PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373912
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373912
Spatial light modulators market size was valued at USD 630.9 Million in 2022, expanding at a CAGR of 7.3% from 2023 to 2030.
Spatial light modulators (SLMs) are a group of optical tools that are used to impose a light beam with some form of varying modulation. The most common and famous application is the use of these modulators in overhead display transparency. Modern-day projectors are generally constructed with SLM as a crucial component inside the projector, as in the earlier models where the SLM was mounted above a projector to display computer content on a screen.
Spatial Light Modulators Market- Market Dynamics
Extensive application in optical computing to boost market growth
The global spatial light modulators market growth is expected to be led by the growingly extensive application of SLMs in optical computing. The laser-produced light waves are used by end-user technology for data communication, data storage, and data processing for computing purposes. Optical computing differs from traditional electrons-based computing as this method leverages various characteristics of optical components to improve computational efficiency. Additionally, optical computing involves certain advantages such as excellent speed, higher energy efficiency, and large bandwidth that can be utilized for transmitting data. However, technical expertise and a lack of awareness in the field of spatial light modulators are projected to restrain the market growth. Furthermore, SLMs can create holographic displays to improve the virtual reality experience. The VR sector is continuously developing as it strives to give an immersive experience for its users. As a result, this trend can positively favor the spatial light modulators industry players since advanced SLM use can prove to be beneficial.
Spatial Light Modulators Market- Key Insights
As per the analysis shared by our research analyst, the global spatial light modulators market is estimated to grow annually at a CAGR of around 7.3% over the forecast period (2023-2030)
The spatial light modulators industry is projected to grow at a significant rate due to the growing extensive application in optical computing
Based on application segmentation, beam shaping was predicted to show maximum market share in the year 2022
Based on resolution segmentation, 1024*768 pixel resolution & more was the leading type in 2022
Optical computing can bolster the ongoing efforts to enhance quantum computing processes. In quantum computing, with the increased interest of the research community, the demand for advanced spatial light modulators is likely to experience exceptional growth.
The global spatial light modulators market is segmented on the basis of application, product type, resolution, and region.
The market is divided into four categories based on application: display application, laser beam steering, holographic data storage, beam shaping, and others. The beam shaping segment is projected to witness the highest growth trend during the forecast period. Beam shaping is the method of modulating the phase and amplitude or both of a beam to achieve the desired output. In producing 3D images with exceptional precision, the process is highly efficient. Additionally, the segment is attributed to be helpful in various biomedical imaging projects.
The market is divided into two categories based on product types: less than 1024*768 pixel resolutions and 1024*768 pixel resolution & more. The 1024*768 pixel resolution & more segments are likely to maintain their dominance owing to the advanced spatial light modulators and the growing demand for high performance. The segment growth is also increased by the rising R&D in end-user verticals causing SLM providers to ensure that their products can reach the evolving consumer demand.
Spatial Light Modulators Market- Geographical Insights
Major regions assessed in the market analysis of the global spatial light modulators market include Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. The spatial light modulators market is projected to witness the highest growth in the North American region with the US acting as the largest contributor. The U.S. is attributed to driven by the presence of several manufacturers and extensive application of the technology in various verticals. The growing market for virtual reality in the entertainment field as well as increased regional investment in biomedical imaging is expected to push higher adoption of SLM in the US. Additionally, the presence of a large pool of technical experts and higher technology awareness are also crucial for growth in North America. Moreover, the European region is accounted to grow at a steady pace as industry players continue to focus on technological advancement.
Providers and manufacturers foothold of VR technology are expanding their business by entering new markets. The consumption and subsequent demand for efficient spatial light modulators is positively impacted by the ongoing expansion of the VR industry. Moreover, the market is highly competitive with the presence of several market players operating the market. The market players focus on strategic partnership, market expansion, and product innovation to gain a competitive edge and maintain their market position. Additionally, the key players are also involved in R&D activities to introduce innovative SLM solutions that cater to the rising requirements of several industries. For instance, in June 2023, Microsoft enlisted Barclays to help it test the world's first analog optical computer that uses electrons and photons to process continuous value data. The technology, says Microsoft, could transcend the limitations of binary systems and solve practical problems at the speed of light.
For instance, in September 2022, Hamamatsu, the Fraunhofer Institute for Laser Technology ILT in Aachen set up an application lab for advanced laser material processing with ultrashort pulsed (USP) laser radiation. Additionally, the partners jointly developed an industrial processing SLM-head that can use customized, dynamic beam shaping combined with large laser average output powers for various ranges of applications. The applied, new spatial light modulator from Hamamatsu can be operated up to 150 watts of average output power.