Hologram Market Report Overview
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The global hologram market size is expected to be USD 69 million in 2021 and is projected to touch USD 368.76 million by 2031, exhibiting a CAGR of 18.2% during the forecast period.
A three-dimensional projection known as a hologram may be viewed without any specialized tools, such as cameras or glasses. Since the picture can be seen from any angle, an object will appear to move and shift realistically as the viewer moves around the display. Holographic pictures can be moving sequences that are seen by numerous individuals from any angle, or they can be static images like a picture of a product.
In recent years, there has been a fast advancement in the technology used to record and produce holograms. These most recent methods enable the display of models that are more convincing and interactive, and they are anticipated to be used much more frequently in the future. Continuous advances in the technology and growing application in various applications will boost the hologram market growth.
COVID-19 Impact: Delayed Treatments led to Lower Demand in Healthcare
The global COVID-19 pandemic has been unprecedented and staggering, with the hologram market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the hologram market growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic caused medical treatments to be delayed as increased focus was laid on treating COVID-19 critical patients, which in turn caused a drop in demand for holographic displays like endoscopy and x-way, negatively affecting the worldwide holographic display business. Demand not only dropped across the healthcare sector, but also other applications such as automotive, retail, and entertainment. The slowdown of these industries impacted the market dynamics significantly. However, the situation worldwide is slowly and gradually improving, and it is anticipated that the market will soon recover.
LATEST TRENDS
"Augmented Reality and Holographic Display Trends to Augment the Market Demand"
Various new technologies integrated with AR are being introduced in the market. For instance, using a TI DLP Auto projector to illuminate its digital windshield cluster with holographic display, U.K.-based Ceres Holographic showcased their product at CES2020. A DLP5534-Q1 chipset is used in the system to process and project light onto the CERES holographic material. The business bragged that this was the best design for applications involving transparent window displays.
An attractive replacement for LED/TFT screens in head-up display applications is one of the latest innovations in phase-only holographic display technology. Different industries are adopting the technology for advanced applications. For instance, because to its low power consumption and adaptable design, Range Rover adopted the holographic HUD for usage in the Evoque.
Additionally, Way Ray presented a proof-of-concept version of their augmented reality (AR) gadget in January 2020 at the CES, saying that the holographic powered glass would be a platform for new services and would also enable new in-vehicle experiences for future mobility. The company's navigation system includes advanced driver assistance systems (ADAS) features including lane departure and front collision alerts in addition to navigational functions.
Hologram Market Segmentation
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- By Type Analysis
By type, market is segmented into hardware (HW), software (SW) and service. The hardware segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into entertainment, healthcare, automotive, retail sector and others. The entertainment segment will lead the global share through 2028.
DRIVING FACTORS
"Proliferation of 3D Gaming to Augment Hologram Market Share from Entertainment Segment"
The idea of holographic entertainment is no longer just a fantasy. The usage of this technology during concerts has been one of its most prominent uses in recent years. Stars from the past might be revived to perform once more and even appear live on stage with contemporary performers.
These displays may also be utilised for live concerts when the artists are virtually appearing before the audience rather than being present in person. Holographic gaming tables that allow for real-time multiplayer games are already under testing. In order to enable portable 3D gaming, manufacturers are also incorporating similar technology into the upcoming generation of smartphone screens. Expanding application potential in the entertainment industry will open up new opportunities for hologram market growth in the forthcoming years.
"Usage of Hologram Technology in Healthcare Industry to Push the Market Growth"
Modern imaging methods like MRI and CAT scans can simply convert the sort of data they offer into digital information. Historically, 2D slices of this data have been shown to clinicians on computer displays. Internal organs and bodily components will be completely visualised in three dimensions thanks to medical hologram technology. This will provide medical professionals better access to each patient's injuries and illnesses, enabling them to make more precise diagnoses.
The novel practise of surgical pre-planning can also benefit from the usage of this technology. The surgeon has a clear understanding of the entire procedure before making the first incision. The likelihood of success is significantly increased if one is aware of the specific incisions that must be performed. Therefore, growing adoption in the healthcare sector for advanced diagnosis and research will certainly augment the hologram market share during 2022-2028.
RESTRAINING FACTORS
"Higher Costs of Production and Storage Problems to Impede Market Growth"
Compared to 2D projection, the production costs of hologram technology are greater. In the presence of fluorescent illumination, it is difficult to see. It is expensive to incorporate the idea of holographic projection into product design. Utilizing 3D holograms to create visuals takes time. Holographic data storage has sensitivity and noise problems. Additionally, it has considerable limits. These factors may limit the market potential in the coming years.
Hologram Market Regional Insights
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Asia Pacific region is slated to dominate the hologram market share throughout the forecast period. This is because in the fields of automobiles and consumer electronics, Japan and China have been innovators. The markets in these areas have experienced tremendous growth as a result of matching supply and demand and staying up to date with emerging technology. The Chinese hologram market has expanded as a result of expanding consumer electronics sales, an increase in the need for digital signage innovations in retail, media, and advertising, and an increase in the demand for head-up holographic displays in the automobile sector. This market is effectively expanding in the business sector. For the Skechers DLT-A launch, Moove Media Singapore unveiled its first-ever holographic display at the North-East Line's Dhoby Ghaut Station. Skechers Singapore's latest shoe line is a three-dimensional sneaker with a holographic display.
The demand for holographic displays is anticipated to increase over the forecast period, despite the fact that the Indian market is still in its infancy. This is because India has a developing economy supported by a retail sector, rising advertising spending, and improving public and private infrastructure. Additionally, it is anticipated that the region will adopt holographic display devices more widely due to the expansion of consumer electronics manufacturing capacities, particularly in China's South-Central region, rising exports to Southeast Asian neighbors, and declining average selling prices of different display technologies like 4K, LCD, LED, and OLED.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Lyncee Tec (Switzerland)
- zSpace, Inc. (U.S.)
- HoloTech Switzerland AG (Switzerland)
- Vision Optics GmbH (Germany)
- Eon Reality, Inc. (U.S.)
- Holoxica Limited (U.K.)
- 4Deep inwater imaging (Canada)
- Geola (Lithuania European Union)
- Leia, Inc. (California)
- Ovizio Imaging Systems NV/SA (Belgium)
- RealView Imaging (Israel)
- Phase Holographic Imaging (Sweden)
- Mach7 Technologies (Australia)
- Fraunhofer IPM (Germany)
- Nanolive SA (Switzerland)
- Jasper Display Corporation (U.S.)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 69 Million in 2021 |
Market Size Value By |
US$ 368.76 Million by 2031 |
Growth Rate |
CAGR of 18.2% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the hologram market expected to touch by 2031?
Over the research period, the hologram market will be reaching USD 368.76 million in 2031.
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What CAGR is the hologram market expected to exhibit by 2031?
The hologram market is expected to exhibit a CAGR of 18.2% by 2031.
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Which are the driving factors of the hologram market?
Use of holograms in gaming and entertainment industry and healthcare applications will drive the hologram market growth.
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Which are the top companies operating in the hologram market?
Lyncee Tec, zSpace, Inc, HoloTech Switzerland AG, and Vision Optics GmbH are some of the top hologram market players.