With a projected CAGR of 19.2% over the forecast period, the global micro display market is expected to reach US$ 1267 million in 2022 and US$ 7330 million by 2032. (2022 to 2032).
Micro displays are becoming more and more popular because of their user-configurable technology, high resolution, and high pixel density, which enable high contrast ratios and high-quality images on smart watches, smart bands, and smart glasses. Additionally, their SEGA (super-extended graphics array) resolution for better viewing angles and brightness contribute to better marketability and higher sales.
Micro displays are widely used in consumer electronics, military & defense, and medical applications due to their excellent picture quality, low power requirements, and small size.
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Global Micro Display Market: Market Dynamics
Increasing adoption of augmented reality devices and near to eye devices and numerous benefits is the major factor driving the growth of Micro Displays market. The near to eye display devices such as head mounted displays, head up displays, electronic view finders, find critical applications in automotive sector.
Moreover, the augmented reality devices market is witnessing large adoption in industrial applications such as in warehouse management, inspection activities, maintenance activities and to provide on-job training to field workers. Also, the head mounted displays are used in gaming and entertainment devices.
Also, the Micro Displays offers numerous benefits such as high resolution, compact sizes, user-configurable technology, low-power consumption, high contrast ratio and high pixel density which are the most important features for smart glasses, smart watches, smart bands and many more. Thus, the Micro Displays market finds strong growth potential in different industry verticals such as automotive, gaming and entertainment.
However, low picture quality at high temperatures and high costs involved are the factors which can thwart the market growth for micro-displays market. However, the on-going research and development is anticipated to eliminate these shortcoming and entry of numerous market players is expected to decline price of Micro Displays market.
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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-color Direct Patterned Display (DPD) microdisplay intended for head-mounted wearable devices.
Global Micro Display Market: Regional Outlook
Regionally, the global Micro Display market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
The North America is the largest contributor to micro display market owing to high focus on innovations obtained from Research and Development (R&D). Asia Pacific is however anticipated to witness highest CAGR owing to increasing number of market players. North America, followed by Europe, is the second largest contributor to the market and is expected to witness moderate CAGR in near future.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Table of Content
1. Executive Summary | Micro Display Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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