According to the new market research report "Microdisplay Market by Product (HMD, HUD, EVF, Projector), Technology (OLED, LCoS, LCD, DLP), Industry (Consumer, Industrial/Enterprise, Aerospace, Automotive, Retail, Entertainment, Medical), Resolution, Brightness, and Region - Global Forecast to 2024", the market is estimated to grow from USD 972 million in 2018 to USD 3,583 million by 2024, at a CAGR of 24.3% from 2018 to 2024.
Factors such as the compact size and technological advancements of microdisplays; increased adoption of HMDs in several industries; escalated demand for OLED microdisplays; and adoption of ADAS and surge in demand for head-up displays are driving the market toward high growth.
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HMDs expected to surge demand for microdisplays during forecast period
Based on products, the microdisplay market has been segmented into 5 major categories: projector, HUD, HMD, camera/EVF, and others. Among these products, HMD is expected to be the fastest-growing segment in the market. The increasing adoption of HMDs for medical, automotive, consumer and entertainment, and education applications, among many others, is expected to help the microdisplay market to grow significantly in the coming years. Projectors and cameras/EVFs have been dominating the microdisplay market in terms of demand, with major players such as Epson and Sony active in the projector and camera market. However, the saturation in projector and camera shipments would lead to slower growth of the microdisplay market than that for other emerging products.
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Market for OLED technology expected to grow at highest CAGR from 2018 to 2024”
Vendors demand small form factor microdisplays with enhanced features, such as high-power efficiency, faster response, and better contrast. OLED is one of the technologies used in microdisplays that fulfills these requirements. OLED is emerging as a leading display technology in the market where a lot of developments are happening, and its adoption is expected to increase rapidly during the forecast period. OLED technology offers several advantages, such as wider viewing angles, higher temperature range, faster refresh rate, and better contrast. Initially, there were a limited number of players offering OLED microdisplays in the market; however, as the demand for OLED microdisplays is increasing readily, companies are focusing on R&D and commercialization of OLED displays. The increasing demand for HMDs and HUDs would provide lucrative opportunities for the growth of the microdisplay market for OLED technology in the coming years. Magic Leap, Meta, ODG, and Epson are a few key vendors who offer AR HMDs that consist of OLED microdisplays.
“Japan to hold largest share of microdisplay market worldwide during forecast period”
The market in APAC, especially in Japan and China, has a huge potential for growth. Currently, key AR HMD vendors are based in North America and Europe; however, during the forecast period, vendors from APAC are expected to capture the market share and emerge as leading customers in APAC. In the last 2 years, APAC witnessed remarkable growth in VR HMD vendors such as Sony, HTC, Samsung, and TCL. These vendors are currently utilizing the direct-view display for VR HMDs; however, with the development of advanced microdisplays for VR HMDs, high demand for microdisplays can be expected in the VR HMD segment from APAC.
Sony (Japan); Seiko Epson (Japan); eMagin Corporation (US); Kopin Corporation (US); OLiGHTEK (China); Himax Technologies (Taiwan); HOLOEYE Photonics (Germany); WiseChip Semiconductor (Taiwan); Raystar Optronics (Taiwan); and WINSTAR Display (Taiwan) are a few key players in the microdisplay market.
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