Holographic Grating Market Size, Share, Growth, and Industry Growth, By Type (Plane Type Holographic Grating and Concave Type Holographic Grating), By Application (Laser, Astronomy, Optical Telecom, Monochromator and Spectrometer, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Holographic Grating Market REPORT OVERVIEW

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The global holographic grating market size was USD 216.4 million in 2022 and is projected to touch USD 313.39 million by 2031, at a CAGR of 4.2% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A holographic grating is a diffraction grating created when the standing-wave pattern of two laser beams interferes with each other and is exposed to a polished substrate covered in a photoresist. The processed exposed medium produces a pattern of sinusoidal cross-sectioned straight lines. An optical component known as a diffraction grating diffracts radiation into its constituent wavelengths. The spectrum range, efficiency, resolution, and performance of a diffraction grating are determined by the groove density, depth, and profile. The holographic and ruled grating are the two main types of the diffraction grating. A ruling engine creates a ruled diffraction grating by making grooves in the coating of the grating substrate, which is commonly glass covered with a thin reflecting layer).

Holographic grating exhibits light that is less scattered than the ruled grating. It is an innovative technology depicting an effective interaction between humans and the digital world. Its disruptive innovation uses 3D imaging technologies, which helps in effective addressing of challenges in training, education, research, and other associated areas. It is additionally used for attaining better information about the body organs and tissues from different angles. It is also capable to handling high-resolution images of various body organs. It is a good tool for planning intervention as it opens new possibilities owing to the capability of imaging and measuring non-contact high-resolution images.  

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The unforeseen event of the pandemic had prompted the execution of severe lockdown rules across various countries resulting in aggravations in the import and product exercises of the product. Nonetheless, the expansion sought after for excellent items in the market expanded the interest for market development during the pandemic. In any case, the market was principally hit by various impediments amid the COVID-19 pandemic, for example, the absence of capable labor force accessibility and postponement or end of activities attributable to finish lockdown. Additionally, the flood in the execution of modern automation arrangements all around the world is expected to build up the market figures post-COVID-19.

LATEST TRENDS

"Rising Utilization of the Product in the Healthcare and It Industry to Drive Trends"

The healthcare industry is rapidly adopting the device in the manufacturing of various medical equipment such as laser pulse compression, spectroscopy, and others. The product is used in manufacturing health detection devices. Moreover, these devices are used in the study of astrology and in the manufacturing of optical telecommunication. Optical telecoms are used by companies to transfer internet communication, telephone signals, and signals of cable televisions. The steady development of the IT industry is likely to project the holographic grating market growth. 

Holographic Grating Market Segmentation

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• By Type Analysis

By type, the market is segmented into the plane-type holographic grating and concave-type holographic grating.

The market is projected to be dominated by the concave type holographic grating due to the higher adoption of the product and holds 60% of the total holographic grating market share.  

• By Application Analysis

Based on application, the market is classified into laser, astronomy, optical telecom, monochromator and spectrometer, and others.

DRIVING FACTORS

"Product Adoption in Various Industries to Foster Growth in the Market"

The device is used in various laboratories for the manufacturing of non-destructive testing. It is used in stores as a check-out scanner to gain high-resolution reflections. It is used in monochromator as it is used to transmit a mechanically selected narrow band of light’s wavelength from an expanded range of wavelengths from the inputs. It is used in spectrometers due to the difference in the refractive index of the material according to the wavelength.  

"Advancements in the Product to Enhance Market Growth"

The product is witnessing a sharp rise in popularity in recent years. The companies are striving to induce advanced technology to reduce refraction in high wavelength lights. The steady adoption of laser equipment and devices is forecasted to foster tarket growth. Due to their low power consumption, ultralow threshold lasers are acknowledged to play a significant part in optical interconnects for computer circuits. These factors are most likely to gain maximum growth in the market.  

RESTRAINING FACTORS

"High Levels of Periodic Errors to Hamper Growth"

While other gratings have exceptionally high efficiency at the intended wavelength, they also have rather high levels of periodic errors like ghosting and scattered light that may interfere with delicate measurements. Holographic gratings are created specifically to minimize or eliminate these problems. When compared to blazing gratings, holographic have lower efficiency. Similar to how ruled gratings are created, the device is created from master gratings. Typically, the photosensitive material is exposed to two conflicting laser beams in order to create the master device. A periodic pattern on the surface that reveals the interference pattern can then be mechanically or chemically altered to reveal a sinusoidal surface pattern.

Holographic Grating Market REGIONAL INSIGHTS

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"North America to Dominate the Global Market Owing To the Rising Product Sales"

North America is anticipated to hold the maximum part of the holographic grating market share due to the rising sales of the product in the region. Additionally, the steady product adoption in healthcare is likely to boost growth in the region. The region holds approximately 35% of the total holographic grating market share.

Asia Pacific is forecasted to show significant growth owing to the presence of developing countries coupled with the rising demand for electronics. 

KEY INDUSTRY PLAYERS

"Companies to Invest On Research and Development to Gain a Competitive Advantage"

Leading manufacturers are concentrated on continuously improving their product line by introducing cutting-edge features to set their products apart from those of other companies. Competitors underline the need of maintaining the market's intense rivalry. The main rivals are using a range of analytical techniques. Major players also place a strong emphasis on expanding their reach through partnerships, agreements, joint ventures, expansions, and investments. The introduction of cutting-edge chemicals is anticipated to boost product demand and promote the expansion of the holographic grating market. Additionally, the key players are investing more on the development of the device. 

List of Market Players Profiled

• HORIBA (Japan)
• Newport Corporation (U.S.)
• Edmund Optics (U.S.)
• Shimadzu Corporation (Japan)
• Zeiss (Germany)
• Dynasil Corporation (U.S.)
• Kaiser Optical Systems (U.S.)
• Spectrogon AB (Sweden)
• Headwall Photonics (U.S.)
• Thorlabs (U.S.)
• Photop Technologies (China)
• Spectrum Scientific (U.S.)
• Wasatch Photonics (U.S.)
• GratingWorks (U.S.)
• Shenyang Yibeite Optics (China)

REPORT COVERAGE

The report offers a comprehensive overview of the market, which includes various factors such as growth rate, COVID-19 impact, market drivers, and other such factors. The qualitative and quantitative insights of the market are represented in the report. The report also offers an elaborative analysis of the market and factors expected to surge or retard the growth of the market. Various market insights are covered in the report. Porter’s five force analysis and SWOT analysis are completed to gain market insights. The report also represents the information about the key market players. The trends driving growth in the industry are also shown in the report.