Volumetric Display Market Size Is Expected To Witness Significant Growth Of USD $705.9 Million By 2025 | Grand View Research, Inc.

May 17 09:55 2020
Volumetric Display Market Size Is Expected To Witness Significant Growth Of USD  $705.9 Million By 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global volumetric display market size was valued at USD 135.5 million in 2018 and is expected to register a CAGR of 28.5% from 2019 to 2025. Continued innovation and technological advancements to deliver enhanced resolutions and features in 3D display technologies are anticipated to drive the market growth over the forecast period.

The global volumetric display market size is expected to reach USD 705.9 million by 2025, registering a CAGR of 28.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Several in-built features such as visualization of holographic aerial images in free space, 360-degree spherical viewing angle, autostereoscopic capabilities, and motion-based depth cues are likely to drive the market over the forecast period.

The ongoing COVID-19 outbreak has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. Major manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries. Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the display industry will occur. On the flip side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for displays afloat in the coming months. The report will account for Covid19 as a key market contributor.

Volumetric displays are widely preferred across several industries such as military and defense, healthcare, media, communication, entertainment, and aerospace owing to their built-in features. Massive investments in R&D by prominent market players such as LightSpace Technologies Inc. are estimated to create a significant opportunity for players to gain a substantial market share over the coming years. Moreover, these investments are majorly focused on improving overall in-built features of volumetric displays, which will cater to growing consumer demand for enhanced visual experiences during gaming and other applications. Robust deployment of 5G network infrastructure is further anticipated to spur the adoption of volumetric displays to provide seamless connectivity and enhanced experience to customers during video calls.

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Advances in medical imaging technologies for more accurate diagnosis is expected to offer avenues for the market from 2019 to 2025. Use of volumetric displays in medical imaging applications to create real-time visualization of medical images enables a comprehensive acceptance of the technology across the industry. These are also used in several defense applications, such as visual representation of data related to situational awareness across the sea, space, land, and cyber space during simulation and training. Rapidly increasing defense spending for technological advancements in key countries such as U.S. and China, is also expected to propel the market growth over the forecast period.

Further key findings from the study suggest:

  • By type, the static volume segment captured the major market share in 2018 owing to its features such as aerial images in free space, 360-degree spherical viewing angle, and motion-based depth cues
  • The swept volume segment is expected to witness rapid growth owing to significant investments by market players to develop advanced products within this category
  • In 2018, the medical segment attained a market size of around USD 50.0 million and is estimated to register substantial growth owing to increasing adoption of this technology in healthcare for viewing 3D imaging by extracting stored data from Magnetic resonance imaging (MRI), Computed tomography (CT), and other systems
  • North America accounted for the largest share in the global volumetric display market and is anticipated to exhibit the highest CAGR of more than 30.0% over the forecast period. The growth is due to rapidly increasing defense and healthcare spending to deploy modern technologies to obtain improved visualization during critical situations
  • Companies are aggressively investing in R&D to develop new products with enhanced features to strengthen their market position and enhance their product portfolio
  • Key players in the market include Lightspace Technologies Inc.; Voxon Photonics Pty Ltd.; The Coretec Group Inc.; and Holoxica Ltd.

Demand for this technology is rising in the defense industry across developed countries such as U.S., U.K., and Japan, due to its wide adoption in creating awareness in education and battlefield monitoring applications. Governments of these countries are significantly investing in advanced technologies in order to strengthen their defense capabilities. For instance, the U.S. government has proposed a budget of nearly USD 738.0 billion for the defense sector for 2019, which is around 3.0% more than from 2019. Thus, a substantial growth in defense budgets across key countries is estimated to spur demand over the forecast period.

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However, the technology has not yet reached maturity. Thus, it offers considerable potential and scope for further development and innovation in order to be accepted and adopted by consumers on a much larger scale. Industry players have been focusing on organic growth strategies such as R&D investments, collaborations, and value-added features to expand their overall product portfolios. These strategies help players gain a larger share in the market. Thus, key market players such as Voxon Photonics are actively investing in increasing production to fulfill the demand among consumers for various applications such as advertisement and marketing as well as education and design.

Additionally, key market players are focusing on establishing partnerships and agreements with investors in order to raise funding to expand their market presence. However, high manufacturing costs owing to the intricate design of the product is expected to hinder the overall market growth in the coming years.

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Consumers across the globe are changing preference from traditional 3D displays to volumetric 3D displays. This shift is due to the inherent advanced features of the latter, such as visualization of holographic aerial images in free space, 360° spherical viewing angle, autostereoscopic capabilities, and motion-based depth cues. Volumetric displays provide better resolution, improved user viewing experience through a number of visual effects, and real-time 3D experience, which in turn is expected to boost market growth over the forecast period. Several industries, including military and defense, aerospace, healthcare, and media and entertainment, have upped the adoption of volumetric display in various applications such as patient surgery, research and development, and media marketing, another factor that will drive the market.

In recent years, demand for enhanced gaming experience has gained immense traction among enthusiasts across the globe. Volumetric displays deliver 360° view of 3D gaming without any device on the gamer’s body. Moreover, key market players such as Voxon Photonics are aggressively focused on introducing innovative 3D displays for gaming purposes across several countries. Thus, increasing consumer demand and massive investments by key market players in manufacturing are anticipated to bolster market growth.

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Grand View Research has segmented the global volumetric display market based on display type, end use:

Volumetric Display Type Outlook (Revenue, USD Million, 2015 – 2025)

  • Static Volume Display
  • Swept Volume Display

Volumetric Display End-use Outlook (Revenue, USD Million, 2015 – 2025)

  • Medical
  • Aerospace & Defense
  • Automotive
  • Media, Communication, & Entertainment
  • Education & Training
  • Others (Oil & Gas, Mining, etc.)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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