Light Field Market Size to Grow at a CAGR of 8.9% During the Forecast Period 2021-2026
Light Field Market size was valued at $1.0 billion in 2020, and it is estimated to grow at a CAGR of 8.9% during 2021-2026. The growth is mainly attributed to the increasing demand for light field technology in visual effects technology in media and entertainment, just-in-time marketing, rising need of prototyping, and emerging 4D and 5D technologies is set to drive the market.
Furthermore, growing awareness towards technology advancement manufacturers and consumers regarding 3D imaging technology is set to drive the light field market. The rising use of Light Field for 3D Mapping, 3D Rendering and 3D Scanning in particular will drive market growth. Apart from this, the growing applications in Image reconstruction in Architecture sector will also drive market growth.
Light Field Market Segment Analysis – By Technology
Light field display held the major share of 69.4% in 2020. Light field display technology can assess and correct the user’s vision. Adoption of light field displays in media and entertainment and automotive sector is set to drive the market. In 2019, Continental and Leia’s new 3D light field display had launched for automotive applications. This solution is used for 3D Mapping and 3D Scanning applications of vehicles and components. These kind of product developments drive the light field market.
Light Field Market Segment Analysis – By Industry Vertical
Healthcare and Medical is the fastest growing segment in Light Field market and estimated to grow at a CAGR of 10.5% during forecast period 2021-2026. In healthcare and medical industry, light field is used for scanning diseases related to heart, brain or other internal body parts with the assistance of lighter flexible handheld and portable 3D mapping and 3D scanning devices. With the increase in technological development, focus has now moved towards improved diagnostic procedures by improving the quality of images and providing superior imaging services. 3D fusion imaging technology which is the combination of computed tomography (CT) and magnetic resonance imaging (MRI) can bolster in improving coronary artery disease diagnosis. This technique assists in easier and accurate identification of areas of narrowing in coronary arteries and this is poised to provide opportunities for the market growth.
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Light Field Market Segment Analysis – By Geography
North America dominated the Light Field market in 2020 with a market share of 35.28%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, high adoption of advanced technologies in industries drives the market growth in this region. Moreover, this region has been amendable towards adopting light field and 3D mapping and 3D Scanning within the companies for enhancing visualization and augmenting customer experience and this is set to drive the market.
Light Field Market Drivers
Increasing demand for light field technology in media and entertainment
Increasing demand for light field technology for visual effects in entertainment sector is set to drive the light field market with the focus on auto stereoscopy. Auto stereoscopy is used for displaying stereoscopic pictures without wearing any glasses. This technology works with the assistance of motion parallax and wide viewing angle. It assists in providing viewers an illusion of 3D mapping and 3D Scanning. Adoption of these kind of technologies in media and entertainment sector drive the market.
Emerging 4D and 5D technologies
The emerging 4D and 5D technologies in the industrial sectors are aiding many business processes in order to perform accurately and efficiently by providing a clear view and check on the operational and functioning of its part that is set to drive the market. Adoption of 4D and 5D light fields is an important task in computer vision and computer graphics is set to drive the market.
Light Field Market Challenges
Lack of infrastructure
Lack of infrastructure support to implement the light field imaging hinders the light field market growth. Lack of availability of 5D content and efficient manage of immense data requirements of 5D ray space poses a critical challenge for this market. Furthermore, lack of skilled resources is also one of the major challenges that hamper the market growth.
Light Field Market Landscape
Technology launches, Acquisitions, Collaboration, funding and R&D activities are the key strategies adopted by players in the Light Field market. Light Field top 10 companies include Lytro, Avegant, FoVI, Japan Display Inc, OTOY, Light Field Lab, Holografika, Raytrix, Leia, Toshiba, Ricoh Innovation, Sony Corporation, and others.
Acquisitions/Technology Launches
In January 2019, Avegant company had announced the availability of their light field technology that other companies can use their augmented and mixed reality devices. This enhances the company’s market share.
In August 2019, Light Field Lab had raised $28 million in funding for its technology in order to build large holographic displays. This kind of funding activities drive the market.
Key Takeaways
North America dominated the Light Field market in term of revenue in 2019 owing to the presence of major number of players and adoption of advanced technologies.
Adoption of advanced technologies such as IoT, automation technologies in industries and stringent regulations to use advanced equipment is poised to propel the market growth.
Factors such as growing adoption of high computational capability, 3D Scanning and 3D mapping, artificial intelligence, and machine learning technologies, are expected to positively impact the market growth of the light field over the forecast period.
Lack of infrastructure is the major challenge that hampers the market growth.
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