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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