PUBLISHER: Allied Market Research | PRODUCT CODE: 1239566
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239566
The global holographic AR display market is anticipated to reach $2,586.4 million by 2031, growing from $170.3 million in 2021, at a CAGR of 31.5% from 2022 to 2031. A holographic display creates three-dimensional pictures by using coherent light generated by a laser. The use of laser technology in holographic displays enables the creation of pictures without the need for any sort of screen or external refraction media. Electro holography displays are the most extensively utilized due to their capacity to transfer stored picture data via an electromagnetic resonator, which gives them a considerable advantage in security-related applications.
Holographic displays have a wide range of use in the defense industry, from surveillance and reconnaissance to topographic mapping. Holographic maps provide greater detail and a clearer understanding of hostile territory, helping in the development of accurate strategic plans. The increase in use of holographic AR displays in the defense industry is anticipated to drive the holographic AR display market growth. Apart from that, holographic displays assist in the detection of forged credit cards and are increasingly being used to train fighters in real-world simulations to improve their environmental awareness. Holographic AR displays are also utilized to acquire battlefield intelligence, conduct psychological operations, and control strategic perception. These factors are projected to drive the market growth during the forecast period.
The high cost of manufacturing holographic display devices is restricting the market growth. In addition, the pricing of holographic AR displays can be expensive to consumers in developing nations which is also expected to restrict the holographic AR display market growth during the forecast period.
The holographic AR display market is expected to grow rapidly in the coming years, especially in developed countries such as the U.S., with various industry players augmenting demand due to extensive product applications in medical university, medical imaging, and healthcare research. While the healthcare, media, and automotive industries drive the market for holographic displays, applications in media and entertainment, education, residential (living rooms), and military mapping are projected to be the market growth drivers. Holographic AR displays are also used in digital signage, billboards, POS terminals, kiosks, venues, and events. The usage of holographic AR displays in all of these applications is significantly projected to drive the market expansion.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. There were import-export restrictions laid down on major holographic AR display producing countries such as the U.S. and China, which imposed significant challenges for the market. The COVID-19 pandemic had a negative impact on the display industry, causing significant manufacturing centers to temporarily cease production, which has affected the supply chain. The manufacturing of holographic screens has been slowed down by the COVID-19 pandemic. The pandemic has prompted the use of digital holography in the field of medical education due to the high virus transmission rate.
The key players profiled in this report include: WayRay AG., Continental AG, Visteon Corporation, Sygic, DigiLens Inc., Indiegogo, Inc., Futurus Group, and Avegant Corp.