Light Field Market in architecture and engineering segment to observe 15% CAGR up to 2024

Light Field Market in architecture & engineering segment is growing rapidly owing to the rising adoption of the products for 3D rendering, 3D scanning, and 3D modeling. It provides effective solutions to engineers & architects, allowing them to perform their engineering tasks more accurately and efficiently. Earlier, engineers used to analyse the infrastructure component using 2D images, which did not offer accurate results.

In the light field market, media & entertainment application is witnessing a high adoption of this technology in several application areas such as gaming, theaters and amusement parks and accounted for over 25% of the overall industry share in 2017. Manufacturers engaged in gaming industry are enhancing the experience of their customers by integrating VR into games. Several players are developing AR-based gaming & entertainment products such as Spectral Games S.A., which have integrated the technology in their games.

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The growing demand for high-definition picture quality that improves the viewing experience and interactivity of the users with the display screen is accelerating light field market growth. The consumers are shifting from the traditional image or video qualities to HD due to the enhanced features and resolution of the scenes. The adoption of the 3D light field display technologies is expected to grow soon due to the enhanced 3D visualization as compared to the traditional components. Adoption of the technology enables the user to record the 2D image of an object simultaneously with the 3D depth information of a scene.

The applications of this technology in the healthcare sector are expected to accelerate light field market growth. Several medical devices or equipment use this technology for 3D imaging and scanning of human body or parts. The displays or cameras using this technology in healthcare devices help doctors to analyze the diseases to a micro level with improved clarity and picture quality. These healthcare sectors are incorporating VR technology for the treatment of several mental or retinal illnesses in human beings. These VR solutions are incorporated with this technology, which is anticipated to drive light field market growth.e

With light field technology being increasingly used in imaging solution processes along the likes of layout & animation, image construction, 3D scanning, 3D rendering, and 3D mapping and modeling, it remains to be seen how this technology impacts the future of mixed-reality products. However, it is quite imperative to mention that the growth trajectory of light field market appears highly-promising owing to the technology’s potential to drastically change the product portfolio of several business verticals. For the record, the commercialization scale of the global light field industry is slated to surpass USD 1.5 billion by 2024.

Latin America light field market is anticipated to grow at a CAGR of over 16% over the forecast timespan. AR & VR technologies are experiencing a high adoption in the Latin America in several application segments such as retail, hospitality, and automotive. Countries such as Brazil, and Mexico are the major economies, which are witnessing a high growth in these sectors, thereby driving the light field market. The growing retail sector in Latin America is forcing the retailers to adopt new strategies to gain a competitive advantage. With this, they are leveraging the proliferation of AR/VR technologies.

The Asia Pacific light field market is expected to witness a high growth in the coming future owing to the increasing adoption of advanced imaging and 3D modeling technologies in several industrial segments. The automobile industry in Japan is flourishing at a high pace with the development of new and advanced technologies such as connected cars. The incorporation of the HUDs into these vehicles for guiding the path and destination with the help of holographic technology is driving the demand for the technology in the light field market. Moreover, smartphone manufacturers in China and Japan are engaged in incorporating the technology into smartphone cameras to enhance the picture quality and resolution, thereby providing an impetus to light field market growth.

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