Europe AR Waveguide Market Forecast to 2031 - Regional Analysis - by Type and Application

The Europe AR waveguide market was valued at US$ 135.58 million in 2023 and is expected to reach US$ 248.47 million by 2031; it is estimated to record a CAGR of 7.9% from 2023 to 2031.

Rising Applications of AR Across Various Industries Drive Europe AR Waveguide Market

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 2022, 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.

Europe AR Waveguide Market Overview

The Europe AR waveguide market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Europe is known for its robust technology and high-quality manufacturing that has significantly bolstered the use of AR devices. Various councils across Europe have granted contracts to mass-manufacture high-quality AR waveguides. For example, in June 2023, Morphotonics received a European Innovation Council (EIC) Accelerator Grant. The EIC Accelerator supports small and medium enterprises (SMEs) to develop and scale up innovations. Moreover, various prominent AR waveguide manufacturers are present in Europe; these players include Waveoptics, Lumus, LetinAR, Holoptics, Optinvent, and Goertek.

In Europe, various conferences were held where chief product officers explained the benefits of AR and its adoption. 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. Thus, such initiatives in the region propel the growth of the AR waveguide market.

Europe AR Waveguide Market Revenue and Forecast to 2031 (US$ Million)

Europe AR Waveguide Market Segmentation

The Europe AR waveguide market is categorized into type, application and country.

Based on type, the Europe 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 Europe 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 Europe AR waveguide market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Germany dominated the Europe AR waveguide market share in 2023.

Dispelix, Goertek Inc, Lumus, NIL Technology, Optinvent, and WaveOptics Ltd are some of the leading companies operating in the Europe AR waveguide market.