The global microdisplays market was valued at USD 888.2 million in 2019. The market is projected to expand at a CAGR of 18.9% during the forecast period, 2021 – 2028. The growth of the market is attributed to surging use of devices with near-to-eye applications in HUDs and HMDs for automotive, military, and medical applications.
A microdisplay is a display with a small screen. The screen size of microdisplays is less than two inches. Microdisplays are gradually being used in electronic devices, such as rear-projection TVs, smartphones, smartwatches, and smart glasses.
Market Trends, Drivers, Restraints, and Opportunities:
- The growth of the market is attributed to rising demand for nanotechnology devices to detect micro elements.
- Microdisplays offer an extended graphics array resolution that provides a great viewing angles for enhanced user experience.
- Increasing use of microdisplays in CT scanners, medical imaging machines, ECG machines, and other devices is boosting the market.
- Growing demand for microdisplays used in Organic Light Emitting Diode (OLED) monochrome systems for thermal imaging, training of soldiers, and situational awareness is fueling the market.
- Increasing usage of fitness trackers and smartwatches among consumers for applications like lifestyle support, health monitoring, fitness, and entertainment monitoring is anticipated to drive the demand for microdisplays during the forecast period.
- Rising use of microdisplay-based holographic displays is expected to fuel the market in the coming years.
- High costs related to manufacturing and R&D of microdisplays are expected to hamper the market growth.
- Virtual Reality (VR) headsets compatible with tabs, smartphones, and other devices are increasingly being used by youngsters for better gaming experience. This factor is anticipated to boost the market.
Market Segment Insights:
Based on applications, the global microdisplays market is segregated as consumer electronics, military & defense, automotive, industrial, and medical. The consumer electronics segment is estimated to witness a high growth rate during the forecast period, 2021-2028, due to rapid adoption of smartwatches, smart glasses, and smartphones. Moreover, increasing use of VR gaming headsets along with shifting consumer preferences towards portable and handy electronic devices is projected to drive the market growth during the forecast period.
The military & defense segment contributed for over 38% of total market revenue in 2019. This segment is anticipated to expand at a robust CAGR, attributed to rising demand for low-power microdisplays in applications, such as simulation, situational awareness, training, and thermal imaging. Major manufacturers are offering microdisplay products like thermal weapons and night vision goggles for military applications, which gives a grand visual experience.
On the basis of technology, the global microdisplays market is fragmented as LCD, OLED, LCOS, and DLP. In 2019, the LCD segment contributed for more than 55% of the overall market revenue share. Rising demand for microdisplays in the LCD segment is due to wide use of LCD displays in HMDs, EVFs, and HUDs. The Liquid Crystal on Silicon (LCoS) segment is expected to show remarkable growth during the forecast period, 2021-2028. Major companies in the market are focusing on developing new OLED microdisplays to provide a grand visual experience to consumers. Growing demand for OLED microdisplays in the miscrodisplays market is attributed to their quick response time, high power efficiency, and low cost. Increasing awareness about the advantages of microdisplays is projected to boost the market.
Based on projection, the global microdisplays market is bifurcated as Near-To-Eye (NTE) and projection. The NTE segment accounted for over 48% of the total revenue share. This segment led the market in 2019. In industrial application, there is a rising demand for AR glasses, due to warehouse management, on the job training to field workers, inspection, and maintenance activities. These factors have contributed to the growth of the market. Moreover, rising use of HUDs in vehicles is likely to propel the segment.
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