Digital Holography MarketDigital Holography Market is Estimated to Witness Substantial Growth Over the Forecast Period Primarily Due to the Growing Demand for Use of Multidimensional Images and Digital Recordings.Digital Holography Market size is forecast to reach $6.8 billion by 2026, growing at a CAGR of 23% from 2021 to 2026. Digital Holography is a technique used for imaging of multidimensional objects or products. It involves multiple light waves produced by scattering a laser beam that are used to illuminate the object and to create the image. Medical, engineering, advertising, automotive, education, art and other different verticals are contributing to the growth of Digital Holography industry as these verticals are rapidly increasing the adoption for creating multidimensional images.
For instance use of holographic displays and holographic telepresence in ophthalmology, orthopaedics and others by medical sector is expected to contribute to the growth of Digital Holography market. North America is set to hold largest share in the Digital Holography market during forecast period 2021- 2026 as North America is considered to be an early adopter of advanced technologies and increase in demand for holographic displays by different verticals in the region.
Growing adoption in the BFSI and Consumer sectors will propel and drive the demand for digital holography market. Increase in digital electroholography usage in the treatment of chronic diseases is also projected to grow significantly. The Medical education segment is also set to have growth owing to the increased usage of digital holography and displays for the 3D visualization, making the learning easy and interesting. Introduction of latest technology like 3D-Kits by the companies for medical students and doctors are likely to help practice surgeries without the need of real bodies and organs.
Digital Holography Market Segment Analysis - By Component Type
Software accounted for maximum revenue share of the global digital holographic display market across the component segment with a share of 51% in 2020. Software is used in computer devices to reconstruct holographic image which is used by medical, commercial, automotive and other sectors in holographic telepresence and holography microscopy applications and is expected to contribute to the growth of digital holography market. Increase in use of multidimensional images across medical, education, commercial and other verticals are the key factors fueling the market.
Digital Holography Market Segment Analysis - By Application
The market is segmented by the application into Digital Holography Microscopy, Digital Holographic Displays, Holographic Telepresence and others. Digital Holographic Displays is expected to hold largest share at 37% in the market in 2020 as it provides highly realistic images. The advancements in display technologies, along with Visual Image Display technology, Retinal Display, and Synaptic Interface allow the holographic display to provide multidimensional images and this is expected to contribute to the growth of digital holography market.
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Digital Holography Market Segment Analysis – By Geography
Rapid increase in demand for holographic solutions in various industries such as commercial, aerospace, defense, medical, and other in North America is set to boost the digital holographic market in the region. North America is the dominant market for digital holography with a share of 35% in 2020. In North America, US is considered as most lucrative market for digital holography in commercial industries followed by medical industries, particularly in holographic telepresence. However APAC is also expected to dominate the market due to rising demand of digital holography in medical and commercial sector.
Digital Holography Market Drivers
Technological advancement driving market growth
The recent advancement such as self-interference incoherent digital holographic display, Electrooptic holography and more are expected to propel the digital holography market. The market players such as Lyncee Tec, Leia, EON Reality and other are substantially contributing to spur the market growth by developing advanced technology in digital holography.
Increase in adoption of digital holography microscopy
The use of holography microscopy is rapidly increasing as it provides fast and highly precise measurement of multidimensional images. The holography also enables inspection for manufactures which is expected to boost the market growth.
Digital Holography Market Challenges
High Cost of Digital Holographic
One of the major challenges faced by the global digital holography market is the high cost. The products of digital holography are high in cost which impact the adoption rate in the market as it becomes a challenge for the consumer with low budget.
Digital Holography Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the offshore wind energy market. The offshore wind energy market is dominated by major companies such Holoxica Limited, RealView Imaging, EON Reality, HoloTech Switzerland AG, Ovizio Imaging Systems, Lyncee Tec, Jasper Display Corporation, Leia, Inc., Geola Technologies, Xenium Digital Pvt. Ltd, Liti Holographics Inc.
Acquisitions/Technology Launches/Partnerships
In June 2019, Leia announced collaboration with Continental with an aim to bring three dimension technology in automotive vehicles.
In January 2019, Lyncee announced an agreement with Elliot Scientific. Through this agreement Elliot Scientific can distribute Lyncee Tecs range of holographic microscopes for different applications. This agreement is aimed to enhance its geographic reach.
Key Takeaways
The Digital Holography market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for use of multidimensional images and digital recordings.
Software accounted for maximum revenue share of the global digital holographic display market across the component segment. Rapid increase in adoption of digital holography and holographic telepresence by medical, education, commercial and other verticals for multidimensional images is set to propel the market in forecast period.
Increase in advancement of display technology allows to create highly realistic images which are expected to boost the market.
Global Digital Holography market is dominated by North America and is expected to dominate the market in forecast period. However APAC is considered as fastest growing region in digital holography market.
Related Reports :
A. Medical Holography Market
https://www.industryarc.com/Report/16798/medical-holography-market.html
B. Holographic Display Market
https://www.industryarc.com/Report/15041/holographic-display-market.html
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