Microdisplay Market

According to Stratistics MRC, the Global Microdisplay Market is accounted for $2.11 billion in 2022 and is expected to reach $6.62 billion by 2028 growing at a CAGR of 22.09% during the forecast period. A microdisplay is a small screen that has a diagonal measurement of less than two inches. It is extensively used in rear-projection televisions (TVs), head-mounted displays (HMDs), head-up displays (HUDs), data projectors, Near-To-Eye (NTE) devices, and digital camera viewfinders. Depending on the mode of light transmission through the display unit, it can be either transmissive or reflective. Among the essential elements driving demand for microdisplays in these industries are the growing popularity of augmented and virtual reality and the development of high-definition and ultra-high-definition microdisplay panels.

According to Tim Cook CEO of Apple, to mark it’s 10-year anniversary, Apple is to launch the Apple Watch Ultra 2 series – an Apple Watch with Micro LED displays.



Market Dynamics:

Driver:

Rising adoption of HUDs in different industries

The demand for HUDs has been growing rapidly, particularly in the automotive and aerospace industries. In automotive applications, HUDs provide drivers with real-time information, such as vehicle speed, navigation directions, and safety warnings, while keeping their eyes on the road. HUDs improve safety by reducing the need for drivers to look away from the road to check instrument clusters or GPS devices. Similarly, in the aerospace industry, HUDs are widely used in aircraft cockpits to enhance pilot situational awareness by displaying critical flight information, including altitude, airspeed, navigation data, and aircraft system status. Microdisplays enable the projection of this information onto the pilot's visor or a separate transparent screen, ensuring that the information is easily visible and accessible.

Restraint:

Saturation of markets for digital cameras and projectors

Cameras are optical devices used to record and capture images that are saved digitally. In order to aid photographers and video cameras, electronic viewfinders (EVFs) show images taken by the lenses onto microdisplays. The global market for digital cameras and projectors is maturing, and because the market is almost fully saturated, growth is naturally slowing down. Furthermore, shipments of data projectors are also declining. Therefore, the decline in demand for digital cameras and projectors limits the expansion of the microdisplay industry, which may be a significant barrier to market growth over the forecast period.

Opportunity:

Raising demand for augmented reality and virtual reality (AR/VR)

Microdisplays play a critical role in providing an immersive visual experience in AR/VR headsets and devices. They enable users to view virtual content with high resolution, vibrant colors, and wide fields of view. The quality and performance of microdisplays significantly impact the overall user experience in AR/VR applications. AR/VR technologies are being adopted in various industries, including gaming, entertainment, education, healthcare, retail, and industrial training. These applications require high-resolution displays with low latency and high refresh rates, which can be fulfilled by microdisplay technology.

Threat:

Technological Substitution

New display technologies, such as flexible displays, holographic displays, or alternative form factors like microLEDs, are continuously being developed and refined. These emerging technologies have the potential to offer advantages over traditional microdisplays in terms of flexibility, form factor, energy efficiency, and visual quality. As these technologies mature and become commercially viable, they could attract market demand and potentially substitute traditional microdisplay solutions. Technological substitution can occur if alternative display technologies can provide comparable or superior performance and features to microdisplays, which will impede the market's growth.

Covid-19 Impact:

During the projection period, COVID-19's increased prevalence is anticipated to have an effect on market expansion both positively and negatively. The pandemic has caused disruptions in global supply chains, affecting the production and distribution of microdisplay components and devices. Restrictions on manufacturing, transportation, and trade have led to delays and shortages of key components, impacting the supply of microdisplay products. The pandemic has led to changes in consumer behaviour, with an increased reliance on remote work, online education, and digital entertainment. This shift has created opportunities for microdisplay applications such as video conferencing, remote collaboration, and online learning, as well as gaming and streaming platforms.

The liquid crystal displays (LCDs) segment is expected to be the largest during the forecast period

The LCD segment held the dominating share in the microdisplay market, based on technology. This is majorly attributed to the fact that these displays account for a lower power consumption, compact size, and low price. As a result, using LCDs, manufacturers have been able to reduce the size of these components over time. LCD displays are currently being used in head-mounted displays (HMDs), HUDs, electronic viewfinders (EVFs), thermal imaging glasses, and wearables. Additionally, LCD microdisplays are capable of delivering high-resolution images, allowing for detailed visuals and enhanced viewing experiences. The ability to reproduce colors accurately also contributes to the image quality and visual appeal of LCD microdisplays, which are expected to drive market growth.

The projectors segment is expected to have the highest CAGR during the forecast period

The Projectors segment is projected to be the fastest-growing category in the microdisplay market during the forecast period. Different types of microdisplay technologies are used in projectors, including liquid crystal displays (LCD), digital light processing (DLP), and liquid crystal on silicon (LCOS). These microdisplay technologies enable projectors to produce high-quality images with sharp details and vibrant colors. Projectors provide a versatile display solution, allowing users to project images and videos onto different surfaces such as walls, screens, or even curved surfaces. They offer scalability in terms of image size, ranging from small-scale projections for personal use to large-scale projections for conferences, events, or cinema screens, which is a crucial factor fostering the expansion of the global market.

Region with largest share:

The world market for microdisplay is anticipated to be dominated by Asia Pacific in the forecast period. 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.

Region with highest CAGR:

During the forecast period, North America is anticipated to have the fastest growth rate. The North American region plays a significant role in the microdisplay market due to its technological advancements, strong presence of key market players, and a diverse range of applications. North America is one of the largest markets for microdisplays globally. The region's market size is driven by the high adoption of advanced technologies and the presence of leading companies involved in the development and production of microdisplay-based devices.



Key players in the market:

Some of the key players in Microdisplay Market include AU Optronics Corp, Citizen Finedevice, eMagin Corporation, Fraunhofer FEP, Himax Technologies Inc., Holoeye Photonics, Jasper Display Corp., JBD Inc., KopIn Corporation Inc., LG Display Co. Ltd., Liteye, Micron Technology Inc., Microoled Technologies, Microtips Technology Inc., MicroVision, Omnivision, Raontech, Raystar Optronics, Seiko Epson Corporation, Semiconductor Solutions, Silicon Micro Display, Sony Corporation, Syndiant Inc., Universal Display Corporation, VueReal, Winstar Display, WiseChip Semiconductor Inc. and Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd.

Key Developments:

In January 2023, Seiko Epson Corporation, announced the expansion of its PowerLite and BrightLink laser projector lines. The new models include 12 new lamp-free laser exhibits powered by Epson's proprietary 3-chip 3LCD technology

In January 2023, Kopin's Corporation Lightning OLED product line has been expanded to include new ultralow-power 0.26-inch VGA (640 x 480), 0.39-inch XGA (1024 x 768), and 0.61-inch XGA microdisplays aimed at compact handheld and wearable devices

In January 2022, Sony Group Corporation announced OLED microdisplays that are used in mirror less cameras, electronic viewfinders (EVF), head-mounted displays (HMD), and other applications.

In February 2022, eMagin Corporation declared the first public demonstration of its flagship Direct Patterning Display (dPdTM) technology on a widescreen ultra-extended graphics array (WUXGA) (1920x1200 pixels) OLED microdisplay, the world's brightest full-color OLED microdisplay.

Products Covered:
• Near-to-eye (NTE) Devices
• Head-Up Displays (HUDs)
• Projectors
• Other Products

Brightnesses Covered:
• Less than 500 Nits
• 500 to 1,000 Nits
• More than 1,000 Nits

Resolutions Covered:
• Lower than High Definition(HD)
• High Definition (HD)
• Full High Definition (FHD)
• Higher than Full High Definition (FHD)

Technologies Covered:
• Liquid Crystal Display (LCD)
• Liquid Crystal on Silicon (LCoS)
• Organic Light-Emitting Diode (OLED)
• Digital Light Processing (DLP)

Applications Covered:
• Consumer
• Automotive
• Industrial & Enterprise
• Military, Defense, and Aerospace
• Retail & Hospitality
• Medical
• Education
• Sports & Entertainment
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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