The global volumetric display market size will exceed USD 1 billion by 2025. An emphasis on constant innovation and technological advancements in 3D displays are anticipated to drive the market growth over the forecast period. The ongoing developments in lasers, optics and electronics have led to the emergence of volumetric displays, which enable multiple users to simultaneously view the image from different perspectives without the need for any specialized eyewear gadgets. Recent developments in healthcare, media & entertainment, and military & defense, among others are expected to present new growth opportunities for volumetric display market.
In recent years, there has been a notable shift from the use of traditional 3D to volumetric displays on account of the unique features that the latter offers, such as visualization of holographic aerial images in free space, 360-degree spherical viewing angles, autostereoscopic capabilities, and motion-based depth cues, among others. Additionally, the higher resolution, enhanced viewing experience, and real-time 3D visualization is anticipated to considerably boost the industry growth over the forecast period. Furthermore, a rise in the adoption of 3D technology amongst the end-use industries is expected to drive the volumetric displays market over the forecast period.
Healthcare, military & defense, aerospace, media & entertainment, among others are some of the end-use industries that utilize the volumetric display technology. These industries are increasingly adopting this technology to enhance their user experience and operational efficiency. For instance, volumetric displays are extensively used in medical imaging applications to create a unique real-time experience for visualization of medical images i.e. visual representation of the interior of a body. The technology is utilized to produce 3D scans such as computed tomography (CT), magnetic imaging resonance (MRI), and ultrasound. These are some of the factors responsible for a vast adoption of this technology in the healthcare industry.
Complex fabrication and the high costs associated with these products are expected to hinder the market growth over the forecast period. These products consist of a complex assembly of components such as a motor, projector, sensors, and laser systems, among others. The technology relies on rotating parts or scanning mechanism, thereby limiting the manufacturers to produce large screen products. The high costs incurred during the manufacturing process results in an increase in the costs of these displays.
However, the technology has not yet reached technological maturity and offers considerable potential and scope for further development and innovation in order to widely be accepted and adopted by consumer audience. Moreover, the volumetric display market is presently at its infancy, which offers existing industry players to fortify their market presence, whilst also presenting an opportunity for new market players to foray into the industry.
Lightspace Technologies Inc., Voxon Photonics Pty Ltd., The Coretec group Inc., and Holoxica Ltd. are among some of the leading market players that hold a substantial share in this market. The key market players focus on growth strategies such as mergers & acquisitions, investments in R&D, and innovations, with an objective of expanding their display portfolios, securing a larger market share, and ultimately gaining a competitive edge in the market.
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