April 13, 2024
Volumetric Display Market

Volumetric Display Market is Estimated to Witness High Growth Owing to Increased Adoption in Medical Imaging

Volumetric Display, also known as 3D display, refers to graphic display techniques that provide real-time volumetric display of 3D floating point or voxel-based volumetric data sets, and video holograms. A volumetric display produces 3D imagery without the need for glasses or trackers. Some key advantages of volumetric displays include their ability to produce true, parallax 3D imagery, high resolution, wide viewing angles and ability to rotate and control 3D models. Growing demand for advanced 3D displays in medical imaging, data visualisation and entertainment is expected to drive the growth of volumetric display market.

The Global Volumetric Display Market is estimated to be valued at USD 360.3 Mn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in The Volumetric Display Market are Coretec Group Inc., Lightspace Labs, Voxon Photonics, Holografika kft., Holoxica Ltd, Leia Inc., SEEKWAY, Looking Glass , Burton Inc., Alioscopy. Market leaders are focusing on developing innovative and advanced volumetric display technologies such as solid light processing and digital light processing to stay ahead of the competition.

In terms of opportunities, increasing adoption of volumetric displays in medical imaging for precision diagnosis as well as in training and simulation is expected to present major growth prospects. Growing demand from industrial sectors such as oil and gas, architecture and construction for advanced 3D visualisation is another opportunity area.

With strong presence across North America and Europe, leading players are focusing on expanding their geographical footprint in high potential regional markets such as Asia Pacific and Latin America over the forecast period through collaborations and partnerships.

Market drivers

The increasing demand for 3D displays from healthcare industry for medical imaging and precision diagnosis is a key driver for volumetric display market growth. Volumetric displays help provide high resolution 3D visualisations of the human anatomy required for advanced medical procedures. Growing applications in entertainment such as 3D digital signage, interactive 3D gaming, advertisements and movies is another major factor driving the adoption of 3D displays globally.

PEST Analysis:

Political: Governments across various countries are actively funding research and development activities in the field of volumetric display technologies. This is expected to boost innovation.

Economic: With a high CAGR of 24%, the volumetric display market is projected to witness substantial growth during the forecast period. This market expansion can be attributed to growing investments by companies.

Social: Volumetric displays offer immersive and multidimensional experiences. This factor is driving their adoption in entertainment, education, and other industries to enhance content delivery and engagement.

Technological: Advancements such as AR and VR are enabling the development of more sophisticated volumetric displays with improved image quality, resolution, and size. Miniaturization of components is also aiding market growth.

With a projected market size of USD 360.3 Mn in 2024, North America is expected to account for the largest share of the volumetric display market in terms of value. This dominance can be ascribed to the strong presence of key players and growing adoption across sectors like defense, healthcare, and entertainment in the region.

Asia Pacific is poised to be the fastest growing regional market between 2024 and 2031 owing to massive investments by governments as well as companies to develop indigenous technology capabilities. Surging demand from Japan, China, and India is likely to fuel market expansion in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it