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North America AR Waveguide Market Forecast to 2031
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)
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Description
Increasing Demand for AR-based Devices Fuels North America AR Waveguide Market
The demand for AR-based devices is rapidly increasing across various industries, including healthcare, automobile, and entertainment, among others. According to Three Kit Inc., a visual commerce firm, it is estimated that the AR market will reach US$ 50 billion by the end of 2024. Advancements in AR content development and software tools have enabled the creation of compelling and interactive AR experiences, driving consumer engagement and brand recognition. Businesses are leveraging AR to deliver immersive product demonstrations, virtual try-on experiences, interactive training modules, and enhanced customer support services, thereby offering consumers an enhanced customer experience. As big tech invests more in augmented reality, AR-based devices are anticipated to become an integrated part of everyday life. In February 2020, Facebook (now Meta) acquired Scape, an augmented reality business that is creating a digital 3D representation of the physical world. Therefore, the growing demand for AR-based devices across various industries fuels the need for advanced waveguide technology, which drives the AR waveguide market.
North America AR Waveguide Market Overview
The North American AR waveguide market is segmented into the US, Canada, and Mexico. Augmented reality (AR) is becoming popular in North America across various sectors, including gaming & entertainment, industrial applications, and healthcare. This demand creates a requirement for key components that enable AR glasses to function, for example, waveguides. Further, North America is home to a few of the world’s largest technology giants, such as Google and Facebook, which are actively developing AR products. As a result, these companies are increasingly investing in research and development associated with AR, which fuels the expansion of the AR waveguide market.
Various startups and established players across North America are involved in the development of AR waveguides. For example, in April 2024, Vuzix Corporation launched the Vuzix Shield smart safety glasses. Shield initially launched with a limited fulfillment strategy that was focused on developers and researchers. For example, in May 2023, Dispelix, a waveguide developer for XR, along with Avegant, a renowned developer of miniaturized LED light engines, launched a jointly executed reference display module. This collaboration showcases AR glasses with consumer-ready visual quality in wearables. The design is based on Dispelix Selvä—a thin, light, and bright LED waveguide combiner—and Avegant’s latest light engine, AG-30L2, which has a significantly lower footprint than the previous-generation engine. The components used in the design are high-performing and can be mass-manufactured. Thus, such initiatives by the players in the region drive the AR waveguide market.
North America AR Waveguide Market Revenue and Forecast to 2031 (US$ Million)
North America AR Waveguide Market Segmentation
The North America AR waveguide market is categorized into type, application, and country.
Based on type, the North America AR waveguide market is segmented into geometric waveguide, holographic waveguide, and diffractive waveguide. The geometric waveguide segment held the largest market share in 2023.
By application, the North America AR waveguide market is segmented into consumer electronics, industrial, military, and others. The consumer electronics segment held the largest market share in 2023.
By country, the North America AR waveguide market is segmented into the US, Canada, and Mexico. The US dominated the North America AR waveguide market share in 2023.
DigiLens Inc, Dispelix, Goertek Inc, Lumus, Optinvent, and WaveOptics Ltd are some of the leading companies operating in the North America AR waveguide market.
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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.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the North America AR waveguide market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America AR waveguide market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America AR Waveguide Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. North America AR Waveguide Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for AR-based Devices
5.1.2 Rising Applications of AR Across Various Industries
5.1.3 Increasing Demand for AR Wearables
5.2 Market Restraints
5.2.1 High Manufacturing Cost
5.2.2 Limited Field of View and Associated Challenges
5.3 Market Opportunities
5.3.1 Advancements in Optical Waveguide Technology
5.3.2 Enhancements in AR Device Design
5.4 Future Trends
5.4.1 Growing Demand for AR-based Devices in Gaming Industry
5.5 Impact of Drivers and Restraints:
6. AR Waveguide Market – North America Market Analysis
6.1 AR Waveguide Market Revenue (US$ Million), 2021-2031
6.2 AR Waveguide Market Forecast Analysis
7. North America AR Waveguide Market Analysis – by Type
7.1 Geometric Waveguide
7.1.1 Overview
7.1.2 Geometric Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Holographic Waveguide
7.2.1 Overview
7.2.2 Holographic Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Diffractive Waveguide
7.3.1 Overview
7.3.2 Diffractive Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
8. North America AR Waveguide Market Analysis – by Application
8.1 Consumer Electronics
8.1.1 Overview
8.1.2 Consumer Electronics: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Industrial
8.2.1 Overview
8.2.2 Industrial: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Military
8.3.1 Overview
8.3.2 Military: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
9. North America AR Waveguide Market – Country Analysis
9.1 North America
9.1.1 North America: AR Waveguide Market – Revenue and Forecast Analysis – by Country
9.1.1.1 North America: AR Waveguide Market – Revenue and Forecast Analysis – by Country
9.1.1.2 United States: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.2.1 United States: AR Waveguide Market Breakdown, by Type
9.1.1.2.2 United States: AR Waveguide Market Breakdown, by Application
9.1.1.3 Canada: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.3.1 Canada: AR Waveguide Market Breakdown, by Type
9.1.1.3.2 Canada: AR Waveguide Market Breakdown, by Application
9.1.1.4 Mexico: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.4.1 Mexico: AR Waveguide Market Breakdown, by Type
9.1.1.4.2 Mexico: AR Waveguide Market Breakdown, by Application
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 DigiLens Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Dispelix
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Goertek Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Lumus
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Optinvent
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 WaveOptics, Ltd.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 Glossary
13.2 About The Research Team
Table 1. North America AR Waveguide Market Segmentation
Table 2. List of Vendors
Table 3. AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 6. North America: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 7. United States: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 8. United States: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 9. Canada: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 10. Canada: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 11. Mexico: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. Mexico: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 13. Heat Map Analysis by Key Players
Figure 1. North America AR Waveguide Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Ecosystem Analysis
Figure 4. AR Waveguide Market – Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. AR Waveguide Market Revenue (US$ Million), 2021-2031
Figure 7. AR Waveguide Market Share (%) – by Type (2023 and 2031)
Figure 8. Geometric Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Holographic Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Diffractive Waveguide: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. AR Waveguide Market Share (%) – by Application (2023 and 2031)
Figure 12. Consumer Electronics: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Industrial: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Military: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Others: AR Waveguide Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. North America AR Waveguide Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 17. North America: AR Waveguide Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 18. United States: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. Canada: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million)
Figure 20. Mexico: AR Waveguide Market – Revenue and Forecast to 2031(US$ Million)
Figure 21. Company Positioning & Concentration
The List of Companies – North America AR Waveguide Market
o DigiLens Inc.
o Dispelix.
o Goertek Inc.
o Lumus.
o Optinvent.
o WaveOptics, Ltd.
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