Holographic Display Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Holographic Display Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The holographic display market is expected to grow by registering a CAGR of 28.2% during the forecast period. Holograms are being used in the industry, mainly in the developing field of proximity marketing, which enables businesses to interact and grow their clientele by positioning themselves to engage clients in a more individualized way.

Key Highlights

• The holographic display market may witness a sharp increase over the next few years, especially in developed nations such as the US, with help from various industry players to augment the regional demand subject to the extensive product applications in automotive, healthcare research, and medical imaging.
• While the need for holographic displays is driven by the healthcare, automotive, and media industries, applications in media and entertainment, education, residential (living rooms), and military mapping are anticipated to catalyze the market under study.
• Holographic displays are also employed in billboards, kiosks, point-of-sale terminals, digital signs, venues, and events. The popularity of holographic displays in all of these uses may help to considerably fuel market expansion. For instance, digital signage solutions have been widely used in the retail industry, with big and emerging firms choosing advanced digital signages with AI and machine learning to maximize the potential of consumer data.
• Technology improvements have had a significant impact on the innovative solutions that are currently being offered in the market. With the use of 3D holographic displays, it is now feasible to develop a visual brand experience that makes use of neuromarketing. In any crowded location, whether it is in a store, at an expo, or in public areas, the seemingly free-floating holograms have a natural capacity to make people stop and pay attention.
• The expanding field of proximity marketing is another development that is assisting in the adoption of holograms in this industry. By aligning themselves to engage their customers with a more customized approach, businesses can interact with and drive their client base. An early example of this is ARHT's collaboration with the Canadian retail chain Harry Rosen to display "Vincent," the retailer's first-ever human hologram, who can count, confirm, and analyze a crowd to determine the level of interest and give the appropriate value proposition.
• The prohibitive cost of manufacturing holographic display devices, however, is limiting market expansion. New technologies must be created and manufactured as part of the process, which could be expensive for smaller businesses. Additionally, consumers in developing countries might find the prices to be prohibitive, which would restrict the market's expansion there.
• The COVID-19 pandemic has negatively affected the display industry, with manufacturing operations temporarily suspended across major manufacturing hubs and thus disrupting the supply chain. The COVID-19 pandemic has slowed down holographic display manufacture in the early stages. Due to the high virus transmission rate, the covid pandemic has prompted the use of digital holography in the field of medical education. Holographic technology, for instance, was donated by Microsoft to the National University of Singapore's Yong Loo Lin School of Medicine in January 2022 to help medical and nursing students learn about anatomical structures and medical processes.

Key Market TrendsAutomotive Segment is Expected to Witness Significant Growth

• The automotive industry is a primary adopter of display technologies, mainly attributed to the rise of entertainment displays in vehicles. Holographic technology is advancing quickly, inspiring vendors and manufacturers to consider novel automotive applications. Many businesses are prepared to assist in the transition from prototype to production by creating materials for next-generation applications. For instance, screens are being mounted on the front dashboard to integrate the smartphone interface into the vehicle entertainment system.
• Additionally, the market is seeing a sharp rise in demand for the space used for displays by a number of important autos. The automotive industry has historically been sluggish in accepting new technologies. The use of holographic displays, however, is predicted to shift in the anticipated period from high-end automobiles to mid-range and lower-range vehicles.
• A UK-based company, Ceres Holographics, demonstrated at CES2020 its digital windscreen cluster with a holographic display illuminated by a TI DLP Auto projector. The technology features a DLP5534-Q1 chipset that processes and projects the light onto the CERES holographic film. The company boasts that this is the ideal design for transparent window display applications.
• Moreover, phase-only holographic display technology developed is a compelling alternative to LED/TFT displays for use in head-up display applications. For instance, Range Rover adopted the holographic HUD for use in the Evoque due to its low power consumption and design flexibility.
• There are various advantages of using film technology for automobile illumination. Holographic films allow engineers and designers of automobiles to use light as a design element. Now, automakers are looking into new designs for HUDs that feature augmented reality (AR) technology to get around these drawbacks.
• Moreover, WayRay demonstrated its AR device at CES 2020 as a proof of concept, announcing that the holographic powered glass will serve as a platform for new services and will also open up new in-vehicle experiences for future mobility. The company's navigation system not only has navigation features but also incorporates advanced driver assistance systems (ADAS) features such as lane departure warnings and forward collision warnings.

Asia Pacific to Witness Significant Growth

• A tremendously profitable market for holographic displays is Asia-Pacific. This is because both developing economies and nations with advanced consumer electronics sectors, like China, Taiwan, and South Korea, are present.
• In automobiles and consumer electronics, Japan and China have been innovators. The markets in these areas have experienced tremendous growth due to matching supply and demand and staying up to date with emerging technologies.
• The advancement of VR/AR in China is closely tied to hologram technology. While the viewer is staring at a fixed-distance 2D display, VR gives the impression that they are watching something in 3D.
• Manufacturers of displays are enhancing and expanding the capabilities of video wall technology for digital signages. Companies such as Light Field Labs are developing technologies that enable companies to use 3D holographic displays for digital signage.
• Also, companies are partnering with holographic companies to develop custom displays for brand promotions. For instance, in December 2021, global beverage giant Diageo's Johnnie Walker partnered with PORTL has launched a first-of-its-kind, 3D, 4K AI holographic interface. This interface allows customers to interact with the holographic display and receive a special holiday greeting from a life-size Johnnie Walker brand ambassador.
• Further, the region is experiencing the implementation of holographic displays in education. For instance, in September 2020, The University of Texas at Austin's McCombs School of Business contracted Austin-based Contextual Content Group to develop a new 3D immersive video system that combines in-person, hybrid, and online teaching to provide an engaging and interactive remote learning experience.
• The Chinese holographic display market has expanded due to rising consumer electronics sales, growing demand for digital signage innovations in retail, media, and advertising, and rising demand for head-up holographic displays in the automotive sector. Additionally, researchers in Japan have developed a holographic display system with nano-sized pixels that can be viewed from a wide angle.
• Further, the expansion of consumer electronics manufacturing capacities, especially in the South Central region of China, coupled with rising exports to neighboring countries in Southeast Asia and declining average selling prices of various display technologies such as 4K, LCD, LED, and OLED is projected to increase the adoption of holographic display devices in the region.

Competitive Landscape

The holographic display market appears to be moderately concentrated owing to the presence of multiple players in the market. The major market players are focusing on technological advancements. The players are adopting different strategies, namely acquisitions, partnerships, and joint ventures, by which only top players are gaining the market share. Some key players in the market are MDH Hologram Ltd, Looking Glass Factory Inc., and Provision Holding Inc., among others.

• June 2022 - Looking Glass Factory, the hologram company, announced the largest, highest resolution holographic display ever created: a groundbreaking 65-inch 8K display. The new display is in a class of its own: 5x larger than any other 3D holographic display ever demonstrated in the lab by any other company and 50x larger than any other group-viewable holographic display to ever come to market.
• November 2021 - Looking Glass Factory released a suite of new upgrades to its hologram design software. The upgrades will help in the creation of 3D holographic images for the company’s line-up of holographic interfaces.

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