New York, USA, Nov. 09, 2021 (GLOBE NEWSWIRE) -- A new report on the global light field market has been added by Research Dive to its repository. As per the report, the market is expected to garner $860.7 million by 2028, growing at a CAGR of 19.3% from 2021 to 2028. This report provides thorough insights into the present condition and future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth
Increasing advancements in visual effects technology in customized marketing, movies, and video games, and growing applications of light field imaging and display in defence, healthcare, media & entertainment, and other sectors are boosting the growth of the global light field market . Furthermore, growing integration of light field technology in consumer electronics products like televisions, cameras, smartphones, and others is projected to give rise to profitable opportunities for the market growth during the forecast period. However, dearth of knowledge about the benefits and uses of this technology in emerging counties like LAMEA and Asia-Pacific is anticipated to hinder the market growth.
COVID-19 Pandemic Impact on the Market
The abrupt rise of the COVID-19 pandemic has negatively impacted the growth of the global light field industry. The pandemic has shattered the arts and entertainment industry, as a result of which the demand for photography and imaging has declined drastically. This has restrained the global market growth significantly. However, as soon as the pandemic situation resolves and the cinemas and advertising industries resume, the demand for light field technology is likely to recuperate.
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The report segments the global light field market into component, end use, and region.
Hardware Sub-Segment to Dominate the Market Growth
Among component segment, the hardware sub-segment is expected to grab major share of the market and garner $627.4 million during the forecast period. The growth of this sub-segment is mostly because the demand for hardware components used in light field technology is rising owing to the increasing applications of this technology in imaging such as 3D scanning, 3D modelling, 3D rendering, layout & animation, and image reconstruction.
Healthcare Sub-Segment to Experience Rapid Growth
Among end use segment, the healthcare sub-segment is projected to observe accelerated growth by garnering $257.4 million by 2028. The rising demand for medical imaging has fortified the use of 3D technology, which has fueled the growth of the light field industry.
A Growing Demand from Media & Entertainment is driving the Light Field Market across the Globe
Asia-Pacific Region to Observe Significant Growth
The report analyzes the global light field market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is expected to garner a revenue of $256.7 million during the estimated timeframe. The growth of this region market is mainly owing to the rising contribution of key countries including India, China, Japan, and the rest of the APAC in the advancement of 3D displays and 3D image sensors in the 3D imaging industry.
Major Players in the Market
The report lists some of the leading players functioning in the global light field industry including -
- Raytrix GmbH
- Avegant Corp
- FoVI3D
- Light Field Lab, Inc.
- WOOPTIX S.L.
- Google Inc.
- Japan Display Inc.
- OTOY Inc.
- Toshiba Corporation
- Fathom Optics
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The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in August 2021, Leia Inc., an American firm making 3D Lightfield products and software applications, launched the 3D Lume Pad Android tablet. The new product makes use of 3D Lightfield technology for allowing users to view images in three dimensions with the naked eye.
Porter’s Five Forces Analysis for the Global Light Field Market
- Bargaining Power of Suppliers: In the light field market, there are a lot of options. In addition, light fields are in great demand from a variety of countries in order to reduce transaction complexity.
As a result, the bargaining power of suppliers is low. - Bargaining Power of Buyers: In order to meet evolving customer demands, shippers are increasingly relying on multi-channel logistics solutions that take advantage of every mode of transportation.
As a result, the bargaining power of buyers is high. - Threat of New Entrants: Companies joining the light field market must contend with all of the big players advanced technological alternatives.
As a result, the threat posed by new entrants is low. - Threat of Substitutes: Due to the entry of players with technologically improved platforms and lower-cost solutions, the threat of substitutes is strong.
Therefore, the threat of substitutes is high. - Competitive Rivalry in the Market: Competitive rivalry among market leaders is low, owing to the fact that the majority of participants in the light field industry are focused on improving platform efficiency, business expansion, and product innovation.
As a result, the market's competitive rivalry is high.
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