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.
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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Rising Innovations in Gaming Sector to Propel Growth of Microdisplay Market
The increasing popularity of virtual reality and augmented reality technology especially in the gaming sector is also expected to aid in expansion of the global microdisplay market. Another key factor boosting the growth of this market is the increasing demand for high resolution and better image quality among users. Microdisplays are microminiaturized shows with the screen size of under 50 mm when estimated slantingly. These high-thickness, high-goal screens are utilized in amplified show frameworks. Microdisplay frameworks initially showed up around twenty years prior and throughout the time, they have developed regarding innovation and application. At present, they are progressively utilized in camcorder viewfinders, head mounted showcases, and film projectors. Different enterprises across the globe including car and customer hardware are seeing popularity for miniature showcase frameworks.
Microdisplays are microminiaturized shows with the screen size of under 50 mm when estimated askew. These high-thickness, high-goal screens are utilized in amplified show frameworks. Microdisplay frameworks initially showed up around twenty years back and throughout the time, they have advanced as far as innovation and application. Right now, they are progressively utilized in camcorder viewfinders, head mounted showcases, and film projectors. Different enterprises across the globe including auto and buyer hardware are seeing popularity for miniature presentation frameworks.
High-goal microdisplays offer brilliant review insight to clients, which brings about the expanding ubiquity of high-goal show gadgets. These highlights permit the sending of microdisplays in numerous applications going from purchaser hardware to military, guard and aviation. This, thus, brings about expanding notoriety of microdisplays among makers. This factor is probably going to drive the worldwide microdisplay market.
Demographically, North America held the largest share on account of the early adoption of technologies, coupled with the rising adoption of consumer electronics sector. However, Asia Pacific is likely to witness lucartive growth opportunities owing to the increasing number of players operating in the microdisplay market such as Sony Corporation, LG Display., and others.
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