The micro display market refers to the industry that deals with the development, manufacturing, and sales of micro displays. Micro displays are miniature-sized display screens typically used in electronic devices such as augmented reality (AR) and virtual reality (VR) headsets, smart glasses, digital cameras, camcorders, and head-up displays (HUDs).
The global micro display market is estimated to be worth US$ 1267 million in 2022 and is expected to exceed US$ 7330 million by 2032, with a CAGR of 19.2% from 2022 to 2032. The market for Micro Displays is expected to develop at a strong double-digit rate in the near future. The rising adoption of near-to-eye gadgets is a crucial factor driving the market. A Micro Display is essentially a small display with a diagonal length of roughly two inches.
These displays owing to their compact size and high resolution find application in numerous industry verticals such as electronics, military, automotive, medical and many more, automotive being the most important one.
Also, the market growth is further fuelled by the increasing demand for multi-purpose helicopters. Multi-purpose helicopters are continuously gaining traction in the military sector due to their enhanced capabilities. As a result, the adoption of Micro Displays is expected to increase in the near future.
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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.
Global Micro Display Market: Competition Landscape
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.
Key Development
In May 2017, BOE and OLiGHTEK formed a joint venture with an aim to manufacture OLED Micro Displays for Virtual and Augmented Reality Markets.
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.
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The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Global Micro Display Market: Segmentation
Global micro display market is segmented on the basis of technology, application and region.
On the basis of technology, the global micro display market can be segmented into:
- LCD
- DLP
- OLED
- and others
On the basis of application, the global micro display market can be segmented into:
- Industrial
- consumer
- defense
- commercial
- medical
- education
- automotive
- military & aerospace.
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