New York, USA, June 14, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global light field market is projected to generate a revenue of $323.0 million and rise at a noteworthy CAGR of 15.3% during the forecast timeframe from 2022 to 2031.
As per our analysts, the increasing demand for immersive and realistic media experiences owing to growing number of consumers looking for innovative methods to engage themselves through movies, video games, and many more is expected to fortify the growth of the light field market during the analysis timeframe. Moreover, the increasing use of both augmented and virtual reality in the light field industry to engage users in a more realistic manner is expected to create expansive growth opportunities for the market over the estimated period. However, the high cost of light field technology may hinder the growth of the light field market throughout the forecast period.
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Segments of the Light Field Market
The report has divided the light field market into segments based on technology, industry vertical, and region.
Technology: Hardware Sub-Segment to be Most Productive
The hardware sub-segment held the highest market share in 2021. This is mainly because the fundamental components of the light field hardware are widely used to capture data for the development of light field photos and films. Moreover, the increasing use of light field sensors to capture different light properties such as color, direction, and intensity to build a light field image or video is expected to magnify the growth of the market sub-segment over the analysis timeframe.
Industry Vertical: Media & Entertainment Sub-Segment to be Most Profitable
The media & entertainment sub-segment held the biggest market share in 2021. The increasing use of light field technology in the media & entertainment sector such as in movies, games, and other digital media platforms is expected to augment the growth of the market sub-segment during the estimated period.
Region: North America Region Have the Fastest Growth by 2031
The North America market held the maximum share in 2021. This is mainly due to the presence of leading light field companies across the region. Moreover, the increasing need for light field technology in games, movies, and other kinds of digital media platforms and in various other industries such as healthcare, automotive, and aerospace is predicted to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Light Field Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across industries. It has also badly affected the growth of the light field market. This is mainly due to the closure of cinemas across the world due to the spontaneous spread of the virus. Moreover, the countless delays and postponements in the release of events as well as production chaos have further dropped the value of camera manufacturing during the pandemic period. All these factors have decreased the market’s growth throughout the crisis.
Key Players of the Light Field Market
The major players of the light field market include
- CREAL
- Photonic Crystal
- AYE3D
- K-Lens
- Looking Glass Factory
- Light Field Lab
- Dimenco
- Fathom Holografika
- Wooptix
- Japan Display
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
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For instance, in January 2021, Fathom Optics, a software company, announced the launch of its light field software platform that could bring printed 3D and motion graphics without requiring specialty inks or substrates, or any type of additional materials such as lenticulars or foils.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Light Field Market:
- Light Field Photography: Enabling to Experience the Best with Innovation and Technology
- Why is the Demand for Light Field Imaging Technique on Rise?
