Microdisplay Market worth $3,609 million by 2025The Report "Microdisplay Market by Product (HMD, HUD, EVF, Projector), Technology (OLED, LCoS, LCD, DLP), Resolution, Brightness, Industry (Consumer, Industrial/Enterprise, Aerospace, Automotive, Retail, Entertainment, Medical), and Region - Global Forecast to 2025", size is projected to grow from USD 712 million in 2020 to USD 3,609 million by 2025; it is expected to grow at a CAGR of 38.4% from 2020 to 2025. The increasing adoption of HMD for medical, automotive, consumer, entertainment, and education applications are expected to lead to significant growth of the microdisplay market in the coming years. The market size in 2020 is expected to witness a decrease owing to the outbreak of COVID-19 and is estimated to be USD 712 million. The global shutdown is expected to decrease the demand for cameras/EVF, projectors, HUD, and HMD in the microdisplay market, as the consumer and automotive industries are the worst affected by this pandemic.
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LCoS to hold the largest market share during the forecast period
The LCoS segment is estimated to account for the largest share of the microdisplay market in 2020. Cameras/EVF and projectors are the leading products wherein LCD & LCoS microdisplays are increasingly being used owing to their relatively low costs and simple manufacturing processes. Presently, LCoS microdisplay-based AR HMDs are offered by Magic Leap, Google, and Microsoft. With low-cost potential and high pixel density, LCoS microdisplays can play a crucial role in the overall growth of the AR HMD market during the forecast period. DLP technology is used worldwide in a wide variety of products, including tiny projectors, digital cinema projectors, and HUD.
APAC to hold the largest market share between 2020 and 2025
APAC exhibits the highest demand for microdisplays, especially for use in products such as cameras/EVF, projectors, and HUD. The APAC microdisplay market growth can be attributed to rapid industrialization, as well as the presence of a large number of OEMs and consumers. Consumer, industrial & enterprise, automotive, and military, defense & aerospace are the leading industries in APAC that contribute significantly to the growth of the microdisplay market. The presence of a substantial number of microdisplay manufacturers in APAC has also led to a decrease in the prices of microdisplays and the increase in the penetration of microdisplay-based devices. Moreover, a major portion of the demand for microdisplays in APAC is from China, Japan, and South Korea.
Japan to account for a larger share of the microdisplay market in 2020
Japan is estimated to account for a major share of the microdisplay market in 2020. The growth of the market in Japan can be attributed to the prominent presence of key vendors of cameras/EVF and projectors in the country. Japan-based vendors hold the majority of the share of the global camera market, while they hold a share of ~50% of the global projector market. Moreover, China is expected to be the key factor leading to a decline in average selling prices (ASP) of microdisplays during the forecast period owing to the presence of microdisplay manufacturing facilities in the country. Rising adoption of technologically-advanced consumer products, such as HMD, is expected to boost further the growth of the microdisplay market for consumer, education, medical, and other industries in China.
HMD segment of microdisplay market for medical to grow at highest CAGR from 2020 TO 2025
The healthcare sector has witnessed rapid technological advancements over the years, and various kinds of advanced imaging equipment have been introduced in the market for use in healthcare applications. The healthcare sector has been one of the most important and practical applications of AR in the current market scenario, wherein 3D technology is used to generate 3D images of the affected body parts.
In the healthcare sector, microdisplay-based products are used for training, simulation, data display, and microsurgery applications. AR smart glasses are used for imparting medical training, as well as for assisting doctors during surgeries. The AR/VR headsets allow medical students to receive personalized training. Medical students can use AR headsets to touch a 3D body and practice surgery, thereby allowing them to learn, practice, and study, even from home, with personalized AR/VR headsets.
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Sony Corporation (Sony Semiconductor Solutions Corporation) (Sony) (Japan); Seiko Epson Corporation (Seiko Epson) (Japan); eMagin Corporation (eMagin Corporation) (US); Kopin Corporation (Kopin Corporation) (US); Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd. (OLiGHTEK) (China); Himax Technologies, Inc. (Himax) (Taiwan); HOLOEYE Photonics AG (HOLOEYE Photonics) (Germany); WiseChip Semiconductor Inc. (WiseChip) (Taiwan); Raystar Optronics., Inc. (Raystar Optronics) (Taiwan); and WINSTAR Display Co., Ltd. (WINSTAR) (Taiwan) are the key players in the microdisplay market.
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