Light Field Technology to Revolutionized Imaging Industry with an Outstanding Revenue Growth of 17.3% Through 2031
NEW YORK, Oct. 20, 2021 /PRNewswire/ -- As per the findings of a new market study by Persistence Market Research, the global light field technology market reached a valuation of around US$ 67.2 Mn in 2020, and is anticipated to surge at a CAGR of 17.3% over the next ten years.
Light field technology is an emerging concept for imaging and beneficial for imaging industry professionals. Light field is a well-known function that explains the amount of light travelling in each direction through all points in space. 3D light field technology enables users to instantaneously record 2D images and in time-calibrated 3D depth information of a scene.
Light field technology has the potential to create a natural view environment due to its 3D imaging technologies. A high-definition content enhances the viewing experience through 3D display units and virtual reality (VR) devices. Use of a camera array for live display walls, video conferencing, head-mounted displays, and augmented reality is described by Apple's latest light field patent. Thus, rising demand for HD viewing experience will create lucrative opportunities light field technology providers over the coming years.
Some prominent market developments are:
- In Oct 2020, Sony Corporation launched a 3D display with eye-sensing technology. Using spatial reality to combine the virtual and physical world, the Spatial Reality Display (SR Display) does not require virtual reality glasses or a headset, and creates a 3D optical experience that is viewable to the naked eye.
- Quidient is expanding its market footprints in scene processing engines, 5D database, reference applications, and other businesses by establishing new tech centers in developing countries. In March 2019, Quidient announced the opening of its new technology center in Columbia, Maryland. This center is the hub for Quidient operations, including the main light laboratory for development and testing of scene reconstruction engines (SREs).
- In March 2017, Avegant Corp. announced the introduction of its light field technology for head-mounted displays, which enables close up and personal interaction with vivid virtual objects. It enables the visualization of objects at multiple focal planes for AR and mixed reality applications.
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Key Takeaways from Market Study
- The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market due to increase in need for cost-effective and high-resolution 3D light field imaging and improved visual effects technology in movies and games in the region.
- Key market players are focusing on acquisitions to complement their product portfolios so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
- The market in the U.S. is projected to expand at a CAGR of 11.8% through 2031, while that in Germany at around 14.1%.
- Market growth in China, Japan, and India is expected to be much higher, at CAGRS of around 20.1%, 23.3%, and 29.3%, respectively.
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"Key market players are focusing on continuous developments and implementation of new technologies/platforms such as light field technology and 3D imaging technologies offering various applications, such as medical imaging, industrial machine vision, autonomous robotic navigation, and others. Generating more reliable image information and handling image sharpness features will create attractive opportunities going ahead," says a Persistence Market Research analyst.
Manufacturers of AR and VR Headsets Driving Market Growth
A glass-free 3-D image with a look-around ability is offered by light display technology, and due to this, it is capable of producing images with superior quality for 3-D displays.
Manufacturers of augmented reality (AR) and virtual reality (VR) headsets are employing light field displays in their units. This will provide a more immersive capability to customers. Also, it will not cause fatigue and eye strain. The development kit of light field display includes software, hardware, and support devices.
- For instance, in January 2021, CREAL SA, a company developing light field display, showcased a light-field AR & VR headset prototype model.
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Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global market for light field technology market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of component (devices (light field cameras and light field displays), light field imaging platforms, services (development services and support & maintenance) and application (industrial machine vision, autonomous robotic navigation, medical imaging, military & defense imaging, 3D movies & entertainment, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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