Global Waveguide-Type Optical Display Element Market Size, Share, and COVID-19 Impact Analysis, By Type (Holographic, Reflective), By Device (Laptop, Handheld Device, Wearable Display Device), By Vertical (Automotive, Aerospace & Defense, Public Sector, Consumer Electronics, IT & Telecommunications, Manufacturing, Healthcare & Others) and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Waveguide-type Optical Display Element Market was valued at US$ 2.3 Bn in 2021 and is projected to reach US$ 2.8 Bn by 2030, at a CAGR of 4.1%. The optical waveguide display elements include a light wave coupling-in surface that changes the direction of the external light signal to allow it to enter the substrate; a light wave expansion transmission substrate that reflects and propagates the coupled light wave so that it can be transmitted without loss; and a light wave expansion transmission substrate that reflects and propagates the coupled light wave so that it can be transmitted without loss. The light wave coupling-out surface, which couples the light wave out of the substrate; and the light wave expansion component, which extends the coupled light wave and so expands the field of view. When used in conjunction with a display system, the image can be visually projected at a set distance in front of the human eye.

With structural advantages such as optical see-through capabilities, compact form factor, and high diffraction efficiency, waveguide-type optical combiners with holographic optical element couplers are advantageous in the augmented reality sector, especially for near-to-eye displays. When used for floating displays, the structural features of the waveguide-type optical combiner can be used. In this research, a new way of using waveguide-type optical combiner structure is proposed: waveguide-type floating display with holographic optical elements with convergent power. The waveguide design allows for a very small form factor. The output holographic optical element coupler recorded with different convex lenses can be used to change the depth of the floating images. Experiments show that a waveguide-type floating display with convergent power is a viable option for a new display.

COVID-19 ANALYSIS

The global waveguide-type optical display element market is negatively impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. Several governments of few countries are considering national-level lockdowns as a viable means of controlling viral transmission. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Shipments of raw materials, as well as revenue produced have fallen. Furthermore, insufficient raw material supply will limit the rate of waveguide-type optical display element, influencing the management of the waveguide-type optical display element supply chain. This chain of occurrences is expected to have a negative influence on the growth of the waveguide-type optical display element market in the future years.

LATEST TREND

Increasing Adoption Among Different Verticals to Propel Demand for Waveguide-Type Optical Display Devices

The key driving factor for this market is the rising adoption among different verticals such as aerospace & defense, public sector, consumer electronics, manufacturing in developing economies. The use of optical filters in communication services has increased due to low pricing and a growing demand for uninterrupted services, particularly in remote locations where other service providers are difficult to access; this will further fuel the market's expansion during the forecast period. Aforementioned factors are boosting the sales of the global waveguide-type optical display element market.

DRIVING FACTORS

Surging Urbanization and Industrialization Across Developed Countries

Expanding urbanization and industrialization, as well as increased power generation capacity, are all driving expansion in this market. Rising urbanization and digitalization across emerging countries is creating demand of uninsulated conductor. High performance gigabit processing speeds at low voltages are required to enable mass amounts of data to be handled. Due to these factors, the global waveguide-type optical display element market is growing.

Growing Demand of Miniaturization of Electronic Device

The increased demand for miniaturized electronic devices is attributable to technological advancements that meet the growing demand for compact consumer electronics. The aerospace & defense and healthcare are the two industries which is getting benefitted majorly from the miniaturization of electronic equipment. The multifunctional power along with supply voltages for the components is provided by the waveguide-type optical display elements. In addition to the space requirements of the device, the costs also play a crucial role for the growth of the global waveguide-type optical display element market.

RESTRAINTS

Concerns Pertaining to High Costs of Industrial Wearable Devices May Hinder the Market Growth

Concerns pertaining to the high costs of wearable devices is likely to hamper the growth of the global waveguide-type optical display element market. Industrial wearable solutions have a higher cost and require more upkeep which has resulted in increasing prices. Nonetheless, the demand for maintaining and updating technologies follows the initial capital investments. As a result, the necessity for large initial investments and maintenance re-investments are limiting the growth of the global waveguide-type optical display element market.

SEGMENTATION

The global waveguide-type optical display element market is segmented by Type (Holographic, Reflective), by Device (Laptop, Handheld Device, Wearable Display Device), By Vertical (Automotive, Aerospace & Defense, Public Sector, Consumer Electronics, IT & Telecommunications, Manufacturing, Healthcare & Others) and region. Based on the type, the market is categorized into holographic, reflective. Based on device, the market is categorized into laptop, handheld device, wearable display device. Based on the vertical segment, the global waveguide-type optical display element market is categorized into automotive, aerospace & defense, public sector, consumer electronics, IT & telecommunications, manufacturing, healthcare & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Type Insights

Based on the type segment, the global waveguide-type optical display element market is categorized into holographic & reflective. The holographic segment accounted largest market share in 2020 due to the growing demand for commercial devices and rugged military across the world. The holographic has multiple benefits coupled with robustness, lightweight, high density, and shock resistance.

Device Insights

Based on the device segment, the global waveguide-type optical display element market is categorized into laptop, handheld device, wearable display device. The handheld device segment accounted largest market share in 2020 due to the increasing smart devices and smart home is propelling the growth of the global waveguide-type optical display element market. Individuals are being dependent on the smart home devices because of their busy lifestyle. Coupling with advance technologies including IoT, artificial intelligence, machine learning, cloud computing and others are used to secure data and collect information.

The wearable display device segment is anticipated to register a significant growth rate over the forecast period. The wearable display device is emerging in different verticals including healthcare, manufacturing, public sector, aerospace amongst others. The wearable device is majorly used in the gaming & entertainment industries as well. Aforementioned factors are fueling the growth of the global waveguide-type optical display element market.

Vertical Insights

Based on the vertical segment, the global waveguide-type optical display element market is categorized into automotive, aerospace & defense, public sector, consumer electronics, it & telecommunications, manufacturing, healthcare & others. The healthcare segment accounted largest market share in 2020 of the global waveguide-type optical display element market due to the augmented reality (AR) technology has made a substantial contribution to the healthcare sector by providing valuable solutions in the last two decades. Wearable devices such as AR Glasses and Optical Head-Mounted Display Devices are being used to integrate Augmented Reality technologies in healthcare. For instance, in February 2021, HoloLens has collaborated with several surgeons worldwide.

REGIONAL INSIGHTS

The global waveguide-type optical display element market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific is expected to dominate the market share of global waveguide-type optical display element market owing to the increasing digitalization and huge population is likely to fuel the growth in the region. Furthermore, due to increased air passenger traffic, concerns about flight safety, and lower maintenance costs, the region is witnessing enormous expansion in the aviation sector, which has resulted in a demand for waveguide-type optical display elements. However, North America is anticipated to emerge as the fastest-growing region over the forecast period. Due to the presence of major key players and advanced technologies is propelling the growth of the global waveguide-type optical display elements market.

KEY INDUSTRY

• Microsoft
• Magic Leap, Inc.
• Wave Optics Ltd
• DigiLens Inc.
• Vuzix
• Apple
• TruLifeOptics
• Lumus, Ltd.
• Others

KEY INDUSTRY DEVELOPMENTS:

October 2021- Magic Leap announced made a strategic move by collaborating with VMWare which will focus for the support for VMWare’s recently announced Workspace ONE XR Hub on Magic Leap 2.

SEGMENTATION

By Type

• Holographic
• Reflective

By Device

• Laptop
• Handheld Device
• Wearable Display Device

By Vertical

• Automotive
• Aerospace & Defense
• Public Sector
• Consumer Electronics
• IT & Telecommunications
• Manufacturing
• Healthcare
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia