According to a new report published by Allied Market Research, titled, “Holographic Display Market By Component, Technology, Dimension, End Use, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The holographic display market size was valued at $1.13 billion in 2020, and is projected to reach at $11.65 billion by 2030, growing at a CAGR of 29.1% during the forecast period.
Holographic display is a type of 3D display that uses the concept of light diffraction to create a virtual three-dimensional object. It is prominently used in augmented reality (AR) and virtual reality (VR) applications.
Holographic displays have the potential to outperform other 3D display technologies used for virtual and augmented reality by enabling more compact displays, improving the user’s ability to focus their eyes at different distances, and offering the ability to adjust for users who wear corrective lenses. Thus, holographic displays are gaining popularity among the population.
Some of the prime drivers of the holographic display industry are higher adoption rate of holographic displays for advertising and events and surge in demand for holographic displays for medical applications.
These factors are estimated to accelerate the market growth rapidly during the forecast period. However, high cost of displays and lack of awareness of holographic displays act as major barriers for the holographic display market growth. Contradictorily, the adoption of holographic displays in high-end cars creates lucrative opportunities for the market growth in automotive sector during the forecast period.
The lens segment was the highest contributor to the market in 2020, owing to the benefits of enhanced viewing experience of customers. The electro-holographic segment has prominent share in the market in 2020, owing to its ability to display 3D reconstructed images with binocular, full-color, high resolution, and accurate depth presentation. In dimension, the 3D segment attributed maximum market share in 2020, owing to improved technology to attract customers. In addition, medical imaging had significant market share in 2020, owing to emerging applications in fields such as medical academia and healthcare research.
Moreover, on the basis of industry vertical, the medical segment had significant market share in 2020, owing to the fact that it enables proper study of the medical condition of patients.
The global holographic display market trends has been impacted by the COVID-19 outbreak. New projects throughout the world have been stalled, which, in turn, affected the demand in several industries, including manufacturing, industrial, and retail. Market players faced significant impact on procuring raw materials while time and shipping costs were major concerns.
Region-wise, North America holds a significant share in the global holographic display market. U.S. holds the major market share, owing to the presence of leading market players and higher rate of technology adoption in the region. Besides, considerable advertising budget from various companies fuels the growth of the market during the forecast period.
Key Findings of the Study
- In 2020, the lens segment accounted for maximum revenue and is projected to grow at a notable CAGR of 29.9% during the forecast period.
- The 3D segment accounted for more than 31.4% of the holographic display market share in 2020.
- The medical segment of the holographic display market is projected to grow at a CAGR of 28.3% during the forecast period.
- North America contributed major share in the holographic display market analysis, accounting for more than 35.0% share in 2020.
The key players profiled in the report include HoloTech Switzerland AG (Switzerland), Holoxica Ltd (UK), HYPERVSN (UK), Leia Display System (Poland), MDH Hologram Ltd. (UK), Provision Holdings Inc. (U.S.), Qualcomm (U.S.), Realfiction (Sweden), Realview Imaging Ltd. (Israel), and ViewSonic Corporation (U.S.). These market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the market.