The world is experiencing serious impact on social & financial sectors, and all global industries are facing challenges during the COVID-19 pandemic. This crisis has negatively impacted the growth of the volumetric display market. Because of the coronavirus crisis, the production units all over the globe for electronics, non-food products and consumer product organizations are experiencing disturbance in the source of raw materials, important components and finished products. Approximately 85.0% of countries are in lockdown, and thereby demand for non-food products has fallen sharply in lockdown period. To overcome such situations, several government bodies are increasing initiatives to help the organizations during the COVID-19 outbreak. For instance, in recent times, the ministry of information technology (MIIT) in China have been offering help to small and medium scale enterprises (SMEs) in applying digital technologies including video conference tools, training programs and cloud services to continue the business operations. In addition, ministry is further supporting the online software designers to upgrade tools and services.
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During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the volumetric display market.
According to a study conducted by Research Dive, the global volumetric display market is expected to register a revenue of $975.1 million till 2026, growing at a rate of 28.0% CAGR during, 2019-2026.
The global market is classified on the basis of display type, application, and region. The report offers the complete information about drivers, opportunities, restraints, segmental analysis and major players of the global market. According to our analysts, growing the importance of volumetric displays in the designing of medical imaging and diagnosis devices is a potential driver for the growth of the market. But, huge cost of the volumetric displays due to it is combination of several components, which is projected to restrict the market growth.
Static volume display type has dominant market size
The global volumetric market is classified on the basis of display type into static volume display, swept volume display and multi-planar volumetric display. In all these, static volume display type segment held the highest market size in the previous years, it was valued over $66.3 million and is projected to reach up to $482.7 million by 2026. The robust utilization of static volume models for airport security applications and petroleum sector for real time visual representation of oil & gas flow at exploration units, these factors are predicted to boost the market size in the coming years. Swept volume display type accounted for second position in the global market share in 2018 and is projected to experience a notable growth in the forecast years. This expected growth in swept volume display type is significantly due to major manufacturers are concentration on development of novel displays for the design of auto stereoscopic swept volume displays based LED screens.
Medical end use industry will be most lucrative
Based on end use industry, the global market has been categorized into entertainment & communication, aerospace & defense, medical, media, education & training, automotive and others. Among these, medical industry vertical is predicted to hold majority of the volumetric display market share in the year 2018, which was about 36.5% and is estimated to retain its growth with a healthy rate of 28.8% CAGR throughout the projected period. There is wide utilization of advanced display products for medical imaging applications such as MRI, X-ray and CT scan. Along with medical sector, aerospace & defense industry vertical occupied the subsequent position in the global market in terms of revenue and is estimated to account for $215.5 million till 2026. Growing need of volumetric displays in the defense industry for defense activities by offering visual representation of nearby land, air and sea information, will enhance the growth of the market in the projected time.
Regional insights and Significant Market Participants
North America registered for evident market share in the previous years and is projected to retain its dominance over the global market throughout the estimated time. Growing usage of volumetric displays in the healthcare sector and automotive sectors in North America is expected to boost the market growth. Besides North America, the volumetric display market for Asia-Pacific will witness to grow at a faster rate of 28.5% CAGR and is expected to reach up to $221.4 million in 2026. Increasing in use of volumetric displays in the electrical & electronics sector for holographic based gaming to improve the user experience, which will boost Asia-Pacific market growth in the forecast years.
The significant participants in the global volumetric display market are LightSpace Technologies, Zebraimaging, Leia Inc., The Coretec Group Inc., Holografika, SEEKWAY, Holoxica Ltd, VOXON PHOTONICS, ALISCOPY and Bruton Snowboards, among many others.
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