Report : North America AR Waveguide Market Forecast to 2031 - Regional Analysis - by Type (Geometric Waveguide, Holographic Waveguide, and Diffractive Waveguide) and Application (Consumer Electronics, Industrial, Military, and Others)
At 6.9% CAGR, North America AR Waveguide Market is Projected to be Worth US$ 343.83 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America AR waveguide market was valued at US$ 202.04 million in 2023 and is anticipated to reach US$ 343.83 million by 2031, registering a CAGR of 6.9% from 2023 to 2031. Growing demand for AR-based devices in gaming industry and advancements in optical waveguide technology are among the critical factors attributed to drive the North America AR waveguide market growth.
Augmented reality (AR) has significantly emerged as a transformative technology in the gaming industry. With the increasing popularity of AR-based devices, the industry has witnessed a significant shift in consumer preferences. AR has revolutionized the gaming experience by overlaying virtual objects and information onto the real world. This technology allows gamers an immersive experience of a virtual environment while still providing a connection to the physical world. Unlike virtual reality (VR), which creates a completely simulated environment, AR enhances the player's real-world surroundings with interactive elements. For instance, in October 2023, Nextech3D.AI, a generative AI-powered 3D model supplier for major e-commerce retailers such as Amazon, P&G, and Kohls, launched an augmented reality (AR) powered mobile event app for trade shows and event organizers. This app includes augmented reality games, which enhance attendee engagement, create memorable moments, and provide sponsorship opportunities at events. The company's MapD business unit has integrated indoor navigation capabilities with ARway.ai's technology, opening up exciting new opportunities for event organizers. This innovative app aims to revolutionize AR-powered event experiences and provide a unique and immersive way for trade show attendees to interact with the event environment.
With its ability to enhance gameplay, seamlessly integrate virtual and real-world environments, and foster social interaction, AR has become a crucial technology in the gaming industry. With continuous technological advancements and the evolution of consumer preferences, AR will play a vital role in shaping the future of gaming, offering immersive experiences that completely differ from traditional gaming. Thus, the growing demand for AR-based devices in the gaming industry is anticipated to fuel the AR waveguide market growth in the coming years.
On the contrary, high manufacturing cost hampers the growth of North America AR waveguide market.
Based on type, the North America AR waveguide market is bifurcated into geometric waveguide, holographic waveguide, and diffractive waveguide. The geometric waveguide segment held 43.1% market share in 2023, amassing US$ 87.06 million. It is projected to garner US$ 139.01 million by 2031 to register 6.0% CAGR during 2023-2031.
In terms of application, the North America AR waveguide market is divided into consumer electronics, industrial, military, and others. The consumer electronics segment held 49.6% share of North America AR waveguide market in 2023, amassing US$ 100.28 million. It is projected to garner US$ 181.80 million by 2031 to expand at 7.7% CAGR from 2023 to 2031.
Based on country, the North America AR waveguide market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.2% share of North America AR waveguide market in 2023. It was assessed at US$ 165.99 million in 2023 and is likely to hit US$ 288.54 million by 2031, registering a CAGR of 7.2% during 2023-2031.
Key players operating in the North America AR waveguide market are DigiLens Inc, Dispelix, Goertek Inc, Lumus, Optinvent, and WaveOptics Ltd, among others.
- In January 2020, DigiLens Inc., an innovator in holographic waveguide display technology for extended reality (XR), unveiled its new Crystal50 waveguide lens at the Consumer Electronics Show (CES2020) in Las Vegas, showing a 50-degree diagonal, full-color, low-cost waveguide lens.
- In January 2023, Lumus, the pioneering developer of reflective waveguide technology for augmented reality (AR) eyewear, today announced the introduction of its 2nd generation Z-Lens 2D waveguide architecture that builds upon 2D Maximus to enable the development of smaller, lighter AR eyeglasses with high-resolution image quality, outdoor-compatible brightness, and seamless Rx integration. The new technology will be demoed publicly for the first time at CES 2023.
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