Report : Asia Pacific 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 8.7% CAGR, Asia Pacific AR Waveguide Market is Projected to be Worth US$ 337.14 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific AR waveguide market was valued at US$ 172.49 million in 2023 and is anticipated to reach US$ 337.14 million by 2031, registering a CAGR of 8.7% from 2023 to 2031. Rising applications of AR across various industries and growing demand for AR-based devices in gaming industry are among the critical factors attributed to drive the Asia Pacific AR waveguide market growth.
Augmented reality (AR) has rapidly emerged as a transformative technology with the potential to revolutionize the way users interact with the world. One of the key enablers of AR experiences is the AR waveguide, a crucial component that facilitates the delivery of virtual information in a seamless and immersive manner. As a result, there is a rise in applications of AR across various industries such as industrial, electronics, healthcare, and automobile. With AR waveguides, workers can access real-time information, instructions, and data overlays directly in their field of view. In the abovementioned industries, this technology is used to enhance productivity, minimize errors, and improve overall efficiency. By equipping workers with AR-enabled devices such as smart glasses, AR waveguides ensure that critical information is readily available, leading to faster decision-making and streamlined processes.
In the healthcare industry, AR waveguides are revolutionizing medical training and enhancing patient care. Surgeons use AR-enabled devices to access patient data, overlay surgical plans, and guide procedures with precision. Medical students and professionals benefit from realistic simulations and virtual anatomy models, improving their learning experiences. Overall, AR waveguides are helping healthcare providers deliver more accurate diagnoses, enhance surgical outcomes, and improve patient safety. In February 2023, Altoida Inc., a prominent player in the augmented reality market, formed a strategic partnership with a pharmaceutical company-Click Therapeutics-to leverage AR technology in the healthcare sector. The collaboration aims to enhance the assessment of baseline cognition measures and their influence on patient outcomes. This collaboration also exemplifies the active involvement of leading AR companies in the healthcare industry, offering their AR tools to support and revolutionize healthcare practices. Thus, the rising applications of AR across various industries fuel the AR waveguide market growth.
On the contrary, high manufacturing cost hampers the growth of Asia Pacific AR waveguide market.
Based on type, the Asia Pacific AR waveguide market is bifurcated into geometric waveguide, holographic waveguide, and diffractive waveguide. The geometric waveguide segment held 50.5% market share in 2023, amassing US$ 87.02 million. It is projected to garner US$ 159.58 million by 2031 to register 7.9% CAGR during 2023-2031.
In terms of application, the Asia Pacific AR waveguide market is divided into consumer electronics, industrial, military, and others. The consumer electronics segment held 51.6% share of Asia Pacific AR waveguide market in 2023, amassing US$ 88.97 million. It is projected to garner US$ 184.36 million by 2031 to expand at 9.5% CAGR from 2023 to 2031.
Based on country, the Asia Pacific AR waveguide market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.8% share of Asia Pacific AR waveguide market in 2023. It was assessed at US$ 65.14 million in 2023 and is likely to hit US$ 139.83 million by 2031, registering a CAGR of 10.0% during 2023-2031.
Key players operating in the Asia Pacific AR waveguide market are Zhejiang Crystal-Optech Co Ltd, Dispelix, Goertek Inc, LetinAR Inc, Lumus, Optinvent, and Shenzhen Longjing Optoelectronics, among others.
- In August 2021, WaveOptics, the pioneering designer of diffractive waveguides for Augmented Reality (AR) wearables, announced a strategic supplier relationship with Jade Bird Display (JBD) for MicroLED microdisplays.
- In May 2023, NIL Technology launched NTLight Projector & Illuminator Solutions, our state-of-the-art technology for projection and illumination needs. NTLight is diffusers, custom-built dot-projectors, and integrated multiple-functionality optics.
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