Light Field Market to Witness Explosive Growth in the Coming Years

The light field market size is expected to grow from USD 76 million in 2021 to USD 154 million by 2026; it is expected to grow at a CAGR of 15.1% from 2021 to 2026. The key factors driving the growth of the market include improved visual effects technology in movies and games, customized marketing, escalated need for prototyping and medical imaging.

“Technology-wise, hardware segment captured the larger market size of the overall light field market in 2020“

In 2020, the hardware segment accounted for the larger share of the light field market, which is expected to continue in the forecast period. The increasing research for developing light field displays such as VR headsets and light field screens is expected to fuel the light field market. The software segment of the light field market has also seen rising demand from the animation and VFX sectors of the media and entertainment industry.

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“Vertical-wise, media & entertainment segment to grow at the highest rate from 2021 to 2026”

The light field market is expected to dominate the media and entertainment vertical, with an increased focus on auto stereoscopy. Auto stereoscopy can display stereoscopic pictures on screens without the viewer wearing any 3D glasses. This technology works by utilizing motion parallax and wide viewing angles and provides viewers an illusion of 3D imaging. Presently, auto stereoscopy is used in AR and VR systems. AR technology is used to improve the perception of reality among viewers on screens or glasses. Similarly, VR technology also alters the real world with a simulated one on screens and glasses. The light field display development kit includes hardware, software, and support services, which enable businesses to create industry-leading mixed-reality products.

“APAC to record highest CAGR from 2021 to 2026”

Asia Pacific is the most rapidly growing market and offers huge opportunities for the media and entertainment vertical. In APAC, China would be the largest market for light field, led by the media and entertainment and healthcare industries. The Chinese government and other official bodies support VR development in China; nearly 20 provinces and local municipal governments in China have started developing and manufacturing local AR/VR devices. Thus, it is expected that in the coming years, the region will be the leading market for light field displays used for AR and VR applications. The APAC region has already started recovering from the COVID-19 pandemic. However, due to the fear of the new strain of COVID-19 and another wave of pandemic hitting this region, countries are opening their trade and businesses cautiously.

Major players involved in the light field market include Avegant (US), FoVI 3D (US), OTOY (US), Japan Display (Japan), Raytrix (Germany), Fathom Optics (US), NVIDIA (US), Light Field Lab (US), Holografika (Hungary), Leia (US), Quidient (US).

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