Volumetric Display Market Size, Share & Trends Analysis growing rate (CAGR) of 29.5% from 2023 to 2030
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.
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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.
