Microdisplay Market To Generate Revenue Worth $5,535.6 Million in 2030
- Published: November 2021
The rising usage of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and increasing number of NTE applications are the major growth drivers for the global microdisplay market. Due to the aforementioned factors, the industry is projected to generate $5,535.6 million revenue in 2030, advancing at a CAGR of 17.1% during 2020–2030.
The major end users of microdisplays, namely the automotive and consumer electronics sectors, were shut down to a considerable degree during the initial phase of the COVID-19 pandemic. Moreover, the demand for these screens decreased due to the closing of academic centers, and the retail & hospitality sector, which further led to a negative impact on the market for microdisplay.
OLED Microdisplays To Witness Fastest-Growing Demand
The microdisplay market is categorized into liquid crystal display (LCD), liquid crystal on silicon (LCoS), digital light processing (DLP), and organic light-emitting diode (OLED), based on technology. Among these, the OLED category is expected to be the fastest-growing category during the forecast period (2021–2030) due to the increasing use of OLED screens in smartphones, TVs, and other electronic devices and appliances. Also, these screens offer a compact size with a high pixel density, which is encouraging market players to focus on them. Furthermore, governments are supporting the display industry by investing in research and development (R&D) activities.
Moreover, the market for microdisplays is categorized into consumer electronics, industrial, military & defense, automotive, sports & entertainment, retail & hospitality, medical devices, and others, based on end user. Among all the end users, the consumer electronics category contributed the highest revenue to the market in 2020. This is attributed to the rising adoption of microdisplays in digital cameras and virtual reality (VR) devices. The demand of customers for a display with a clearer image and wide viewing angle supported screens in capturing the market in the consumer electronics category during the historical period (2015–2020).
Geographically, the Asia-Pacific (APAC) region dominated the market in 2020, and it is expected to grow at the highest rate during the forecast period. This is majorly ascribed to the rapid industrialization, as well as the presence of a large number of original equipment manufacturers (OEMs) and consumers in the region. Consumer, industrial, automotive, military & defense, and aerospace are the leading industries in APAC that contribute significantly to the growth of the microdisplay market.
Product Launches Are Most-Effective Strategic Measures Taken by Players in Market
Players in the global microdisplay industry are involved in product launches to gain a significant position. For instance, in January 2020, INT Tech launched a native red–green–blue (RGB) active-matrix OLED (AMOLED) microdisplay solution to fulfill the need for ultra-low power consumption by XR standalone headsets. This product has the same structure as the traditional AMOLED display of mobile phones, but a five-times-higher pixel per inch (PPI) density. The contrast ratio has been increased tenfold, the National Television System Committee (NTSC) color saturation was demonstrated at 96%, and the brightness has been increased to 2,000 nits.
Similarly, in January 2020, Panasonic Corporation announced that it has developed ultra-high-definition (UHD) VR eyeglasses with a high dynamic range (HDR). They are equipped with a micro-OLED panel developed in collaboration with Kopin Corporation.
Major players operating in the microdisplay market are eMagin Corporation, Himax Technologies Inc., Jasper Display Corp., Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd., WiseChip Semiconductor Inc., Micron Technology Inc., Seiko Epson Corporation, Kopin Corporation, Microtips Technology Inc., LG Display Co. Ltd., Universal Display Corporation, and Sony Corporation.