Since
the past few years, industrialization and urbanization coupled with the
tremendous usage of motorized vehicles, have resulted in an immense demand for
petroleum products across the world. As per the statistics by the U.S. Energy
Information Administration (EIA), in 2017, the average petroleum consumption in
the U.S. alone reached 19.96 million barrels per day (b/d). As a consequence,
to cater to the perpetually rising demand for petroleum products, the oil and
gas industry is continually advancing towards deploying innovative technologies
in terms of exploration activities and production processes. Moreover, a
discernible requirement for highly accurate oil and gas exploration is
incepted. During exploration, seismic data plays an essential role in assessing
a particular area for potential oil and gas extraction. Until recently, 2D
displays were used for encapsulating the seismic data. However, this technology
is proved inefficient as it is incapable of providing accurate data. In need of
an hour, volumetric display technology aids the oil and gas industry by
providing a comprehensive 3D depiction of where oil deposits might lie, how
large they are, and how accessible they might be, and thus made the expensive
process of oil and gas exploration more efficient, accurate, and productive.
This is the primary factor creating an unprecedented endorsement for volumetric
display technology. Furthermore, the global oil and gas industry is flourishing
rapidly, and major market players are making investments to cater to the
propelling demand for petroleum products. For instance, the oil and gas
industry in India is anticipated to gain $25 billion investments, by 2022, in
exploration and production, according to the India Brand Equity Foundation
(IBEF). It can be easily fathomed that increasing investments in the oil and
gas exploration and production is further facilitating the adoption of advanced
technologies, including a volumetric display. Thus, the booming oil and gas
industry is considered to be the prime impetus for the growth of the global
volumetric display market.
As of 2018, the global Volumetric Display Market size was
evaluated at $184m, and it is poised to escalate at a lucrative CAGR of 32.6%,
during the forecast period 2019-2025.
Demand from End-User Industries Stimulating the Growth of
Volumetric Display Market—
Owing to the unique features such as 360-degree viewing
angles, visualization of holographic aerial images in free space, real-time 3D
visualization, and motion-based depth cues, there has been a notable transition
towards volumetric displays. Additionally, the higher resolution,
auto-stereoscopic capability, and enhanced viewing experience is considerably
boosting the market growth. The rise in adoption of 3D technology amongst the end-use
industries such as healthcare, military and defense, aerospace, media and
entertainment, and automotive to enhance their user experience and operational
efficiency, is expected to fuel the growth of the volumetric displays market.
For instance, in the medical sector, volumetric displays are used in imaging
applications such as in X-ray, CT scanning, and MRI scanning. In these
applications, 3D volumetric displays increase the effectiveness of real-time
imaging systems for doctors and surgeons who need a better awareness of what’s
happening inside the human body, by providing a real-time visual representation
of the interior of any human organ. Thus, the incessantly growing end-user
industries across the world are anticipated to propel the growth of the volumetric
display market.
Asia-Pacific Region: A Lucrative Marketplace for the
Volumetric Display Market—
After a thorough analysis of the regional markets, in
terms of demand for volumetric displays, geographically, Asia Pacific is
reckoned to be the most lucrative marketplace having a substantial 27.3% share
in global uptake as of 2018. Key factors responsible for APAC’s dominance are
an advancement in technologies in the emerging economies, including China,
India, and Japan, amalgamated with governmental interventions, including
investments and enforcement for adoption. According to the India Brand Equity
Foundation (IBEF), in the world, India is in the third position among the most
reliable investment destinations for technology adoption. In February 2018, the
Indian government, for the second phase of Impacting Research Innovation and
Technology (IMPRINT), has announced $155.55m.
Moreover, under the Union Budget 2019-20, the Ministry of
Science and Technology has been allocated $1.77 billion. Based on the
governmental initiations to encourage technological advancements, including
volumetric displays, the regional market is well supported. Moreover, the
end-user industries in this region are rapidly growing due to the presence of
huge consumer base, and so are investing heavily for the adoption of innovative
technologies such as volumetric displays, to stay ahead of their respective
competitors. These factors have rendered the Asia Pacific region with the
maximum market share. Additionally, the Asia-Pacific region is having a
substantial growth due to the presence of significant market players, for
instance, Burton Inc. in Japan and SEEKWAY in China.
Retail Sector, Key Application Segment, Anticipated to
Augment the Volumetric Display Market Growth—
Based on end-user industry, the volumetric market is
segmented into education, medical, engineering, entertainment, retail,
advertisement, and others. Among these, the retail sector is expected to propel
the growth of the volumetric display market and is anticipated to gain traction
in the coming years. With the burgeoning demand from consumers for retail
products, the retailers are advancing towards the adoption of trending
technologies to enhance their product promotion. Moreover, to alleviate
themselves from the growing e-commerce sales, the retailers are adopting
volumetric displays to increase the number of footfalls in their respective
stores, as it enables the customers to view a product in the 3D space and gives
a real-time feel of the product and consequently improves the customer
engagement and conversion. Volumetric displays go beyond traditional
advertising and promotional mannequins; and facilitates retailers to increase
sales, ensure retention, and engage consumers. Thus, the key application segment
is poised to propel at a notable CAGR of 36.48% through to 2025.
Volumetric Display Market Companies—
The key companies in the volumetric display market
include 3DIcon Corporation (U.S.), LightSpace Technologies Inc. (U.S.), Voxon
(U.S.), Holografika Kft. (Hungary), and Zebra Imaging (U.S.). These companies
are continuously focusing on research and development activities to innovate
their product portfolio to stay ahead of the curve.
Moreover, the companies are frequently involving in
strategic acquisitions, mergers, partnerships, and collaborations to gain
grounds in the global volumetric display market.
· Voxon Photonics introduced the world’s most advanced 3D
volumetric display, Voxon VX1, which is intended to make people digital-centric
and enhance them by visualizing, communicating, and learning collaboratively
with no barrier to the 3D experience, and without extra eyewear.
· LightSpace Technologies Inc. recently announced
S-series benchtop volumetric 3D image display. The system provides a real-time
3D image representation along with high spatial and angular resolution, at the
same time offers omnidirectional multi-view from practical observation angles,
with all the major 3D depth cues.
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Related Reports:
a) 3D & 4D Technology Market
https://www.industryarc.com/Research/3D-4D-Technology-Market-Research-505402
b) Holographic Display Market
https://www.industryarc.com/Report/15041/holographic-display-market.html
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