Volumetric Display Market

Market Overview

The global volumetric display market size was valued at USD 323.1 Million in 2023 and is projected to reach USD 3.4 Billion by 2032, registering a CAGR of 30.3% during the forecast period (2024-2032). Volumetric Display market growth is expected to be driven by continued innovation and technological advances in 3D display technologies that give higher resolutions and functionalities. 

A volumetric display is a three-dimensional display technology that renders visual representations of items within a certain volume of space. Unlike standard two-dimensional displays, which exhibit images on flat surfaces, volumetric displays create images that appear to inhabit the space before the screen, allowing viewers to observe objects from numerous perspectives without needing special glasses or goggles.

The market for volumetric displays is expanding as demand for immersive and realistic visual experiences grows across industries. In medicine, volumetric displays visualize complex anatomical features in three dimensions, aiding surgical planning and training. In gaming and entertainment, the quest for more engaging and lifelike experiences has driven the use of volumetric displays in virtual and augmented reality applications. Furthermore, industries such as design and engineering gain from improved manipulation and Visualization of 3D models.

Highlights

• Static Volume accounts for the largest share of the market by display type.
• Medical generates the highest revenue share of the market by end-use.

Market Dynamics

Global Volumetric Display Market Drivers

Increasing Demand for 3D Visualization

There is an increasing demand for three-dimensional (3D) visualization solutions in healthcare, engineering, architecture, entertainment, and education. Volumetric displays provide distinct advantages for creating immersive 3D visualizations, which is pushing their use in applications ranging from medical imaging to virtual prototyping. Advanced visualization tools are increasingly necessary in medical imaging, diagnosis, and surgical planning. Volumetric displays enable healthcare workers to visualize complicated anatomical structures in three dimensions, resulting in more accurate diagnoses and better patient outcomes. For example, researchers at the Mayo Clinic (Rochester, MN) and the University of California, San Francisco, verified that combining artificial intelligence (A.I.) imaging with volumetric breast density algorithms can help predict the long-term risk of breast cancer, particularly invasive illness. 

In contrast, the gaming and entertainment industries' demand for immersive 3D visualization experiences pushes the adoption of volumetric displays and related technologies. For example, Voxon Photonics and Looking Glass Factory work on volumetric display systems for gaming, VR/AR, and interactive entertainment applications. These technologies enable developers to build visually appealing 3D content and experiences that capture audiences and increase user engagement.

Global Volumetric Display Market Restraints

Complexity and Cost

One of the most significant barriers to volumetric display adoption is the high cost of manufacturing these advanced display systems. The complexity of volumetric display technologies, combined with the necessity for specialized components such as high-resolution projectors, optical elements, and volumetric mediums, drives increased production costs. As a result, the initial investment necessary to create and implement volumetric display solutions may be too expensive for some firms and industries. 

In addition, volumetric displays can cost anywhere from USD 9,800 to USD 11,700, depending on the type of display. Voxon Photonics, a prominent developer of volumetric display technology, introduces the "Voxon VX1," a volumetric display system that can render 3D pictures mid-air. The VX1 features advanced optical components such as a high-speed DLP projector, a precision-engineered mechanical scanning system, and a proprietary volumetric medium. The VX1 system's high production costs are due to its components' complexity and the precision necessary for alignment and calibration. For instance, the Voxon VX1 3D volumetric display costs USD 11,700 plus shipping, and the 3D Visualization display costs USD 9,800 plus shipping.

Furthermore, volumetric displays are complex since they require complex materials and technologies to manufacture, and the hardware requirements differ depending on the form. For example, some volumetric displays, such as holographic displays, may require a dedicated graphics card capable of rendering 3D pictures in real time and a laser projector. Volumetric displays also demand two to three times more CPU and GPU power than 2D pictures of the same quality, owing to the Volume of data that must be transmitted to the display hardware. 

Global Volumetric Display Market Opportunity

Rise of Augmented Reality (A.R.) and Mixed Reality (M.R.) Applications

Volumetric displays provide an appealing foundation for A.R. and M.R. applications by allowing realistic 3D viewing of digital content layered on the physical surroundings. These displays improve user interaction and engagement in gaming, education, training, healthcare, and retail industries. As AR and M.R. technologies improve and gain acceptance, an increasing demand exists for enhanced volumetric display solutions capable of delivering immersive and engaging experiences.

In addition, AR/MR applications include Microsoft's HoloLens headset, which uses a combination of transparent holographic lenses and powerful sensors to overlay holographic pictures onto the user's physical environment, resulting in immersive mixed-reality experiences. Users can interact with virtual items, examine 3D models, and get contextual information overlayed on real-world environments. This technology has applications in industrial design, architecture, education, and healthcare. Furthermore, the COVID-19 epidemic has expedited the use of AR/MR technology, notably for remote collaboration, training, and virtual events. Organizations use AR/MR technologies to provide virtual meetings, interactive training sessions, and immersive experiences that bridge the physical and digital worlds.

Thus, the emergence of A.R. and M.R. applications creates a significant opportunity for volumetric display technology to provide immersive and interactive experiences across various businesses. As the need for AR/MR solutions grows, so does the need for advanced volumetric display solutions capable of realistic 3D Visualization, spatial computation, and seamless integration with real-world surroundings.

Regional Analysis

North America Dominates the Global Market

The global volumetric display market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East Africa, and Latin America.

North America is the most significant global volumetric display market shareholder and is estimated to grow at a CAGR of 30.4% over the forecast period. North America held the most important market share of 45% in 2023. A key driver of market growth is the fast adoption of 3D volumetric displays in the oil and gas industry to visualize 3D fluid flow in real-time. The growing use of innovative technologies in healthcare, such as autostereoscopic displays, is driving the demand for volumetric displays for medical imaging applications. Furthermore, a sharp increase in U.S. defense spending to deploy innovative technology for military simulation and training applications is expected to enhance the North American market during the projection period.

Furthermore, major technology hubs, such as Silicon Valley in the United States and other tech clusters in Canada, serve as centers of cutting-edge research and innovation, resulting in the creation and commercialization of advanced volumetric display technologies. Also, North America's mature and technologically aware customer base drives demand for immersive and high-quality visual experiences. Volumetric displays have been widely adopted in the region's various businesses, including healthcare, gaming, entertainment, and education. The healthcare sector, in particular, has played a significant role, with medical facilities in the region utilizing volumetric displays for enhanced medical imaging and surgery planning. 

Overall, the North American industry has a robust investment landscape, with venture capital funding and strategic alliances promoting the expansion of volumetric display technology businesses.

Asia-Pacific is anticipated to exhibit a CAGR of 30.8% over the forecast period. This is owing to shifting consumer tastes for high-tech gaming in nations like Japan, China, and Australia. Furthermore, due to the region's significant Foreign Direct Investment (FDI), the rapidly rising consumer electronics industry is expected to increase production and usage of volumetric displays. Furthermore, nations like China and Japan are expected to grab a significant market share due to their extensive manufacturing facilities and low production costs. For example, in 2023, China's domestic gaming market increased sales revenue by 13.95% yearly, reaching RMB 302.96 billion (USD41.68 billion). This was the first time the market had topped RMB 300 billion. 

Furthermore, increased spending on advanced military and defense technologies propels the volumetric display market in countries such as China, India, and South Korea. Volumetric displays are employed in various military and defense applications, including training simulators, navigation systems, and situational awareness displays since they can display 3D pictures realistically and interactively.

Europe is projected to gain traction as the automobile and gaming & entertainment industries expand. The United Kingdom and Germany are likely to top the European market.

Segmental Analysis

The global volumetric display market is segmented based on display type and end-user.

The market is further segmented by display type into Swept Volume and Static Volume.

The static volume category led the market, accounting for 50% of revenues in 2023. Static Volume displays create 3D pictures by illuminating a specific volume of space with light or projections from many angles. Unlike sweeping volume displays, static volume displays do not use scanning technologies to generate the appearance of depth. Instead, spatial information within the Volume is encoded and displayed using techniques like holography, volumetric projection, or light field rendering.

In addition, static volume displays have several advantages, including stable image quality, wide viewing angles, and constant 3D perception from various perspectives. These displays are ideal for applications that require static or pre-rendered 3D material, like digital signage, art installations, and museum exhibits. Customers choose static volumetric displays because they are readily available in various categories. This category comprises forms that use gas medium upconversion, solid-state upconversion, and crystal cube static displays. These facilitate quick security inspections at airports and improve visibility during medical surgeries. 

The swept volume sector is expected to have the highest CAGR during the projection period. Swept volume displays generate 3D pictures by quickly scanning a 2D display surface or projection plane across a volume of space. The scanning process produces sequential 2D slices or cross-sections of the 3D object, which the spectator perceives as a volumetric image. Swept volume displays often employ techniques such as laser scanning, mechanical rotation, or acousto-optic modulation to sweep the display plane and illuminate various places within it. These displays have benefits such as real-time Visualization, high frame rates, and dynamic content rendering, making them ideal for applications that require interactive 3D visuals and quick response times.

Furthermore, the rise is due to leading market participants worldwide focusing on creating superior sweeping volume displays. For example, in June 2019, Voxon Photonics unveiled 'Z3D', the world's first 3D Arcade Machine based on sweeping volume technology, which provides an enhanced gaming experience via an ultra-high digital projection device. The technology also facilitates multi-user engagement in gaming and various other applications, including video calling.

The market can be further bifurcated by end-users into Medical, Aerospace and Defense, Automotive, Media, Communication and Entertainment, Education, and Training.

The medical segment had the largest market share of 40% in 2023. Volumetric display technology is used in the medical industry for various applications such as medical imaging, surgical planning, training simulations, and patient education. Volumetric displays allow healthcare workers to see and control complicated anatomical features in three dimensions, which aids in precise diagnosis, treatment planning, and surgical navigation. 

The volumetric display has gained popularity in medical imaging applications due to its widespread use during surgeries. It provides a distinct hyper-realistic experience for visualizing medical pictures during surgery. Furthermore, it creates a 3D image from stored MRI data in the systems and allows clinicians to study a region of anatomy from any aspect using zooming features.

Furthermore, volumetric display technology benefits the media, communication, and entertainment industries by allowing for immersive experiences in gaming, cinema, live events, and digital art. Material creators use volumetric displays to create interactive 3D material, holographic projections, and virtual environments that engage audiences and provide unforgettable experiences. 

Volumetric displays have a significant visual impact on product advertising and media marketing because they engage customers for extended periods. With the introduction of 5G technology, the media, communication, and entertainment industries are predicted to increase, with a large CAGR, owing to the high demand for the product for video calling and virtual meetings. Aside from that, millennials' increased usage of high-graphics gaming technologies is expected to drive segment growth over the next seven years.

Recent Developments

• March 2024- The Coretec Group and Core Optics LLC announced they entered a definitive share exchange agreement.
• March 2024- Leia Inc. announced that ZTE's nubia Pad 3D II is the latest device to unlock glasses-free 3D using LeiaSR technology, a proprietary mix of sophisticated optics and Depth (Gen) A.I. software that enables immersive experiences for everyone, anytime, on any device.