The report "Digital Holography Market by Offering (Hardware and Software), Application (Microscopy, Holographic Display, Holographic Telepresence), Vertical (Commercial, Medical, Automotive), Technique, Process, Region - Global Forecast to 2024", is projected to reach USD 5.4 billion by 2024 from USD 2.2 billion in 2019; growing at the highest CAGR of 19.8%. Major drivers for the market’s growth are rising demand for digital holography in medical and commercial applications, the growing adoption of digital holography in the financial sector for security purposes, and increasing use of digital holography microscopy for precise measurements. Furthermore, underlying opportunities for the digital holography market include potential demand for holographic displays for near to eye applications, and latent opportunities for digital holographic solutions from countries in APAC particularly, China, Japan, and South Korea. Major restraints for the market are the high cost of digital holographic products. Computational complexities in the acquisition and reconstruction of holograms and the lack of technological awareness in the market pose a major challenge to the digital holography market.
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Driver: Increasing use of digital holography microscopy for precise measurment
Digital holography allows the quantitative measurement of shape and displacements of objects by recording holograms with digital cameras and reconstructing them numerically. The technology enables fast and highly precise measurement of 3D geometries. The technology is being increasingly used for the inspection of turbine engine components as holography inspection has eliminated compressor seal bond failures, yielded large financial savings to manufacturers and greatly enhanced customer satisfaction and cost savings. With diminishing fault tolerance in automobile production, digital holography is becoming suitable for the inspection and detection of faults. Thus, all these benefits of digital holography microscopy are expected to boost the market in the coming years.
Restraint: High cost of digital holographic products
The initial capital investment required for acquiring digital holographic microscopy devices or holographic displays is too high. The technology is typically expensive, with high costs driven by objective lenses and the use of specialized digital imaging devices. Moreover, due to the high computational cost of processing holograms, the technology has a limited number of applications. When holography is used for 3D imaging techniques, large amounts of processing power, memory, and storage are required for computing holographic reconstructions.
Opportunity: Latent opportunities for digital holographic solutions from countries in APAC
In APAC, digital holography (DH) has emerged as a front-runner for phase imaging by providing the quantitative phase measurements of wavefields with high accuracy and in near real-time. Digital holography (DH) is used to investigate engineered surfaces at the microscale level owing to its high precision and fast reconstruction rate. The technology is widely being used in industrial applications. APAC has a number of economies with varying development levels and a wide variety of industries. Major emerging economies such as India, Indonesia, and China have huge potential to adopt the technology as there has been an increasing growth of consumer electronics & automotive industries in the region.
Challenge: Lack of technological awareness in market
There has been a growing demand for digital holography in different applications. However, there is a startling gap in awareness about key technologies among professionals. Despite numerous technological advancements in the particular field, certain issues such as the positioning and assembling of the setup for an exact projection of holographic display still present a challenge for this market. There are only a few skilled technicians in the field of holographic displays. Another challenge is to build a true 3D display based on holographic technology that is practical, as well as commercially viable. The deflection of light requires features that are similar to the wavelength of light that is less than a micron. This is a major technical concern and poses a challenge for the display design from the point of view of manufacturing, computation, and bandwidth.
Market for software segment is expected to grow at higher CAGR during forecast period
Software algorithms are used in computers for the reconstruction of holographic images. In advanced systems, these algorithms produce high-quality images with 3D visualization in less time. In digital holographic display and holographic telepresence, computerized algorithms are increasingly being used for image processing. This is expected to boost the development of software packages for projection, imaging, and reconstruction purposes.
Digital holographic display to hold largest share of the digital holograpy market during forecast period
Rapid improvements in spatial light modulators and fast computers offer high-pixel density, which enables natural, colorful, and high-quality 3D motion-picture image formation on a holographic display without using lenses. These displays tailor light fields to resemble realistic 3D images with motion parallax and continuous depth cues. However, holographic displays available today can only provide a subset of the required visual cues due to inherent limitations such as low resolutions and angular Field-of- View (FoV). Yet improvements and steady developments in photonics, microelectronics, and computer engineering are expected to lead to the development of full parallax digital holography displays with acceptable rendering quality.
“Market in APAC is expected to grow at highest CAGR during next 5 years”
APAC is a potential market for digital holography systems with huge opportunities for the development and implementation of new technologies. The market in APAC is expected to witness rapid growth owing to the growing number of commercial spaces in the region. China accounts for the majority of the demand for digital holography solutions from the region, owing to the growing interest of consumers in realistic 3D imaging systems. Digital holography technology extends far beyond its common usage in pop concerts and other forms of entertainment. It has a wide range of diverse applications and is being used to actively improve many areas of industry including medical, commercial, and aerospace & defense. The digital holography market in APAC is expected to grow at the highest CAGR in verticals such as medical, commercial, and consumer.
Lyncee Tec (Switzerland), Holoxica Limited (UK), RealView Imaging (Israel), HoloTech Switzerland AG (Switzerland), EON Reality (US), Geola Technologies (Lithuania), Holmarc Opto-Mechatronics (India), Ovizio Imaging Systems (Belgium), Leia (US), and Phase Holographic Imaging (Sweden) are a few of the leading players in this market. The other players operating in the digital holography market include MetroLaser (US), MDH Hologram (UK), Holotronica (UK), Light Logics Holography and Optics (India) Digitos Technologies (India), and Trimos (Switzerland). Whereas, Jasper Display Corp. (Taiwan), HOLOEYE Photonics (Germany), MIT Media Lab (US), and Fraunhofer IMP (Germany), are key innovators operating in this space.
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