Energy Information Administration (EIA), in 2017, the average petroleum consumption in the U.S. alone reached 19.96 million barrels per day (b/d). As a consequence, to cater to the perpetually rising demand for petroleum products, the oil and gas industry is continually advancing towards deploying innovative technologies in terms of exploration activities and production processes. Moreover, a discernible requirement for highly accurate oil and gas exploration is incepted. During exploration, seismic data plays an essential role in assessing a particular area for potential oil and gas extraction. Until recently, 2D displays were used for encapsulating the seismic data. However, this technology is proved inefficient as it is incapable of providing accurate data. In need of an hour, volumetric display technology aids the oil and gas industry by providing a comprehensive 3D depiction of where oil deposits might lie, how large they are, and how accessible they might be, and thus made the expensive process of oil and gas exploration more efficient, accurate, and productive.As of 2018, the global [FURL=https://www.industryarc.com/PressRelease/1975/Volumetric-Display-Market-Research.html]Volumetric Display Market[/FURL] size was evaluated at $184m, and it is poised to escalate at a lucrative CAGR of 32.6%, during the forecast period 2019-2025.
Demand from End-User Industries Stimulating the Growth of Volumetric Display Market
Owing to the unique features such as 360-degree viewing angles, visualization of holographic aerial images in free space, real-time 3D visualization, and motion-based depth cues, there has been a notable transition towards volumetric displays. Additionally, the higher resolution, auto-stereoscopic capability, and enhanced viewing experience is considerably boosting the market growth. The rise in adoption of 3D technology amongst the end-use industries such as healthcare, military and defense, aerospace, media and entertainment, and automotive to enhance their user experience and operational efficiency, is expected to fuel the growth of the volumetric displays market.
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Volumetric Display Market Companies—
The key companies in the volumetric display market include 3DIcon Corporation (U.S.), LightSpace Technologies Inc. (U.S.), Voxon (U.S.), Holografika Kft. (Hungary), and Zebra Imaging (U.S.). These companies are continuously focusing on research and development activities to innovate their product portfolio to stay ahead of the curve.
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