumetric Display Market, Segmentation
The volumetric display market is segmented on the basis of type, technology, application, and region.
The type segment is further classified into swept volumetric displays, holographic displays, and static volumetric displays. Among these, the holographic displays sub-segment accounted for the highest market share in 2021. The holographic displays sector in the volumetric display market is being driven by several factors, including improvements in holographic technology, rising 3D imaging and visualization need across several industries, and the rising desire for more immersive and engaging experiences. Holographic displays allow viewers to interact with virtual objects and situations in a more natural and intuitive way, providing a more immersive and engaging experience. In places like theme parks, museums, and gaming arcades, holographic displays are used. The use of holographic displays in medical imaging and diagnostics is another driving factor. Holographic displays provide more precise and in-depth 3D imaging of inside organs and structures, which can enhance medical condition diagnosis and treatment.
The technology segment is further classified into digital light processing (DLP) and liquid crystal on silicon (LCOS). Among these, the digital light processing (DLP) sub-segment accounted for the highest market share in 2021. Being able to create 3D images that can be viewed from any angle without the use of special glasses or head-mounted displays makes volumetric displays one of a kind. DLP technology is especially well suited for volumetric displays due to its ability to accurately project high-resolution pictures with correct color reproduction onto a range of surfaces. DLP technology works by reflecting light onto a projection surface using a collection of micromirrors. For exact picture representation, each mirror may be separately regulated to achieve a particular color and brightness level.
The application segment is further classified into aerospace & defense, medical, automotive, communication & entertainment, and others. Among these, the medical sub-segment accounted for the highest market share in 2021. There is an increase in the need for volumetric displays in the medical industry due to the rising usage of innovative medical imaging technologies such as CT, MRI, and PET scans. These imaging techniques produce enormous amounts of complex data, which can be difficult to understand on conventional 2D displays. Volumetric displays offer a more comprehensible and intuitive visualization of this data, which makes it easier to understand. The need for volumetric displays in the medical industry is also being driven by the rising prevalence of chronic illnesses and the aging population. Volumetric displays can help with accurate and fast diagnosis, which is more important as chronic illnesses are becoming more prevalent. In addition, there is a rising demand for minimally invasive surgical procedures that demand accurate imaging and visualization.
The North America volumetric display market is projected to show the fastest growth. The rising usage of volumetric displays in medical imaging applications is also anticipated to drive the market expansion in North America. These displays provide enhanced 3D visualization and allow medical personnel to see complicated medical pictures with higher precision and detail, which is particularly important for surgical planning and training. As the need for innovative display technologies in numerous industries continues to increase, North America is anticipated to remain a major market for the volumetric display in the upcoming years. The market for volumetric displays has also been significantly driven by the North America entertainment sector. Theme parks and other attractions use voluminous displays to provide guests with immersive experiences. A 3D projection technology called "Aireal," for instance, was created by the Walt Disney Company to provide the impression of touching and experiencing virtual objects.
Key Players in the Global Volumetric Displays Market
Some of the leading volumetric displays market players are
- Lumi Industries
- Voxon Photonics
- Looking Glass
- Burton Inc.
- SeeReal Technologies S.A.
In February 2020, Voxon Photonics Pty Ltd announced the integration of Microsoft’s Mixed Reality Capture Studios for volumetric capture codec. With this partnership, users will be able to change the view anytime with the AR capabilities.