Volumetric Display Market Size Share, Opportunities, And Trends By Type (Swept Volume Display, Static Volume Display, Others), By Components (High-Speed Video Projector, Multi-Planar Optical Element), By End-User (Medical, Aerospace & Defence, Automotive, Media & Entertainment, Education & Training, Oil And Gas, Others), And By Geography - Forecasts From 2021 To 2026

The volumetric display market is projected to grow at a CAGR of 34.54% during the forecast period to reach US$1,302.882 million by 2026, from US$163.285 million in 2019.

A volumetric display is a graphic display device that creates a three-dimensional visual representation of an object for the user's better understanding and experience. It generates 3D imagery by emitting, scattering, and transmitting light from well-defined places in space, as opposed to the traditional planar image, which adds depth using a variety of enhanced visualizations to create screenless genuine images with no obstructions to the observer's position. Volumetric images have a physicality that allows them to take up space in the same way as the actual item being shown does. The market's growth is being fueled by the increasing usage, technological improvement, and innovation of volumetric display technology. Increased technological advancement in 3D displays, in particular, is likely to contribute significantly to the market's growth.

The rising utilization of volumetric technology in the end-user industry is anticipated to fuel market expansion during the forecast period.

The potential to use volumetric displays in a variety of medical procedures and surgeries is driving up demand for volumetric displays in the healthcare sector. Simultaneously, there is a growing need for volumetric technology to develop medical imaging technologies for better diagnosis and treatment of patients. For instance, in November 2021, Hologic, Inc. announced that its new GeniusTM Digital Diagnostics System is now available for purchase in Europe. It is the next generation of cervical cancer screening, combining deep learning-based artificial intelligence (AI) with superior volumetric imaging technology to help women detect pre-cancerous lesions and cancer cells.

Furthermore, changing consumer preferences for displays from conventional to volumetric is one of the factors contributing to the volumetric display market's expanding demand and market growth. As a result, consumers are demanding a better gaming experience and more lifelike images across all media. This brings up the possibility of improvement and increased acceptance of volumetric displays in the consumer services industry. For example, Canon Inc. and IBM Japan Ltd. announced in July 2021 that they will develop a business collaboration to promote the visual and performing arts through the use of volumetric video technology. In addition, Canon has used this technology in an international rugby game and other sporting events in 2019. To broaden its variety of activities in the entertainment business, the company built its Volumetric Video Studio - Kawasaki in July 2020. Volumetric displays are becoming increasingly popular in a variety of industries, particularly among businesses with large marketing budgets. This is because volumetric display enhances the visual impact of media marketing and product advertisement.

Consistent innovation and technological advancements are expected to propel the global market for volumetric displays to new heights.

With technologies like digital light processing and liquid crystal on silicon, volumetric displays are becoming more powerful and accessible as important industry participants raise their research and development spending. Users can examine products based on these technologies from a variety of angles and perspectives without the need for specialized eyewear. They also enable stronger and more natural visual control, including the ability to focus on specific features of the subject matter. For instance, in January 2022, the Institute for Photonics and Advanced Sensing (IPAS) at the University of Adelaide teamed up with The Coretec Group, Inc. to develop a glass that will be utilized in the company's CSpace, a 3D static volumetric display technology. The University of Adelaide will fund this project jointly. Furthermore, the increased developments by the major players of the market in terms of innovation and technology will also boost market expansion. In November 2021, for example, Atomontage released an early version of their microvoxel technology, which the company claims provides a new approach to creating computer images for video games and simulations. The benefit of cloud-based volumetric graphics is that it makes use of recent advances in 3D data compression, making it much easier to transfer 3D imagery with a lot of information. The high cost of adoption in the volumetric display, on the other hand, is the key impediment to the market's growth. Furthermore, the market is hampered by the complexity of the production process and the necessity for a considerable amount of bandwidth.

By region, North America is anticipated to witness the fastest growth in the volumetric data market during the forecast period.

Based on geography, the volumetric data market is segmented into the Americas, Europe, the Middle East and Africa, and the Asia Pacific. The American region is expected to hold a considerable market share due to the increased adoption of volumetric display technology by end-user industries. Furthermore, regulatory bodies' increased expenditure on defence sector improvement is likely to promote the expansion of the Volumetric Display market in the region. For instance, according to the Stockholm International Peace Research Institute (SIPRI), military spending in the United States reached $778 billion in 2020, up 4.4 percent from 2019. The country, as the world's top military spender, contributed 39% of overall military spending in 2020. Moreover, the increased spending in the healthcare sector is also expected to aid market growth during the forecast period. As per the data by NHEA, healthcare spending in the United States in 2020 increased by 9.7% to $4.1 trillion. Health spending contributed to 19.7 percent of the nation's Gross Domestic Product.

In addition, the Asia Pacific region is also expected to witness fast growth during the projected timeframe. This is due to the increasing use of volumetric technology by many industries in these emerging countries in the region. The increased expenditure in the defence sector in major economies such as China and India is anticipated to boost the market for volumetric data in this segment. For instance, China's defence budget surpassed $200 billion for the first time, with the government announcing a 6.8% increase in defense spending for 2021 in March 2021. The declaration came at the commencement of a week-long session of the National People's Congress (NPC) in Beijing, which is controlled by the Communist Party. Furthermore, key developments by market players in the region are also likely to grow the demand for volumetric data in the coming years. In July 2021, for example, the Swinburne University of Technology in Melbourne teamed up with immersive media business Imagine Room to create and run a volumetric capture studio facility that will be open to the public. The increased use of volumetric technology in the end-user industries will help in the development of the market in the Asia Pacific.

Covid-19 Insights

The COVID-19 pandemic boosted the market for volumetric displays. Despite the temporary halt in manufacturing processes at various production facilities in several nations as a result of the mandated lockdowns, demand and growth prospects have improved. Because of the increasing imaging procedures required for the detection and treatment of infected individuals, demand in the medical sector surged. This supported the market for volumetric displays.  In addition, the rise of the work-from-home culture and online education has boosted the demand for volumetric displays for video conferencing and virtual meetings. Despite the COVID-19 outbreak, the volumetric display industry is predicted to rise steadily during the projection period.

Key Market Segments

• By Type
  • Swept Volume Display
  • Static Volume Display
  • Others
• By Components
  • High-speed Video Projector
  • Multi-planar Optical Element
• By End-User
  • Medical
  • Aerospace & Defense
  • Automotive
  • Media & Entertainment
  • Education & Training
  • Oil and Gas
  • Others
• By Geography
  • Americas
    • USA
    • Others
  • Europe Middle East and Africa
    • Germany
    • France
    • United Kingdom
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Others