Technological Advancements Driving Growth in the Microdisplays Market
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, May 27, 2024 (GLOBE NEWSWIRE) -- The global microdisplay market was valued at USD 1.1 billion in 2023 and is projected to reach USD 3.2 billion by 2028; registering a CAGR of 23.7% during the forecast period. The rise in demand for microdisplay is due to the deployment of display in several products. During the forecast period, the market will grow as a result of factors including compact size and technological advancements in microdisplays, increased adoption of HMDs across a number of industries, rising demand for OLED microdisplays, and rising global adoption of ADAS and HUDs.
To know about the assumptions considered for the study
Opportunity: Adoption of microdisplays in aerospace and defense sector
The microdisplay market is expected to grow in the near future owing to ongoing advancements and increasing adoption of microdisplays in aerospace and defense applications. Low-power OLED microdisplays are used in several applications, such as night-vision goggles, thermal imaging devices, situational awareness devices, and rifle scopes in the aerospace and defense sectors. The rise in demand for high-quality HUDs and HMDs from this sector is contributing to the adoption of advanced microdisplays. In December 2022, eMagin Corporation received an order of ~USD 1.7 million for high-brightness OLED microdisplays from Collins Aerospace for its F-35 Helmet Mounted Display System (HMDS). eMagin Corporation received an order worth USD 4 million for displays in connection with the Enhanced Night Vision Goggle–Binocular (ENVG-B) program of the US Army. There is a significant increase in government contracts in the market; companies such as eMagin Corporation are working to replace LCDs currently being used by the US military with OLED displays. Increasing defense budgets of countries such as the US, China, India, and Japan and the flourishing global commercial aviation industry are expected to fuel the demand for microdisplays to be used in HUDs and HMDs in the next few years.
Challenge: Development of power-efficient microdisplays with high-resolution and brightness
Despite significant technological advancements in microdisplays over the last decade, some technical and usability issues exist, preventing microdisplays from being widely accepted in many demanding applications, especially VR HMDs. Developing microdisplays with compact form factors and achieving a wide field of view and high resolution is expected to be a key challenge for the manufacturers of microdisplays.
Microdisplay Market Key Drivers:
Modern devices are rapidly becoming compact, portable, and convenient to use. They are used to present graphical and pictorial information. These devices require to be compact and simple with high-resolution displays. The microdisplay market is growing significantly owing to the rising demand for EVFs, HMDs, HUDs, projectors, scopes, thermal imaging glasses, and medical equipment for use in several industries, including consumer electronics, defense, aerospace, medical, and automotive. Microdisplays have high growth potential in HMDs as the demand for AR smart glasses is expected to increase rapidly in the coming years.
Microdisplay Market Growth in APAC:
Asia Pacific is projected to lead the microdisplay market from 2023 to 2028. In addition to the significance that Japan is home to several important EVF vendors, Asia Pacific is anticipated to continue to have the largest demand for microdisplays to be used in NTE devices during the projected period. Asia Pacific is home to the majority of camera manufacturers. Over 90% of the market for cameras is dominated by Canon Inc., Nikon Corporation, and Sony Group Corporation. As a result, Japan's demand for microdisplays rises, which in turn drives growth in the microdisplay industry throughout the region. Moreover, Asia Pacific is expected to account for the largest size of the LCD microdisplay market from 2023 to 2028. LCD microdisplays have a significantly huge demand in cameras/EVF and projectors and a majority of cameras/EVFs and projectors vendors are based in this region.
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