[Report of 308 Pages] With a projected CAGR of 19.2% during the forecast period, the worldwide micro display market is expected to reach US$ 1267 million in 2022 and US$ 7330 million by 2032. (2022-2032).
Micro displays are becoming more and more popular because of their user-configurable technology, high resolution, and high pixel density, which enable excellent contrast ratios and high-quality images on smart watches, smart bands, and smart eyewear. Additionally, their SEGA (super-extended graphics array) resolution for better viewing angles and brightness contribute to increased marketability and higher sales.
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What are the Driving Factors in the Micro display Market?
It is projected that the micro display industry will have steady double-digit growth rates in the near future. The market is being significantly influenced by the rising use of near-to-eye gadgets. Numerous advantages of these displays include their small size, adaptable technology, low power requirement, excellent contrast ratio, and high resolution.
The main reason boosting the growth of the micro display market is the rising usage of augmented reality and near-to-eye technologies and their various advantages.
Additionally, the industrial sector is adopting augmented reality devices widely for tasks including managing warehouses, conducting inspections, performing maintenance, and instructing field personnel while they are on the job. Additionally, devices for gaming and entertainment use head-mounted displays.
What is the Restraint in the Micro display Market?
The market for digital cameras and projectors is maturing, and as a result of market saturation, growth is inevitably slowing down.
Micro display demand has decreased as a result of a decline in demand for digital cameras. Additionally, shipments of data projectors are also decreasing. As a result, the market growth for micro displays is constrained by the decline in demand for projectors and digital cameras.
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What are the Challenges in the Micro display Market?
Despite major technological developments in recent decades, there are still a number of technical problems with tiny screens. As a result, this hinders the widespread adoption of tiny screens in a variety of demanding applications, particularly VR and HMDs.
Manufacturers of micro displays anticipate that achieving a wide field of vision and a compact form factor, as well as creating tiny displays with good resolution, will be their biggest problems.
Global Micro display Market Dynamics
A substantial portion of the global market for micro displays comes from North America because of the region’s emphasis on R&D-derived advancements (R&D). However, due to the growing number of market participants, Asia Pacific is predicted to see the greatest CAGR. The second-largest contributor to the market is now Europe, followed by North America, which is predicted to soon hold a 26.2% & 17.1% market share, respectively.
Micro displays are highly sought-after in APAC, particularly for equipment like cameras/EVF, projectors, and head-up displays. The APAC area has a large number of OEMs and customers, which has caused the micro display industry to expand quickly.
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Who are Some of the Bigwigs in the Micro display Market?
The key vendors in the global micro display market are eMagin Corporation, Universal Display Corporation, Micron Technology Inc., LG Display Co. Ltd, Sony Corporation, Kopin Corporation, Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd., Seiko Epson Corporation and Syndiant Inc.
In May 2017, BOE and OLiGHTEK formed a joint venture intending to manufacture OLED Micro Displays for Virtual and Augmented Reality Markets.
Growth tactics such as product launches, acquisitions, and partnerships are currently driving the market. For example, the eMagin Company introduced a full-colour Direct Patterned Display (DPD) microdisplay intended for head-mounted wearable devices.
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