The Global Volumetric Display Market size was valued at USD 618.17 Million in 2022 and is expected to surpass USD 8.2 Billion by 2031, expanding at a CAGR of 33.28% during the forecast period, 2023–2031. The growth of the market is attributed to the technological advancements in three dimensions (3D) display technology that delivers enhanced display resolutions and features.
Volumetric display is a graphic display device that forms a visual representation of an object in 3D. The display offers unique properties such as 360-degree viewing, converge agreement and accommodation cues, and their inherent 3D format that enable the user to experience advanced interface techniques. The first volumetric display device was developed in 1912 and was successfully commercialized in 1990s. With the recent technological advancements and rising production of innovative products, the volumetric display device are increasingly adopted across many commercial sectors such as medical, aerospace & defense, automotive, and industrial.
Recent innovation and technological development in laser, optics, and electronics that are adopted widely in the manufacturing of volumetric displays plays an important for boosting the product demand. This technological development enables multiple users to look at the image or object from different perspectives at the same time without any special eyewear gadgets.
Advanced features of volumetric 3D display such as visualization of holographic aerial images in free space, 360° viewing angle, and autostereoscopic capabilities are encouraging the adoption of these devices. Additionally, growing consumers’ preference for enhanced gaming experience has led to rising adoption of volumetric displays that deliver a 360° view of 3D gaming without wearing any device or equipment on gamer’s body. Furthermore, key market players such as Voxon Photonics are focusing on introduction of innovative 3D displays.
Volumetric Display Market Drivers, Restraints, Trends, and Opportunities
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Growing investments by key market players to produce innovative displays owing to the rapid increase in demand from a large consumer base globally are expected to boost the market growth during the forecast period.
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Increasing adoption of the display technology in various sectors especially the defense industry for various combat awareness and battlefield monitoring applications is expected to spur the market growth.
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Factors such as better resolution, enhanced viewing experience through real-time 3D experience, and number of visual effects are key aspects for wide adoption in the gaming industry. The factor is projected to boost the market growth during the forecast period.
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Growing adoption of volumetric display across industries including aerospace, healthcare, and entertainment for various applications such as research and development, media marketing, and patient surgery are projected to boost the product demand.
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High-cost price of devices and complex assembly of components such as projector, motor, sensor, and laser systems are key challenges expected to hamper the market growth during the forecast period.
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COVID-19 pandemic has adversely affected the manufacturing industries that impacted to restrict the production of volumetric display. This is projected to hinder the market expansion.
Scope of Volumetric Display Market Report
The report on the global volumetric display market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Volumetric Display Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Display Types (Static-volume and Swept-volume) and End Uses (Medical, Aerospace & Defense, Entertainment, Automotive, Education & Training, and Media, Communication, & Entertainment)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Lightspace Technologies Inc., Voxon Photonics Pty Ltd., The Coretec Group Inc. and Holoxica Ltd.
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Global Volumetric Display Market Segment Insights
Static-volume segment expected to represent a considerable share
On the basis of display types, the market is bifurcated into static-volume and swept-volume. The static volume segment is expected to represent a market share of more than 45% during the forecast period. Rising demand for the display type owing to the availability of various categories of products such as gas medium up-conversion, solid-state up-conversion, and crystal cube static displays. This provides enhanced visibility during medical surgeries and also helps in quick security checks at airports.
On the other hand, the swept volume segment is expected to expand at a CAGR of over 29% during the forecast period. The significant focus of market players on developing advanced swept volume displays is anticipated to drive the segment growth. For instance, in June 2019, Voxon Photonics announced the launch ‘Z3D’, an innovative 3D Arcade Machine based on swept volume technology that delivers enhanced gaming experience with ultra-high digital projection device. Moreover, it also supports multi-user interaction for gaming and many other applications such as video calling.
Medical segment is projected to constitute a large market share
Based on end uses, the market is divided into medical, aerospace & defense, entertainment, automotive, education & training, and media, communication, & entertainment. The medical segment is projected to constitute a market share of more than 25% during the forecast period. Wide adoption of the volumetric display for medical imaging applications owing to its visual enhancement sensors during surgeries is a key driving factor for the segment growth. It generates a hyper-realistic experience for visualization of medical images during surgeries.
Moreover, it is designed to build a 3D image from stored MRI data in the system, which helps doctors to view complete anatomy from any angle with zooming features. However, the entertainment segment is projected to expand at a healthy CAGR during the forecast period. Increasing demand for the product for video calling and virtual meeting purpose are expected to boost the segment growth during the forecast period. Additionally, rising adoption of high graphics gaming technologies among youngsters is projected to spur the segment growth during the forecast period.
North America to account for a significant market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a significant market share of more than 30% during the forecast period. Increasing penetration of 3D volumetric displays in the oil and gas industry for visualization of 3D fluid flow in real-time is the primary factors driving the market growth in this region.
Increasing adoption of innovative technology such as auto-stereoscopic display in the healthcare sector in the region is another key driving factor for the regional market growth. Moreover, a rapid increase in the U.S. defense spending to deploy advanced technologies for military simulation and training applications is projected to influence the market growth in the region. For instance, U.S government planned a budget of USD 737.5 billion for the defense sector in the year 2020.
On the other hand, the market in Asia Pacific is projected to expand at an impressive CAGR during the forecast period. Growing consumer inclination towards high-tech gaming solutions in countries such as Japan, China, and Australia are driving the market growth in this region. Furthermore, rapidly growing consumer electronics industry owing to rise in foreign direct investments (FDI) in the region is a key aspect for regional market growth. Low cost of production and mass manufacturing facilities in countries such as China, India, and Japan are expected to boost the growth of the regional market.
Segments
The global volumetric display market has been segmented on the basis of
Display Types
- Static-volume
- Swept-volume
End Uses
- Medical
- Aerospace & Defense
- Entertainment
- Automotive
- Education & Training
- Media, Communication, & Entertainment
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Competitive Landscape
Some of the key players in the global volumetric display market are Lightspace Technologies Inc., Voxon Photonics Pty Ltd., The Coretec Group Inc., and Holoxica Ltd.
Industry players are focusing on business strategies such as R&D investments and collaborations to expand their product portfolio and acquire a large market share. For instance, in November 2018, Voxon Photonics announced that it successfully conducted a video call test on volumetric display by using a 5G network at the Mobile World Congress Americas in Los Angeles. The development was aimed to help Voxon Photonics enhance its product sales after the commercialization of 5G services during the forecast period.
Companies are focusing on establishing partnerships and agreements with investors to expand their market presence. For instance, in Dec 2018, LightSpace Technologies raised approximately USD 5.5 million from ASHansaMatrix. The fundraising was aimed to serve the purpose of supporting R&D activities of real-time volumetric display technology.
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