The global microdisplay market is likely to exhibit robust growth in the coming years, with the market expected to exhibit a strong 10.8% CAGR in the 2017-2022 forecast period. The microdisplay market has benefited from the consistent progression of the electronics sector, which has led to growing demand for microdisplays for projection and near-the-eye applications and is likely to enable smooth growth of the microdisplay market in the coming years due to the increasing ease of producing them and incorporating them into the existing electronics ecosystem. The microdisplay market arose as an asset to projection devices, but has made solid gains primarily due to its rising demand in near-the-eye devices.
According to Transparency Market Research, the global microdisplay market was valued at US$809.8 mn in 2017 and is expected to rise to US$1,350.2 mn by 2022.
Here are the key insights into the growth prospects of the global microdisplay market:
The global microdisplays market is likely to be dominated by LCD technology in the coming years despite growing demand for OLED microdisplays. LCD technology has been vital to the global microdisplay market due to its preexisting use in several parts of the electronics industry, which made it feasible for mass production at low costs. However, the technological limitations of LCD and LCoS at small sizes, especially their tendency to heat up and their higher power requirements, have led to OLED technology assuming an important role in the global microdisplay market in the last few years. OLED displays have become the norm in smartphone flagships of late, which has provided impetus for steady development of the relevant technology, which will help increase the production of OLED microdisplays in the coming years. Nevertheless, LCD microdisplays are likely to account for a majority share in the global microdisplay market in the 2017-2022 forecast period, with the segment expected to rise to a value of US$709.5 mn by 2022, accounting for 52.6% of the global microdisplay market.
The rising demand for smart glasses and their underlying technology in various sectors is likely to remain a major driver for the global microdisplay market in the coming years. Smart glasses have become a major offering for several tech companies due to the enhancement they provide in terms of personal engagement with devices such as smartphones. The technology behind smart glasses is also being used on a large scale in the aerospace and defense sector, thanks to the steady advancement in eyeball tracking technology. This is likely to provide solid impetus to the global microdisplay market in the coming years due to the rising push for military modernization across the world.
The rising demand for augmented and virtual reality technology is also likely to be a key driver for the global microdisplay market in the coming years. AR and VR headsets require highly advanced microdisplays, as they have to provide peak performance at close physical proximity to the user, which means concerns such as overheating need to be addressed comprehensively. The growing use of AR and VR technology in the gaming and entertainment sector is thus likely to be a key driver for the global microdisplay market in the coming years.
The rapid growth of the electronics sector in countries such as China, Taiwan, and Korea is likely to provide a steady push to the microdisplay market in Asia Pacific except Japan. The rising disposable income of consumers in these regions has also driven the demand for advanced display technologies such as AR and VR, which is also likely to remain a solid driver for the microdisplay market in Southeast Asia. The APEJ microdisplay market is expected to rise to a valuation of US$580.1 mn by 2022, remaining the dominant regional player in the global market.
The global microdisplay market is likely to remain intensely competitive in the coming years due to the increasing ease of producing microdisplays and the rising amount of investment being driven into the field due to steady growth of the consumer electronics and aerospace industries. Leading players in the global microdisplay market include eMagin Corporation, Universal Display Corporation, AU Optronics Corp., KopIn Corporation Inc., Himax Technologies Inc., Microvision Inc., Syndiant Inc., LG Display Co. Ltd., and Seiko Epson Corporation.