Head Mounted Display Market – Snapshot
Head mounted displays (HMDs) refer to projection technology or small displays that are incorporated mounted on a hat or helmet or into eyeglasses. Heads-up displays refer to a type of head-mounted displays that do not obstruct the vision of the user yet it superimposes the image on the real world view of the user. The global head mounted display market is expected to gather momentum from the growing prominence of the technology across various end use sectors.
Some of the head mounted displays integrate motion sensors to ascertain movement and direction or as the platform for an application of immersive virtual reality.
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Widen Scope of Application to Pave Way for Lucrative Market Growth
Increasing prominence of augmented reality and virtual reality technologies in consumer and business solutions has led to the widespread adoption of head mounted displays all over the world. This factor is estimated to propel growth of the global head mounted display market in the years to come. The main reason for the increased adoption of advanced technologies like virtual reality and augmented reality is to do away with the need for a user to be physically present at all environments. A case in point is 3D interpretation of the below-mentioned products
- patient images
- product designs
- factory layouts
It assists in the remote monitoring and attendance (as and when needed) of people and facilities in real time.
The augmented reality technology comes with a lot of flexibilities, which make it a leader in the enterprise application sector. This adds to its increased adoption over the long term. Both augmented reality and virtual reality technologies are estimated to drive the global head mounted display market as it serves as a new computing platform.
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Head mounted displays are usually utilized for the entertainment and gaming purposes in consumer application. Increased potential of augmented reality in head mounted displays for use in various commercial applications like product promotions and advertising are further likely to open up new avenues of growth in the years to come.
Head Mounted Display Market in Brief
- The global Head Mounted Display market registered a CAGR of 22.3%% between 2019 and 2027. The market is projected to accelerate the growth of HMD market due to increase in demand for light-weight portable computing devices coupled with growing demand from consumer market segment. In addition to it, increasing demand from consumer market segment is mainly owing to advancements in display technologies, offering superior capabilities such as 3D viewing and high resolution to the end-users.
- Beside it, regulated demand from defense services and increasing use in medical practices is expected to have positive impact on the market revenue growth over the forecasted period.
- In the next few years, HMDs are expected to find increasing use in medical practices for different types of surgeries and dentistry practices. The use of HMDs in automotive prototyping i.e. virtual designing of a car and cloud computing is expected to open new possibilities for the HMD market.
- Helmet mounted displays was the largest product segment, accounting for around 66% of the overall market revenue in 2017. However, wearable glasses segment is expected to surpass the helmet mounted display market over the forecast period. This is mainly driven by the inclination of users towards light-weight head-worn display devices
- Moreover, the global Head Mounted Display market is expected to reach US$ 46,530.7 Mn by 2027 from US$ 9,275.4 Mn in 2019.
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Head Mounted Display Market – Definition
- The Head Mounted Display market report provides analysis of the market for the period 2019 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the Head Mounted Display market would help clients in understanding the adoption analysis of head mounted display among different end- users.
North America Head Mounted Display Market – Snapshot
North America was the largest head mounted display market in 2018, accounting for over 1/3rd of the global market revenue. The demand in the region can be attributed to growing inclination for portable and wearable computing devices, especially in end-use verticals including defense, healthcare, and safety services. Furthermore, expanding application base of HMDs has enabled manufacturers in the region to invest heavily in R&D activities, thus improving the scope of the market.
Market Dynamics – Head Mounted Display Market
Key Growth Drivers of the Head Mounted Display Market
- Increasing Demand for Light-Weight HMDs To Expand Application Base
The demand for light-weight, portable and wearable computing devices such as HMDs and wearable wrist computers are growing exponentially. This rise in demand is mainly due to characteristics like compactness and portability which allows users to be mobile while simultaneously availing the advantages of computing power. Since human beings are not used to wearing heavy devices, HMD manufacturers have come up with light-weight HMDs. Initially, HMDs were developed solely for defense applications. However, with the introduction of light-weight HMDs, several manufacturers are also now positioning HMDs as a consumer product.
- Regulated Demand from Defense Services
Defense services comprising military, air force, and navy are currently the largest contributor to the global HMD market revenue. In 2013, defense services accounted for around three-fourth of the global HMD market revenue. HMDs are increasingly used by defense services for tracking, training and simulation, and security purpose. For instance, HMDs were recently employed by the U.S. Army Flight School for their training modules based on simulation. With advancements in technology, head mounted displays, over the years have evolved, delivering superior capabilities such as night vision, superior target tracking, and significant improvements in weight, flexibility, cost, simplicity, and optical performance.
Key Challenges Faced by Head Mounted Display Market Players
- Design issues is a major restraint to the Head Mounted Display market, especially helmet mounted display systems. In addition to it, some of these issues such as helmet considerations, symbol stabilization, adequate field-of-view with respect to resolution provided are the factors hampering the head mounted display market.
- Lack of Awareness is a growing threat around the globe about its use and the capabilities of HMDs is low, especially in under developed and developing economies
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