The global microdisplays market is anticipated to grow from USD 710 million in 2020 to USD 3756 million by 2027, growing at a CAGR of 38.2% during the forecast period. The microdisplays are defined as a compact and small size display that requires magnifying optics to use it. It encompasses user-configurability technology, high resolution, high pixel density and is used in a wide range of applications such as health monitoring, lifestyle support, entertainment, and fitness monitoring via smartwatches, smart bands, and smart glasses. Factors propelling the growth of the microdisplays market include compact size, technological development in microdisplays, increasing demand for AR devices in the healthcare sector, increasing adoption of wearable devices, increasing use of HMD in various industries, rising demand for OLED microdisplays, and increasing adoption of ADAS and HUD. There is extensive use of microdisplays in the defense & military sector for faster performance and real-time monitoring.
The development of microdisplays that have a compact form factor and achieve a wide field of view and high resolution is expected to be a major challenge for microdisplays manufacturers. Furthermore, high manufacturing cost, low picture quality at high temperature, a saturation of markets for digital cameras and projectors, rising R&D may hamper the market growth of the global microdisplays market.
The COVID-19 pandemic has led to an increase in the demand for microdisplays in the medical sector as it is used in CT scans, ECG machines, oxygen meters, etc. and are lucrative opportunities for the growth of the global microdisplays market. The increasing demand for microdisplays in autonomous vehicle systems and AR technology in defense & military applications, the advancement of next-generation micro-LED display technology, and potential growth in emerging markets are lucrative opportunities for the growth of the global microdisplays market.
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Geographically, APAC has the dominant position in the microdisplays market owing to the presence of a large number of microdisplays manufacturers in the region resulting in the decrease in the price of products and has increased penetration of microdisplay-based devices. The rising demand for ADAS in automobiles, growth in the automotive industry is anticipated to propel the growth of the microdisplay market in the region. North America is anticipated to have rapid growth owing to the use of ICT technologies in the educational sector, and the acceptance of microdisplays devices in the aerospace, military, and defense divisions.
The global microdisplays market is highly competitive in nature. Companies are focusing on product launch, merger & acquisition, collaborations with the government, and technological development through which market players are considerably contributing to the market growth and have a competitive edge in the market.
Some of the key players operating in the microdisplays market: Sony Corporation, Seiko Epson Corporation, eMagin, Kopin Corporation, Yunnan OLiGHTEK Opto-Electronic Technology Ltd, Himax Technologies, Inc, Syndiant, UNIVERSAL DISPLAY, AU Optronics Corp., and Micron Technology, Inc.
Kopin Corporation launched its first monochrome double-stack OLED, which emits more than 20,000 nits and has a 1.3-inch 2.6K OLED display with 2560x2560 resolution. The company also launched old samples of full-color 2.6K OLED 1.3-inch diagonal displays using double stacks. The monochrome display was co-developed with Panasonic Corporation and Lakeside Optoelectronic Technology Co., Ltd.
Source: VynZ Research
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