Microdisplays Market Size Worth $3.42 Billion by 2025
June 18, 2019 | PRNewswireEstimated reading time: 2 minutes
The global microdisplays market size is poised to reach $3.42 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 19.1% during the forecast period. A microdisplay is a microminiaturized display with a diagonal screen size of less than two inches. Microdisplays are compact small-sized displays with a large number of pixels and high resolution. These are commonly used in head-mounted displays (HMDs), head-up displays (HUDs), rear-projection TVs, and digital cameras. Increasing adoption of consumer electronics, rising consumer preferences for miniature displays, and widening application scope of the product are among the primary growth stimulants for the market.
Key suggestions from the report:
- North America held the highest share in the market in 2017 owing to rising demand for digital cameras viewfinders in military and defense applications. High military spending to provide their soldiers OLED microdisplay-based night vision systems is poised to stimulate the growth of the regional market
- Asia Pacific is likely to witness the highest growth during the forecast period owing to spiraling adoption of smart devices by a large number of consumers and increasing demand across various industries
- Burgeoning popularity of VR gaming headsets and smart glasses among consumers is expected to contribute to the growth of the near-to-eye segment
- Prominent market players such as Sony Semiconductor Solutions Corporation, Kopin Corporation, and eMagin Corporation are focused on developing technologically advanced display solutions to enhance resolution and reduce associated manufacturing costs of finished products.
Microdisplays utilize CMOS (complementary metal - oxide - semiconductor) chips that include a two-dimensional array of transistors. Microdisplays are being increasingly used in rear-projection TVs to increase voice and image clarity, besides reducing the overall cost. Excellent picture quality, high resolution, compact size, and low power consumption have led to increased adoption of microdisplays in consumer electronics, military & defense, and medical applications. In 2017, LCD-based displays dominated the market owing to their low cost, relatively high brightness, and a rather simple manufacturing process.
Moreover, high consumer demand for small form factor (SFF) microdisplay devices with improved features, such as faster response, more colorfulness, higher power efficiency, and better contrast is projected to create significant opportunities for vendors in the market. Furthermore, OLED is a next-generation technology replacing LCD in several applications, such as digital cameras, fitness watches, and smartphones.
Key manufacturers are also highly focused on R&D initiatives to innovate new display technologies based on OLED, LCoS (liquid crystal on silicon), and holographic displays. For instance, in May 2018, Sony Semiconductor Solutions Corporation introduced a high-class UXGA resolution OLED microdisplay with the smallest pixel size of 6.3 micrometers.
These displays are being increasingly used for military and medical applications, such as monochrome night-vision systems to provide an improved visual experience to soldiers, real-time augmented displays, and monitoring patient vitals. This, in turn, is anticipated to drive the microdisplays market over the forecast period.
Prominent market players are strategically focusing on partnership agreements that would help them to introduce new products and enhance their geographical presence. High manufacturing costs associated with these displays are estimated to hamper the growth of the global microdisplays market.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.