The global virtual production market is projected to value USD 6.79 billion by 2030 and register a compound annual growth rate (CAGR) of 17.8% from 2022 to 2030. The primary market driver is the expanding popularity of virtual production in the media and entertainment sector, as well as its ability to produce high-definition images and real-time virtual settings. The incorporation of virtual background settings into live-action video facilitates filmmakers to decrease the need for on-set production teams and crew employees. This minimizes surplus production costs.
For instance, Hollywood producers used cutting-edge technology to shoot without collecting hundreds of people on set in 2020, following the COVID-19 pandemic. The filmmaker has benefited greatly from the usage of tools like cloudbusting, stagecraft LED setup, and the Solo Cinebot, a robotic camera used to shoot performers from a distance.
The market is expected to witness fast-paced growth owing to the rising demand for visual effects (VFX) in motion picture production studios and the use of virtual production in commercial advertisements. Leading Hollywood production companies, like NBC, MTV, and ABC started utilizing cloudbusting techniques during the pandemic in 2020, which involves using a robotic camera such as the Solo Cinebot to photograph the actors remotely.
Virtual production in the media and entertainment industries is driven by the growing acceptance of LED video wall technology. In the background, computer-generated graphics are displayed on LED video walls, allowing filmmakers to record visual effects in real-time. After COVID-19, green screen has been replaced with LED video wall technology, making film production more widely available. For instance, in April 2020, SkyLine on ABC used a 360-degree camera to capture all of its real-life sights, which were then shown on an LED screen rather than a green screen.
Research Support Specialist, USA
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