Light Field Market to Reach $323 Million, Globally, by 2031 at 15.3% CAGR: Allied Market Research

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May 15, 2023, 10:30 ET

The light field market is expected to witness fortifying growth during the forecast period from 2022 to 2031 owing to the rising popularity of VR and AR in wide range of applications, such as gaming, education, entertainment, and healthcare

PORTLAND, Ore., May 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Light Field Market by Technology (Hardware and Software), Industry Vertical (Media & Entertainment, Healthcare, Architecture & Real Estate, Industrial, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, The global light field market size was valued at $78.6 million in 2021, and is projected to reach $323 million by 2031, growing at a CAGR of 15.3% from 2022 to 2031.

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Prime Determinants of Growth

The growing demand for immersive and realistic media experiences especially in the field of media and entertainment is driving the light field market growth. Light field technology can be used to collect and produce 3D images and films, providing viewers with a more lifelike and engaging experience. The demand is particularly obvious in the gaming and entertainment sectors, where there is an increasing demand for more immersive and engaging experiences. The use of light field technology to help build more dynamic and realistic virtual environments for games and other digital media can improve the overall user experience. However, the high cost of light field technology may hamper the light field market growth in the coming future.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$78.6 million
Market Size in 2031	$323 million
CAGR	15.3 %
No. of Pages in Report	240
Segments covered	Technology, Industry Vertical, and Region.
Drivers	Rising demand for AR/VR technologies Growing application of light field technology in automotive, media & entertainment, and other sectors
Opportunities	Increasing use of electronic products, such as smartphones, cameras, televisions, and others Growing usage of light field technology in architecture and design to create more precise and realistic virtual simulations of buildings and other structures
Restraints	Low technology penetration in underdeveloped countries

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the growth of the light field market owing to the disruptions in supply chains and manufacturing operations, which impacted the production and availability of light field hardware and software.
Not only the production but also the sale of light field technology was hampered due to the closure of specialty stores across the world, especially in the initial period of the pandemic.
The pandemic has caused economic uncertainty and reduced consumer spending in some industries, which slowed down the adoption of light field technology in those sectors, eventually impacting the light field market growth.

Hardware Sub-segment to Maintain its Leadership Status Throughout the Forecast Period

Based on technology, the hardware sub-segment held the highest market share in 2021 and is estimated to maintain its leadership status throughout the forecast period. The growth of the light field market's sub-segment is mainly due to continued innovation in the hardware as companies develop new and more advanced light field cameras, sensors, processors, and displays. This will be significant in enabling new applications and use cases for light field technology across a range of industries and applications. Besides, traditional light field cameras are frequently large and sophisticated, making them challenging to utilize in a wide range of applications. Recent advances in camera technology, on the other hand, have resulted in the development of smaller and more user-friendly cameras capable of capturing light field data with great precision and resolution.

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Media & Entertainment Sub-segment to Maintain its Leading Position by 2031

Based on industry vertical, the media & entertainment segment accounted for the largest share in 2021 and is projected to maintain its lead position during the forecast period. This is mainly because the media & entertainment business is a key trend in the light field market as technology has the power to revolutionize how material is acquired, developed, and consumed. Besides, the use of light field technology for augmented and virtual reality applications is one of the most significant breakthroughs in the light field market's media and entertainment area.

North America Region to Maintain its Dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate the light field market during the forecast period. The dominating growth of the region is majorly attributed to the presence of leading light field companies that are headquartered in the U.S. For example, many of the major businesses & research institutions involved in the development and commercialization of light field technology are based in the U.S. These companies have a robust supplier, technology, and service provider network. Light Field Lab, AYE3D, Optics, Quidient, Avegant, FoVI 3D, and others are among the leading light field enterprises in North America.

Leading Market Players: -

Japan Display
Fathom Holografika
Light Field Lab
K-Lens
CREAL
AYE3D
Photonic Crystal
Looking Glass Factory
Dimenco
Wooptix

The report provides a detailed analysis of these key players in the global light field market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Light field market analysis and Light field market outlook from 2021 to 2031 to identify the prevailing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global Light field market trends, key players, market segments, application areas, and market growth strategies.

Light Field Market Key Segments:

Technology

Hardware
Software

Industry Vertical

Media and Entertainment
Healthcare
Architecture and Real Estate
Industrial
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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