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Light Field Market Size Was Valued at $1.0 Billion in 2020, and It is Estimated to Grow at a CAGR of 8.9% During 2021-2026
HYDERABAD, TELANGANA, INDIA , September 30, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Light Field market size was valued at $1.0 billion in 2020, and it is estimated to grow at a CAGR of 8.9% during 2021-2026. The growth is mainly attributed to the increasing demand for light field technology in visual effects technology in media and entertainment, just-in-time marketing, rising need of prototyping, and emerging 4D and 5D technologies is set to drive the market. Furthermore, growing awareness towards technology advancement manufacturers and consumers regarding 3D imaging technology is set to drive the light field market. The rising use of Light Field for 3D Mapping, 3D Rendering and 3D Scanning in particular will drive market growth. Apart from this, the growing applications in Image reconstruction in Architecture sector will also drive market growth.
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Key Takeaways:
This IndustryARC report on the Light Field Market highlights the following areas –
1. North America dominated the Light Field market in term of revenue in 2019 owing to the presence of major number of players and adoption of advanced technologies.
2. Adoption of advanced technologies such as IoT, automation technologies in industries and stringent regulations to use advanced equipment is poised to propel the market growth.
3. Factors such as growing adoption of high computational capability, 3D Scanning and 3D mapping, artificial intelligence, and machine learning technologies, are expected to positively impact the market growth of the light field over the forecast period.
4. Lack of infrastructure is the major challenge that hampers the market growth.
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Segmental Analysis:
1. Light field display held the major share of 69.4% in 2020. Light field display technology can assess and correct the user’s vision. Adoption of light field displays in media and entertainment and automotive sector is set to drive the market.
2. Healthcare and Medical is the fastest growing segment in Light Field market and estimated to grow at a CAGR of 10.5% during forecast period 2021-2026.
3. North America dominated the Light Field market in 2020 with a market share of 35.28%, followed by Europe and APAC owing to the presence of large number of players.
Competitive Landscape:
The top 5 players in the Light Field industry are –
1. Lytro
2. Avegant
3. FoVI
4. Japan Display Inc
5. OTOY
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