AR Waveguide Market is expected to reach US$ 1,006.36 Million by 2031

Increasing Demand for AR Wearables Fuels AR Waveguide Market Growth

According to our latest study on “AR Waveguide Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type and Application,” The AR Waveguide market size was valued US$ 562.53 Million in 2023 and is expected to reach US$ 1,006.36 Million by 2031; it is estimated to record a CAGR of 7.5% from 2023 to 2031. The report includes growth prospects owing to the current AR waveguide market trends and their foreseeable impact during the forecast period.

The AR waveguide market is undergoing a profound transformation fueled by the increasing demand for AR-based devices across various industries. For instance, according to Three Kit Inc., a visual commerce firm, the AR market is estimated to reach US$ 50 billion by the end of 2024. AR can impact every sector of the economy, from health to automobiles to entertainment, among others. In February 2020, Facebook (now Meta) acquired Scape, an augmented reality business that is creating a digital 3D representation of the physical world. As giant tech companies continue to invest in augmented reality, AR-based devices are anticipated to become a more integrated part of everyday life in the coming years.

AR Waveguide Market – by Region, 2023 and 2031

Source: The Insight Partners Analysis

The AR waveguide market in North America is segmented into the US, Canada, and Mexico. The US accounted for the largest AR waveguide market share in 2023. The market in the US is experiencing substantial growth due to significant investments from both established companies and startups. These investments are aimed at developing innovative AR waveguide solutions and improving the overall AR experience. The availability of funding and resources is driving the research and development activities associated with AR waveguides in the US. For instance, in November 2021, Niantic Inc., a San Francisco-based company known for its groundbreaking planet-scale augmented reality (AR) platform, revealed that it had secured a US$ 300 million investment from Coatue. This investment values Niantic at an impressive US$ 9 billion. Niantic will utilize the funds to enhance its existing games, develop new applications, expand its Lightship developer platform, and realize its vision for the Real-World Metaverse.

In May 2023, Dispelix, a prominent developer of see-through waveguide technology for extended reality (XR), and Avegant—a renowned manufacturer of miniaturized LED light engines—introduced a new collaborative reference display module. This joint effort showcases augmented reality (AR) glasses with visually impressive quality, designed for everyday use. The module incorporates Dispelix's Selvä LED waveguide combiner—known for its slim, lightweight, and bright characteristics—along with Avegant's latest light engine, the AG-30L2, which boasts a significantly smaller footprint compared to its predecessor. The components used in this design are high-performing and readily available for purchase. Thus, such initiatives by the players in North America boost the AR waveguide market growth.

AR Waveguide Market Report Segmentation and Scope:

The “AR waveguide market analysis” has been carried out by considering the following segments: type, application, and geography. The AR waveguide market is broadly segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest AR waveguide market share in 2023, followed by APAC and Europe. Further, APAC is projected to register the highest CAGR in the market from 2023 to 2031.

The North America AR waveguide market is segmented into the US, Canada, and Mexico. The region has a strong presence of key industry players, such as Google and Meta (previously Facebook), who are actively involved in AR development. Technological advancements and a surge in acceptance rates of AR across healthcare, education, retail, and manufacturing sectors contribute to the growth of the AR waveguide market in North America. The growing integration and acceptance of AR technologies across diverse industries further support the expansion of the market.

The Europe AR waveguide market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. In Europe, many conferences have been conducted that highlight the benefits of augmented reality (AR) and its adoption. For example, The conference AWE EU 2022 featured presentations on waveguide technology, which focused on highlighting industry interest in Europe. The Chief product officer of Dispelix briefed about the Dispelix DPX Selva product line and the way diffractive waveguide technology is integrated to launch solutions leveraging AR single-layer and full-color lightweight waveguide, along with discussed LED and LBS AR waveguide solutions and their benefits.

Crystal Optech; DigiLens Inc.; Dispelix; Goertek; LetinAR; Lumus; NIL Technology; Optinvent; Shenzhen Lochn Optics Technology Co., Ltd; and WaveOptics Ltd. are among the prominent players profiled in the AR waveguide market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

AR Waveguide Market Recent Developments:

The AR waveguide market forecast can help stakeholders plan their growth strategies. Companies in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per the company press releases, below are a few recent key developments:

• In 2024, DigiLens Inc., a leading nanotechnology innovator in waveguide display technologies and head-worn smartglasses, announces a collaborative partnership with Kaynes Technology India Limited to scale waveguide manufacturing. Kaynes Technology, a leader in electronic component manufacturing for the space research, defense, aerospace, railway, healthcare, automotive, and other commercial sectors, is strategically positioned as a DigiLens licensee to scale waveguide manufacturing to aid in the delivery of DigiLens' flagship Augmented Reality (AR) device.
• In 2024, NIL Technology (NILT), a leader in advanced optical solutions, announced metaEye, an ultracompact metalens-based camera with applications for eye-tracking, smart locks, biometrics, SLAM, and ubiquitous sensing across a range of applications, including gaming, presence detection, and smart appliances. This revolutionary metalens camera uses a patent-pending lens architecture only possible with metalenses to deliver an ultra-compact form factor, good performance, and environmental robustness.

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