The Metaverse For Major Opportunities of Virtual Reality Rental LED Displays
The metaverse trend is gaining momentum, and the virtual reality industry continues to thrive! LED display screens are once again presented with promising opportunities.
Recently, Jiangxi has released an action plan for the integrated development of virtual reality and industry applications. The "Action Plan" combines the current status and development trends of the virtual reality industry to formulate a strategic goal of building 30 industrial technology innovation centers, key laboratories, and other innovation platforms by 2026. Specific objectives include creating over 100 virtual reality demonstration application projects, nurturing more than 30 new 'little giant' companies specializing in virtual reality, and establishing more than 60 talent teams focused on industrial innovation and entrepreneurship. Furthermore, at the recent 2023 World VR Industry Conference co-sponsored by the Ministry of Industry and Information Technology and the Jiangxi Provincial People's Government, it was highlighted that South Korea is revitalizing its Metaverse ecosystem through pilot policies and innovative plans as it moves towards embracing this emerging trend. Both domestically and internationally, there is a surge in interest surrounding the Metaverse concept with many LED display companies already making strategic plans in this field; thus indicating imminent market competition.
01. The virtual reality industry is experiencing a surge in growth.
Since 2021, the Metaverse has gradually evolved from a conceptual framework into a tangible reality, garnering increasing global popularity. The attention and involvement of enterprises, creators, ordinary users, investors, and society as a whole have been steadily growing in this domain. According to Tianyancha data, there are currently nearly 30,000 companies engaged in the "virtual reality" sector nationwide. In recent years, China's virtual reality industry has experienced rapid growth with an anticipated overall market size (including related hardware, software applications) exceeding 350 billion yuan by 2026. Additionally, sales of virtual reality terminals are projected to surpass 25 million units.
The demand for domestic XR virtual shooting market is constantly emerging, and the space of XR virtual shooting market is rapidly expanding. The development of virtual reality mainly revolves around the characteristics of immersion, interactivity, and imagination, which involves a series of innovative breakthroughs and iterative upgrades in software and hardware technologies. As an entrance for the public to enter the virtual world, display devices are core and mainstream products in the virtual reality industry. Among them, LED large screens have become a new blue ocean market that many leading screen companies are exploring and competing for as one of XR virtual reality production systems. For instance, Alto Electronics has undertaken 60 medium- to large-scale XR/VP virtual studio projects worldwide including well-known industry-leading projects such as Nvidia, Amazon Cloud, and Toei Japan's Virtual Shooting Project. As an emerging market with potential demands gradually penetrating into larger audiovisual fields in future years ahead; it is expected that China's LED display demand for XR Virtual Shooting may exceed 4 billion yuan within three years' time - injecting new vitality into slowing demand within this particular sector.
Of course, as technical experts continue to popularize science, the general public gradually recognizes that XR serves as just one gateway to access the metaverse. To achieve a more immersive metaverse experience, in addition to display terminals like LED displays, other essential components include blockchain technology, interactive technology, and various cutting-edge technologies such as game engines integration with digital twin technology, AI technology, comprehensive intelligent cloud network technology, and Internet of Things (IoT) technology.
02. The momentum of policy and the potential for LED displays have significantly increased.
The virtual reality industry is receiving increasing policy support, with favorable policies emerging frequently in recent years. For instance, the "Action Plan for the Integrated Development of Virtual Reality and Industry Applications (2022-2026)" issued at the end of 2022 explicitly outlines China's ambition to surpass a total scale of 350 billion yuan by 2026 in its virtual reality industry. Moreover, numerous local governments are actively establishing relevant frameworks to foster the growth of this sector. Incomprehensive data reveals that over 15 provinces, cities, and regions across China have introduced VR-related policies aimed at guiding a healthy and orderly development within the VR industry. Virtual reality has demonstrated its potential to stimulate new consumption patterns, becoming a focal point for local industrial economic strategies while progressively serving as a foundational technology for realizing digital transformation across various industries.
The development of virtual technology is progressing rapidly, empowering numerous industries including virtual reality and cultural tourism. Consequently, various cultural and tourism practices labeled as the Metaverse have been frequently emerging. This year's cultural tourism Metaverse has witnessed remarkable highlights, from the introduction of the Zhangjiajie Scenic Area Metaverse to the trial operation of the Quanzhen Interconnected Metaverse Museum at Dabaoen Temple in Nanjing. Simultaneously, XR technology enables innovation in traditional scenarios and gives rise to diverse new business formats, thereby catalyzing prosperity in related markets such as gaming and entertainment, industrial manufacturing, commercial retail, medical and health services, education and training sectors. As a result of these advancements, numerous small and medium-sized enterprises are presented with abundant opportunities for growth.
It is evident that numerous advanced provinces and cities have taken the lead in formulating their plans based on the regulations and context of industrial development. A range of policies pertaining to virtual photography and the metaverse have presented a novel direction for the LED display industry, as well as for the emerging technologies involved in virtual reality. These technologies can offer broader application scenarios and business opportunities for LED displays, providing strategic guidance for LED companies and assisting them in seizing investment opportunities and fostering industrial development.
03. The application scenarios are emerging as focal points in the future.
The development of the Metaverse will transcend its current limitations as a mere simulation of the real world. During the virtual explosion phase, unique applications exclusive to virtual environments will emerge. These immersive scenes and applications will no longer mirror reality, and their production methods will undergo significant transformations.
Let's examine the "Shanghai Action Plan for Cultivating a New Track in the Metaverse (2022-2025)". Within the framework of digital ecological upgrade initiatives, it puts forth novel ventures integrating virtual and physical interactions, innovative educational approaches combining virtual and real experiences, as well as groundbreaking cultural tourism endeavors merging virtual and real elements. Additionally, it encompasses actions aimed at enhancing digital businesses through interactive virtual-real entertainment experiences, while also encompassing integration efforts enabling seamless collaboration between the virtual and physical realms in areas such as intelligent manufacturing, medical healthcare services, collaborative office spaces, and digital cities. It is evident that the exploration of diverse application scenarios involving both virtual and real environments will serve as a pivotal development direction across various locations.
The gradual improvement of technical solutions such as rendering and tracking is believed to drive breakthroughs in LED display technology, leading to a downward trend in costs. At the same time, LED brands at the end of the industrial chain will accelerate their strategic positioning, while various industries will actively empower them to jointly promote rapid domestic application of the virtual reality industry.
Currently, the development trajectory of the Metaverse is unstoppable. After years of progress, the virtual reality industry has successfully established an ecosystem rooted in technological innovation and is now entering a strategic window period focused on product upgrades and integrated applications. For the LED display industry, it is imperative to comprehend cutting-edge technology and ideas from a developmental standpoint while meeting customer demands comprehensively across hardware, software, and content domains in order to fully unlock its maximum value. This may be the appropriate mindset towards embracing the metaverse as well as other emerging phenomena in the future. Simultaneously, we anticipate that the metaverse will genuinely impact human productivity and lifestyle while providing assistance for societal advancement.
Links: XR LED Wall | Rental Display | Virtual Production Video
