Microdisplays are microminiaturized displays with the screen size of less than 50 mm when measured diagonally. These high-density, high-resolution screens are used in magnified display systems. Microdisplay systems first appeared around two decades ago and over the time, they have evolved in terms of technology and application. Currently, they are increasingly used in camcorder viewfinders, head mounted displays, and cinema projectors. Various industries across the globe including automotive and consumer electronics are witnessing high demand for micro display systems. The global microdisplay market is projected to expand at a CAGR of 22.3% during the forecast period and reach value of US$ 5,782.6 Mn by 2027.
The global market for microdisplays has witnessed substantial growth over the last two decades. This is primarily attributable to growing popularity of the AR/VR (augmented reality/virtual reality) technology and rising demand for smart glasses across the globe. AR and VR headsets require highly advanced microdisplays, as they need to offer peak performance at close physical proximity to the user, who would address concerns about overheating of devices. Primarily, lightweight and compact VR glasses made by using large-area microdisplays are estimated to drive the global microdisplay market during the forecast period.
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Furthermore, increasing demand for the AR/VR technology in the gaming & entertainment sector is projected to drive the global microdisplay market during the forecast period. This can be attributed to the compatibility of headsets equipped with the VR technology with smartphones and other smart electronics devices used for superior gaming experience. AR and VR technology-based products, such as AR HMDs, HUDs, and VR HMDs, are expected to witness significant demand during the forecast period. This factor is estimated to augment the market for microdisplays in end-use industry segments such as industrial, automotive, and military, defense and aerospace in the next few years.
Furthermore, adoption of HMDs (head-mounted displays) in multiple end-use industries is becoming a major trend in the global microdisplay market. AR and VR head-mounted displays are major applications of microdisplays. The compact size of microdisplays enable their deployment in HMDs, wherein space is a key constraint. Head-mounted displays offer high resolution and comparatively compact size. These displays are designed to be employed in different applications across several industries including health care, education, automotive, consumer electronics, and sports & entertainment. Thus, increasing demand of head-mounted displays from different industry verticals is anticipated to create new opportunities for the global microdisplay market in the next few years.
However, complex nature of the manufacturing process and high production costs of microdisplays are likely to hamper the global microdisplay market during the forecast period. This is supported by limited availability of raw materials required for the manufacture of microdisplays. Nevertheless, rising demand for microdisplays for use in VR/AR systems presents significant growth opportunities for the global microdisplay market.
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With the objective of expanding their business, several players are expanding their offerings through strategic mergers and acquisitions as well as partnerships. Furthermore, an increasing number of players are spending significantly on R&D activities to develop innovative and technologically advanced microdisplay products. Some of the prominent players operating in the global microdisplay market are AU Optronics Corp, eMagin Corporation, Himax Technology Inc., KopIn Corporation Inc., LG Display Co. Ltd, Microvision Inc., Omnivision Technologies, Inc., Sony Corporation, Syndiant Inc., and Universal Display Corporation.
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