The microdisplay is mainly a display that has a very small screen. It includes user-configurable technology, high pixel density, and high resolution widely used in head-mounted displays, digital cameras, rear-projection TVs, and data projectors to enable quality pictures and contrast ratio. Additionally, devices such as smartwatches have taken advantage of the high resolution and low power consumption of such displays. Furthermore, it offers a super-extended graphics array resolution for enhanced angle view and improved brightness. DLP, LCD, and LCoS that are extensively used in microdisplay technologies.
The global microdisplay market size was valued at USD 13.33 billion in 2019. It is projected to generate USD 4.10 billion by 2027, at a CAGR of 13.64 % from 2020 to 2027. The key factors are compactness and technological advancements of microdisplays, and growing high demand for HMDs. Additionally, the surge in demand for nanotechnology devices to detect micro-sized elements will foster the growth of the microdisplay market in the upcoming years. Further, the swelling adoption of consumer electronics and mounting consumer preferences for miniature displays will complement the global microdisplay market’s growth. The upsurge in demand for microdisplay in military & defense, consumer electronics, and medical application due to its high resolution & excellent picture quality, lower consumption, and compact size is projected to drive the growth of the market.
Moreover, the rise in demand for the AR/VR technology in the gaming & entertainment sector is anticipated to enhance the microdisplay demand. The growing consumer demand for small form factor microdisplay devices with improved features, such as more colors, faster response, higher power efficiency, and better contras, will propel the market demand globally. The rising popularity of the AR/VR technology and increasing demand for microdisplay across the globe is expected to witness remarkable growth in the market. Additionally, the increasing popularity of smartwatches and fitness trackers among consumers for various applications, such as health monitoring, lifestyle support, entertainment, and fitness monitoring, will stimulate the global microdisplay market share in the analysis periods. The AR and VR technology-based products, such as AR HMDs, HUDs, and VR HMDs, are projected to bolster the growth of the microdisplay market in the coming years. The surge in demand for microdisplay in military & defense for monochrome night-vision systems to provide an improved visual experience to soldiers will positively impact the market.
Due to high resolution and high pixel density display used in the microdisplay enables it to excellent picture quality without any change in the sub-pixels. The standard pixel used in microdisplay is 1400104, with a pixel density of 2916 PPI. Also, these displays are being used in health trackers to provide real-time monitoring. Thereby driving market growth.
The surge in demand for augmented reality devices such as smart glasses and a head-mounted display, where high resolution is used with an optical magnifying system. The rise in demand due to its optimized power consumption and compact size. Moreover, it is primarily used in various applications such as military & defense, consumer electronics, and medical applications, which is estimated to fuel market growth.
Based on the product, the global microdisplay market classified into near-to-eye devices (HMD, head-up display (HUD), and EVF), projector, and others. The near-to-eye devices are expected to be the highest revenue share for microdisplay during the forecast period. The segment’s growth is primarily attributed to the upsurge in consumer inclination toward NED devices such as head-mounted displays and EVF. Additionally, the rise in demand for AR HMD glasses in the industrial and enterprise industry for providing on-the-job training to field workers, warehouse management, and maintenance and inspection activities will spur market growth.
The projector will witness a lucrative growth rate in the estimated period due to the upsurge in demand for DLP (Digital Light Processing) projectors in various sectors such as education and corporate training.
Based on the type, the global microdisplay market bifurcates into reflective and transmissive. The transmissive segment held a higher market share in 2019 and projected to dominate the global Microdisplay market by 2027. It is due to the swelling penetration of LCoS and LCD technologies that the transmissive segment comprises and growing applications of transmissive microdisplays, which include near-to-eye displays.
The reflective will grow at a momentous CAGR in the forecast period. It is owing to the growing usages of reflective microdisplay in DLP projectors, in which tiny mirrors bounce light into the lens or projection path.
Based on the technology, the global microdisplay market segregated into organic light-emitting diode (OLED), liquid crystal on silicon (LCoS), liquid crystal displays (LCD), and digital light processing (DLP). The organic light-emitting diode (OLED) segment held for a momentous market share in 2019 and will witness to gain maximum market revenue by 2027. It is attributable to the increasing advantages of OLED, such as wider viewing angles, higher temperature range, faster refresh rate, and better contrast and enhanced features, such as high-power efficiency, faster response, and better contrast.
The liquid crystal displays (LCD) segment is poised to witness significant growth over the forecast period. It is due to the extensive use of LCD microdisplays in HUDs, HMDs, and Electronic Viewfinders (EVFs).
Based on the end-user industry, the global microdisplay market segregated into consumer electronics, healthcare, military, defense and aerospace, automotive, retail, entertainment, industrial, and others. The military, defense, and aerospace segment will dominate the global microdisplay market by 2027. It is due to the surge in demand for low-power OLED microdisplays for several applications, such as thermal imaging, situational awareness, simulation, and training.
Consumer electronics accounted for the largest share of the microdisplay market in 2019 on account of the increasing adoption of smartphones, smartwatches, and smart glasses.
By geography, the global microdisplay market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to project considerable growth over 2020-2027. It is owing to the early adoption of technologies and the increasing adoption of microdisplays in the consumer electronics sector. In North America, growing demand for integrated HMDs and HUDs in consumer, industrial and enterprise, and military, defense, and aerospace industries.
The Asia Pacific will capture a prominent share of the microdisplay market by 2027. Due to the escalation in the adoption of smart devices by a large number of consumers and growing demand across various industries.
Companies such as AU Optronics Corp, eMagin Corporation, Himax Technology Inc., KopIn Corporation Inc., LG Display Co. Ltd, Microvision Inc., Omnivision Technologies, Inc., Sony Corporation, Syndiant Inc., Seiko Epson Corporation, Yunnan OLiGHTEK Opto-Electronic Technology, HOLOEYE Photonics AG, WiseChip Semiconductor, Raystar Optronics, and Universal Display Corporation are the key players in the global microdisplay market.
By End-User Industry