Global microdisplay market Expected to Raise Moderately over 2027
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Industry Insights
The "global microdisplay market Analysis to 2023" is a focused and in-depth study of the semiconductor industry with the global market trend analysis. Market Research Future's report on the global microdisplay market 2020 puts light from this overview by stating that in the past years, the market has seen remarkable growth. Still, now it can anticipate more and more expansion with the CAGR of 14%, with approximately USD 1.8 billion valuations throughout the years from 2017 to 2023 (forecast period).
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Top Impacting Factors
The microdisplay is essentially a compact size display and has user-configurable technology with high resolution as well as high pixel density. The microdisplay is used widely in smart bands, smartwatches, and smart glasses to enable quality images and high contrast ratio. With this, it also offers super-extended graphics array (SEGA) resolution for better angle viewing and enhanced brightness. LCD, DLP, and LCoS have mostly used microdisplay technologies. In the current time, microdisplay finds its wide range of applications in military & defense for real time monitoring and faster performance. These features and its high-end use have motivated the market of it over the years. Most importantly, microdisplay is also being used in many medical devices in the current situation of COVID 19 widespread to detect patients positively affected through blood and cough samples.
MRFR further describes factors such as low power consumption and compact size and high resolution and excellent picture quality, which has led to higher adoption of microdisplay in medical applications, military & defense, and consumer electronics. Consequently, owing to these benefits, the global microdisplay market shows a high possibility to expand rapidly in the future time frame. Additionally, more factors, such as rising demand for nanotechnology devices to detect micro-sized elements, are also estimated to support the growth of the market during the forecast period.
Moving forward, strong demand for microdisplays in Near-To-Eye (NTE) applications along with swelling use of these devices in HMDs and HUDs (Head-Up Displays) mainly in medical and automotive applications is also estimated to drive the market on the rapid note during the forecast period. On the contrary, factors such as high cost and low picture quality at high temperatures could restrain the market growth in the forecast period. Irrespective of the challenges, some emerging factors, such as a rising number of Near-To-Eye (NTE) applications in various consumer electronics, are estimated to provide enormous opportunities for the market in the future.
Segmentation of Market: Micro-Display
The global microdisplay market can be bifurcated over the segments of product, technology, and end-users.
Among the technology segment, the market can be segmented into OLED, LCD, LCoS, and DLP. Among these, OLED acquired the largest market share, majorly owing to enhanced features and better power efficiency.
Among the product segment, the market can be segmented into smart glasses, projectors, headsets, EVF, and HMD.
Among the end-user segment, the market can be segmented healthcare, industrial, consumer electronics, defense, automotive, aerospace, commercial, and education.
Regional Outlook
Geographically, North America grasped the largest market share from countries such as the U.S. and Canada, among others. The reason for the growth is attributed to the rising demand for projectors by the educational institutes and growing usage of advanced technologies. The United States is likely to be one of the fastest-growing markets in the world for AR and MR in the coming years. Most of the giant companies are advancing in this technology. The prominent ones are Microsoft and Magic Leap, based in the United States.
Asia-Pacific region is also anticipated to surge over the assessment period, 2017-2023. The reason is attributed to the mounting demand for high-end technology and increasing the sale of consumer electronics such as Smartphones & tablets.
Top Market Contenders
The top players in the global microdisplay market are listed as Kopin Corporation (US), Seiko Epson Corporation (Japan), Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd. (China), Himax Technologies, Inc. (Taiwan), WiseChip Semiconductor Inc. (Taiwan), RAONTECH (South Korea), Jasper Display Corp. (Taiwan), Syndiant (US), Dresden Microdisplay GmbH (Germany), Microtips Technology, LLC (US), MICROOLED (France), Microtips Technology, LLC (US), eMagin Corporation (US).
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