Microdisplay Market worth $3,583 million by 2024 growing with a CAGR of 24.3%

The microdisplay 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. The high adoption of HMDs in several industries; escalated demand for OLED microdisplays; compactness and technological advancements of microdisplays; implementation of ADAS; and surge in demand for head-up displays are major factors driving the microdisplay market growth.

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Currently, the development of cost-effective microdisplays for VR HMDs is the major focus of companies. The LOMID project was launched by the European Union (EU) to develop next-generation OLED microdisplays. The project was successfully completed in 2018, and microdisplays are expected to be commercialized in 2019. Project partners developed flexible OLED microdisplays having a size of 16 mmx20 mm (screen diagonal of 25.4 mm) with the resolution of 1024×1280 (pixel sizes of 10 μmx10 μm corresponding to 2,000 ppi). The project was led by Fraunhofer FEP and other partners including MICROOLED, CEA-Leti, University of Leipzig, the University of Oxford, Limbak, X-FAB, and Dresden Microdisplay. In October 2018, Fraunhofer Institute FEP presented a VR headset produced during the LOMID project at Augmented World Expo EU conference held in Munich. The headset used 2 OLED/CMOS WUXGA microdisplays per eye to give a total resolution of 4800x1920 pixels with high frame rates and wide field of view (FOV) for excellent VR immersion.

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Growth in microdisplay shipments will mainly be driven by accelerating demand from HMD and HUD vendors during the forecast period. The increasing use of AR glasses in the industrial and enterprise industry for providing on-the-job training to field workers, warehouse management, maintenance and inspection activities, and so on creates significant demand for HMDs. With high growth in unit shipments in AR HMDs, the market is expected to grow tremendously during the forecast period. Currently, 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.

OLED is one of the technologies used in microdisplays offering several advantages, such as wider viewing angles, higher temperature range, faster refresh rate, and better contrast fulfilling 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. 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.

With the growing trend for ADAS, the automotive sector is witnessing surging demand for HUDs. HUDs project key information directly in drivers’ line of sight; it also assists drivers to get directions, receive calls, texts and control music without looking away from the road; therefore, it is a safer and less distractive tool. With the growing market for ADAS, the automotive sector is witnessing surging demand for HUDs.

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The aerospace and defense sector is expected to provide wide growth opportunities to many players in the microdisplay market during the forecast period. Development of next-generation microdisplay technology—Micro-LED—is also expected to offer significant growth opportunities for the market during the forecast period. Microdisplay technologies have been evolved over the time from LCD microdisplay to the most advanced OLED microdisplay technology. The requirement of end users for the miniaturized display with the power efficiency, high resolution, fast switching time, small form factor leads to the evolution of microdisplay technologies over the last few years.

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