Competition in the global Microdisplay Market will likely remain stiff over the next couple of years owing to the improved techniques – such as those to overcome pixel distortions – to manufacture those and the surging investments in the domain on the back of steady upswing in sectors such as aerospace and electronics. As a result, the market is expected to clock an impressive growth pace in the next couple of years. A noticeable trend in the market is players focusing on expanding their geographical footprints by tapping into the fast-growing emerging economies with new product launches.
A report by Transparency Market Research predicts the market to rise at a solid CAGR of 10.8% over the course of the forecast period beginning from 2017 and ending in 2022. Rising at this pace, the market’s worth is expected to touch US$1,350.2 mn by 2022 from US$809.8 mn in 2017.
For savvy players operating in the market or those aspiring to enter it, here are a few crucial market trends that can enable them to reap profits:
Continued progress in the electronics sector, particularly consumer electronics, has generated demand for microdisplays. Some of the prominent types of microdisplays are near-the-eye (NTE) display devices and projection devices. Among the NTE, electronic viewfinder (EVF), heads-up display (HUD), and head-mounted display (HMD) comprised of VR headsets and AR smart glasses, is seeing significant uptake. Among other types of microdisplays, smart bands are pushing up demand and sales. However, it is the projection devices comprised of data projectors and pico projectors that are serving to stoke demand most because of their usage in smartphones for the display with minimum pixel variations.
Surging demand for compact-sized microdisplay devices having higher power efficiency, quicker response and greater color effect and contrast is likely to generate new avenues of growth for the microdisplay providers. OLED is one such microdisplay technology that has all the aforementioned features. Foray of numerous players entering the OLED microdisplay market is further fuelling the growth in the market. Going forward, the liquid crystal on silicon (LCoS) segment is expected to witness significant growth owing to its compact size and enhanced efficiency.
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Microdisplays find a range of applications, something that bodes well for their market. It finds usage in commercial, automotive, consumer, military, defense, and aerospace, industrial and enterprise, education, medical, and sports segment. It is also finding usage in space explorations. Of them all, the defense and military sector accounts for a considerable demand for the products. This is mainly on account of the defense departments of various nations wanting to equip their forces with sophisticated gadgets such as head-mounted displays.
Geographically, North America generates massive revenues in the Microdisplay Market. This is mainly because of the rising demand for projected display in military and defense sector, which is one of the largest in the world. The U.S. and Mexico are mainly powering the growth in the region.
Asia Pacific is another attractive market to watch out for owing to robust demand from the consumer electronics and automotive sectors. Japan, China, and South Korea are mainly fuelling the market in the region.