Press Release

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%.

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The market for portable and wearable augmented reality (AR) devices is quickly expanding. The most effective and immersive AR experience is provided by a head-mounted display (HMD) or near-eye display (NED) with see-through glasses, among the different hardware implementation types. Because of its thin and light nature, optical waveguide is often regarded as the best material for consumer-grade augmented reality (AR) glasses. Aforementioned factors are propelling the growth on the global waveguide-type optical display element market.

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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. 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 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.

Asia Pacific is expected to dominate the market share of global waveguide-type optical display element market owing to the increasing digitalization and growing 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.

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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.

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