(IT-NEWSWIRE.COM, May 25, 2023 ) The Microdisplay Market is projected to grow from USD 1.1 billion in 2023 to USD 3.2 billion by 2028; it is expected to grow at a CAGR of 23.7% from 2023 to 2028. The development of more effective and efficient microdisplays for usage in wearable devices has also been prompted by the rising consumer traction for wearable technology.
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NTE devices account for the largest share of the microdisplay market during the forecast year. The NTE devices include Cameras/ Electronic Viewfinders (EVFs), AR and VR Head Mounted Displays (HMDs). The microdisplay market is anticipated to have considerable growth in the coming year as a result of the rising acceptance of HMDs for applications in healthcare, transportation, consumer goods, entertainment, and education. Because OLED technology offers better power economy, quick response times, and more colors, OLED-based microdisplays are being employed more frequently in NTE devices.
The microdisplay market's higher than FHD resolution segment is expected to experience the fastest CAGR growth throughout the forecasted time period. The HD section of the microdisplay market is anticipated to develop as a result of the rising demand for high resolution microdisplays in HMDs and HUDs.
The microdisplay market's consumer application accounted for the greatest share in 2022. Many innovative products have been released as a result of the integration of AR and VR with consumer technologies. Additionally, the market for AR/VR is being driven by the ongoing decrease in the cost of AR/VR devices, software developments, and pertinent content developments. A large number of microdisplays are found in projectors, cameras, and EVFs. Currently, these products are responsible for a significant larger share of the consumer microdisplay market.
Asia Pacific is anticipated to dominate the microdisplay market from 2023 to 2028, The demand for microdisplays in the Asia Pacific area has been prompted by an expansion in the use of technologies like augmented reality and virtual reality in a variety of applications extending the automotive, consumer electronics, healthcare, military, and industrial sectors. Another factor influencing the expansion of the microdisplay market in the region is the existence of numerous microdisplay manufacturing businesses and other minor OEMs in Japan, South Korea, and China whose goods are included in end-use devices such cameras/EVFs and projectors. The region has additionally witnessed a rise in demand for consumer electronics, including head-up displays (HUD) in electric and hybrid vehicles as well as smart wearables featuring OLED microdisplays.
Key Market Players:
The major players in the microdisplay market include Sony Group Corporation, Seiko Epson Corporation, Kopin Corporation, eMagin Corporation, Himax Technologies, Inc. These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.
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