The global microdisplay market 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 39.4% from 2020 to 2025.
Microdisplays support hands-free eye-controlled operations in AR and VR applications and increase situational awareness with enough resolution and brightness to ensure their use in sunlight, as well as during the nighttime.
The compact size of microdisplays, their low power consumption, and high brightness make them a key component of several products, such as wearable devices, HMD systems, HUD systems, miniature data projectors, and cameras/electronic viewfinders (EVFs). Applications of microdisplays in consumer electronics, commercial, military, aerospace, industrial, medical, and automotive sectors have fueled the growth of the microdisplay market across the world.
The medical segment of the microdisplay market is projected to grow at the highest CAGR during the forecast period owing to an increase in the number of COVID-19 patients across the world. Severalmicrodisplay players have started targeting the medical sector to cater to the growing requirement of microdisplays in healthcare equipment. For instance, eMargin has started focusing on partnerships with innovative developers and manufacturers of diagnostic and ophthalmic surgical equipment for the development of next-generation diagnostic equipment with improved displays. This equipment is being developed to cater to the growing demand for enhanced displays in the medical sector in the wake of the increasing cases of COVID-19.
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Moreover, the outbreak of the COVID-19 pandemic has abruptly generated the increased requirement of adequate healthcare facilities to treat an exponentially growing number of infected patients worldwide. Most of the economies of the world at present are focusing on expanding their healthcare facilities. This, in turn, is expected to fuel the growth of the medical segment of the microdisplay market during the forecast period.
APAC is expected to witness the highest demand for microdisplays owing to the presence of several microdisplay manufacturers and a large customer base in the region. The development of the next-generation microdisplay technology—micro-LED—is expected to offer significant growth opportunities for the microdisplay market in APAC during the forecast period.
The projectors and cameras/EVF have been witnessing increased demand, with key players such as Epson and Sony active in the projector and camera market. However, the saturation in projector and camera shipments across the world is leading to their slower growth in the market than other emerging products at present. The increase in the shipment of projectors and cameras is expected to take place in the coming years owing to the accelerating demand for microdisplays to be deployed in HMD and HUD. The growing use of AR glasses in industrial and enterprise applications for providing on-the-job training to field workers, warehouse management personnel, maintenance and inspection staff, etc. creates significant demand for HMD. With the rise in the AR HMD unit shipments, the AR HMD segment of the market is projected to grow significantly during the forecast period.
With the flourishing market for ADAS, the automotive sector is witnessing a surging demand for HUD. AR HMD and HUD are used in aircraft and vehicles, as well as in the training environments. The military, defense & aerospace sector is expected to witness the rising demand for microdisplay-based AR HMD and HUD in the near future. Moreover, with the development of microdisplays for VR HMD, the military, defense, and aerospace sector are expected to be the key adopter of microdisplay-based VR HMD during the forecast period.
In North America, consumer, industrial &enterprise, and military, defense, & aerospace are the key industries wherein microdisplays are increasingly being used for their integration with most of the commonly used devices such as HMD and HUD. The US is expected to lead the microdisplay market in North America during the forecast period owing to the presence of key consumers of microdisplay-based products such as HMD and HUD in the US.
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