Global Virtual Retinal Display Market to Hit USD 36.6 BN by 2032
Virtual Retinal Display Market Insights
The global virtual retinal display market is likely to grow at a significant rate. Rapid innovations & advances in virtual reality and expertise would drive the market growth. According to Market Research Future (MRFR), the global virtual retinal display market would escalate from USD 1.5 BN in 2022 to USD 36.6 BN by 2032, posting a massive 42.6% CAGR throughout the assessment period (2023-2032).
The increasing adoption in the aerospace & defense sectors worldwide is a key driving force. Moreover, the rising use of virtual retinal displays in the gaming & entertainment sector creates significant market demand. Technology upgrades have created opportunities for companies to integrate virtual reality solutions in the automotive and consumer electronics industries, enhancing production efficiencies and increasing profitability while eliminating safety incidents.
Virtual retinal displays are used in various critical surgeries in the healthcare sector. Additionally, increasing investments in healthcare, gaming, and automotive companies accelerate market growth. Investments in cloud-based infrastructure to gain enhanced control over the whole learning management gamut boost the market size.
Lack of awareness of the benefits of virtual retinal displays restricts the market growth. Many developing economies still need to gain awareness about virtual retinal display technology, a major factor restraining the market's growth. Additionally, the lack of IT infrastructure poses significant challenges for market growth. Simultaneously, budget constraints and limited expertise will obstruct the market's growth.
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Major Players
Leading virtual retinal display market players are
· Google Inc (US),
· Avegant Corporation (US),
· Occulus VR (US),
· Human Interface Technology Laboratory (New Zealand),
· Magic Leap (US),
· Texas Instruments (US),
· Microvision Inc (US),
· Vuzix Corp (US),
· Sony Corp. (Japan),
· HTC Corp. (Taiwan),
· Brother Industries Ltd. (Japan),
· Innovega Inc. (US), and others.
Global Virtual Retinal Display Market – Segmentation
The market is bifurcated into components, verticals, and regions. The component segment is sub-segmented into optics, driver & controller electronics, light source, and others. The vertical segment is sub-segmented into healthcare, aerospace & defense, consumer electronics, automotive, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and rest-of-the-world.
Global Virtual Retinal Display Market - Regional Analysis
North America dominates the global virtual retinal display market. Well-developed healthcare infrastructures and the high healthcare spending capability of North American countries support the market growth. Also, the aggressively growing gaming & entertainment industry substantiates the market size.
The presence of key providers of optics, driver & controller electronics, light sources, and other technologies, such as Microsoft, Google, Avegant, and Oculus, influences market revenues. Besides, the higher adoption of augmented reality and virtual reality in the gaming & entertainment industry positively impacts this region's market growth. The increasing adoption of VR solutions in various verticals to enhance production efficiencies, eliminate safety incidents, and increase profitability drives market growth.
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Global Virtual Retinal Display Market - Competitive Analysis
The virtual retinal display market is anticipated to witness major developments and strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Major market players are investing strategically in research and development activities and fostering expansion plans.
Industry/ Innovation/ Related News
Dec. 20, 2022 -- Meta announced its plan to bring a Retina-resolution VR headset to product maturity. The company also announced the product name Infinite Display. In the same article, the technology giant also proposed the concept of Meta Quest Pro's new display, with the visual quality of a VR headset. Meta will likely measure future devices; however, it won't cover the field of view.
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