Volumetric Display Market Size, Share & Trends Analysis Report By Display Type (Static Volume, Swept Volume), By End Use (Medical, Aerospace & Defense, Automotive), By Region, And Segment Forecasts, 2023 - 2030

Volumetric Display Market Size & Trends

The global volumetric display market size was valued at USD 247.6 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 29.5% from 2023 to 2030. Continued innovation and technological advancements to deliver enhanced resolutions and features in 3D display technologies are anticipated to drive market growth over the forecast period. Ongoing developments in lasers, optics, and electronics have led to the emergence of volumetric displays, which enable multiple viewers to look at the image simultaneously from different perspectives without needing special eyewear gadgets.

Demand for this technology is rising in the defense industry across developed countries such as the U.S., the UK, and Japan, due to its wide adoption in creating awareness in education and battlefield monitoring applications. The governments of these countries are significantly investing in advanced technologies to strengthen their defense capabilities. For instance, the U.S. government has proposed a nearly USD 738.0 billion budget for the defense sector for 2020, around 3.0% more than in 2019. Thus, substantial growth in defense budgets across key countries is estimated to spur demand over the forecast period.

Consumers across the globe are changing their preferences 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, a 360° spherical viewing angle, autostereoscopic capabilities, and motion-based depth cues. The volumetric display provides better resolution, an improved user viewing experience through several visual effects, and a real-time 3D experience, which is expected to boost market growth over the forecast period. Several industries, including military and defense, aerospace, healthcare, media, and entertainment, have upped the adoption of volumetric displays in various applications such as patient surgery, research and development, and media marketing. This factor is anticipated to fuel growth further.

In recent years, the demand for enhanced gaming experiences has gained immense traction among enthusiasts across the globe. Volumetric displays deliver a 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.

The volumetric display is a complex assembly of components such as a motor, projector, sensors, and laser systems. In addition to high costs, this is expected to hinder market growth over the forecast period. Volumetric display relies on rotating parts or scanning mechanisms, which create limitations for manufacturers when producing large-screen units. High costs incurred during the manufacturing process result in an increase in the overall cost of the product.

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the display industry worldwide. The disruptions experienced across the supply led to manufacturers suspending their manufacturing operations, resulting in sluggish production. The demand for volumetric displays witnessed a sharp decline in 2020 compared to previous years, exacerbated by a slowdown in consumer spending and trade restrictions affecting the raw material flow. Uncertainty around the consequent waves of COVID-19 and looming lockdowns across major cities means the market will need help to achieve pre-COVID growth levels in 2021.

Display Type Insights

Based on the display type, the volumetric display market has been segmented into swept-volume and static volume. The static volume segment dominated the market with a revenue share of 55.0% in 2022. Static volumetric displays are highly preferred among customers due to their ease of availability in various categories. This category includes types based on gas medium upconversion, solid-state upconversion, and crystal cube static displays. These help in quick security checks at airports and enhance visibility during medical surgeries.

The swept volume segment is estimated to register the highest CAGR of 30.8% over the forecast period. The growth is attributed to the significant focus on developing advanced swept volume displays by prominent market players globally. For instance, in June 2019, Voxon Photonics introduced ‘Z3D’, the world’s first 3D Arcade Machine based on swept volume technology, which delivers an enhanced gaming experience with an ultra-high digital projection device. The technology also helps support multi-user interaction for gaming and many other applications, such as video calling.

End Use Insights

The medical segment held the highest market share of 38.4% in 2022 and is expected to expand at the highest CAGR of 31.0% among the end-use segments over the forecast period. The volumetric display has gained momentum in medical imaging applications owing to its significant use during surgeries. It creates a unique hyper-realistic experience for visualizing medical images during surgeries. Additionally, it builds a 3D image from stored MRI data in the systems and helps doctors view a part of anatomy from any angle with zooming features.

Moreover, volumetric displays deliver a remarkable visual impact during product advertisement and media marketing by engaging customers for a long time. With the emergence of 5G technology, the media, communication, and entertainment industry is also expected to witness remarkable growth, with a significant CAGR of 30.6%, due to significant demand for the product for video calling and virtual meeting purposes. Besides this, millennials' rising adoption of high-graphics gaming technologies is anticipated to bolster segment growth over the next seven years.

Regional Insights

North America accounted for the largest market share of 41.1% in 2022 and is anticipated to register a CAGR of 31.3% over the forecast period. The key factor influencing market growth is the rapid penetration of 3D volumetric displays in the oil and gas industry to visualize 3D fluid flow in real-time. The increasing adoption of new technologies, such as autostereoscopic displays in healthcare, propels the demand for volumetric displays for medical imaging applications. Furthermore, a rapid rise in the U.S. defense spending to deploy advanced technologies for military simulation and training applications is estimated to boost the North America market during the forecast period.

On the other hand, Asia Pacific is projected to demonstrate a significant CAGR of 29.8% over the forecast period. It is due to changing consumer preferences toward high-tech gaming in countries such as Japan, China, and Australia. Additionally, due to significant Foreign Direct Investments (FDI) in the region, the rapidly growing consumer electronics industry is anticipated to increase the production and adoption of volumetric displays. Furthermore, countries such as China and Japan are estimated to capture a significant market share because of mass manufacturing facilities and low cost of production.

Key Companies & Market Share Insights

Industry players have been focusing on organic growth strategies such as R&D investments, collaborations, and value-added features to expand their product portfolio and gain a larger market share. Moreover, the market is presently in its infancy, which allows existing players to fortify their market presence while presenting an opportunity for new entrants to foray into the industry. Additionally, key players are focusing on establishing partnerships and agreements with investors to raise funding to expand their market presence. For instance, in February 2020, Voxon Photonics Pty Ltd announced its collaboration with Microsoft to integrate Microsoft's Mixed Reality Capture Studios for volumetric capture codec. This partnership aims to allow users to change their perspective at any time using augmented reality (AR) capabilities. The companies are dedicated to working together to enhance the codec for future applications during the forecast period.

Recent Developments

• In May 2023, Looking Glass, a hologram company, launched its latest product, Looking Glass Liteforms. This innovative platform brings conversational holographic characters to life, revolutionizing how we interact with digital avatars. With Looking Glass Liteforms, users can engage in lifelike conversations with interactive holographic characters, opening up new possibilities for communication and entertainment. This breakthrough technology merges advanced display capabilities with powerful language models, enhancing the realism and interactivity of holographic experiences.

• In December 2022, LightSpace Technologies, Ltd. and EUROLCDS, Ltd. announced the completion of the fourth quarter of their joint project to develop a multi-plane volumetric display screen. This collaborative effort aims to enhance the optical performance of the display technology through the innovative utilization of polymer interlayer lamination.

Volumetric Display Market Report Scope

Global Volumetric Display Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global volumetric display market on the basis of display type, end use, region:

• Display Type Outlook (Revenue in USD Million, 2017 - 2030)

  • Swept Volume

  • Static Volume

• End Use Outlook (Revenue in USD Million, 2017 - 2030)

  • Medical

  • Aerospace & Defense

  • Automotive

  • Media, Communication, & Entertainment

  • Education & Training

  • Others

• Regional Outlook (Revenue in USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE