Market Trends of Virtual Retinal Display Industry
This section covers the major market trends shaping the Virtual Retinal Display Market according to our research experts:
Virtual Reality and Augmented Reality are Gaining Surging Demand from the Entertainment Industry
- Virtual reality and augmented reality are gaining increasing demand from the entertainment industry. Augmented reality technology is mainly used in games and animations in the real world, using new retinal display systems. In the entertainment industry, eyewear glasses are used in 3D cinemas. However, in recent days, these are being replaced with smart glasses for improved cinema experience for the audience. Smart glasses are also being used for a virtual reality cinema experience.
- Avegant and Magic Leap have entered this segment due to high demand and purchasing propensity. Today's tech-savvy generation demands the most innovative gaming and media solutions and the most immersive experiences. As a result, terms such as 'personal theatre' have been coined by companies to commercialize various solutions.
- On the other hand, augmented reality games could reach a broader audience than those who play games because they can be played outside based on interaction with other people and augmented virtual objects. High contrast, high resolution, low power consumption, and high brightness are increasing the demand for virtual retinal displays, making them an ideal choice in various applications such as media and industry.
- According to FICCI, India's media and entertainment industry were valued at over INR 1.8 trillion (USD 22 Billion) in 2022. Virtual reality environments allow common people to engage with exhibits, concerts, museums, galleries, etc., in previously unknown and forbidden ways. It will enable the person to view 3D images, which appear life-sized to the person, making entertainment realistic and enjoyable.
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North America to Witness Significant Growth
- The United States is one of the early adopters of virtual retinal display technology, and because of this, the North American segment dominates the market studied. In addition, the rapid demand for augmented and virtual reality in the region is expected to drive growth over the forecast period.
- Notably, owing to the exceptional benefits of the virtual retinal display, such as lightweight, larger angle of view, higher resolution, and sufficient contrast and brightness ratio, a few startups are raising funds to boost the R&D and commercialization of the product.
- The virtual retinal display is a next-gen technology for virtual and augmented reality, the companies operating in VR and AR have an immense opportunity to penetrate the market with early launches. However, the high price of the products may restrain the segment's growth.
- Like other technology enhancements, the virtual retinal display was developed for military use. The commander can view its onboard battlefield computer with a helmet-mounted daylight-readable display. And also, they can observe the surroundings better, choose the best path, and share tactical information.
- According to US Congressional Budget Office, spending in the Defense industry in the United States is predicted to increase yearly until 2032. In the United States, Defense outlays amounted to USD 760 Billion in 2022. The forecast estimates an increase in defense outlays of up to USD 998 Billion in 2032. Such increasing investments by governments in the defense industry are driving the demand for the virtual retinal display market.
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