The head-mounted display market is projected to grow at a CAGR of 34.60% to reach US$18,327.298 million by 2025, from US$3,082.002 million in 2019.
Head-mounted display, as the name suggests, is a display device, worn on the head that contains a small computer screen in front of the eyes to provide a cinematic experience of anything that the user is watching. This is mostly a virtual reality device, meant specifically for entertainment or gaming purposes. Nevertheless, it is being deployed in aviation and military services for delivering information and tracking the vehicle. It is also used in scientific research and training by simulating the complex and risk infused real-world scenarios. The growth for this market can be derived through technological advancements in HMDs in terms of weight, dimension, and impact on eyes, among others. Owing to the ease of handling wireless HMDs, the demand for such variety is expected to be significantly high. Technological advancements and rising demand for compact and portable gadgets by consumers are driving the demand for this market.
A major reason for the growing demand for HMDs is its application across diverse sectors, namely, consumer entertainment, industry, military, defense, aviation or aerospace, education, medical, etc.
The use of HMDs is concentrated in training efforts, as the unsafe real-world simulation-based tasks can be performed with the utmost safety in a controlled situation. Besides, a plethora of companies is investing in technological improvements in Augmented Reality and Virtual Reality to stay ahead of their competitors. But this market faces certain constraints in its growing trend such as eye-straining effect, low battery life, high-cost factor, lack of standardized regulations and less recognition or awareness of this product’s existence in the market.
On the flip side, companies are heavily investing in research and development to curb these challenges and outpace their competitors. An example being, in 2019, Cambridge engineers, in collaboration with Huawei European Research Center, developed an Augmented Reality based HMD that showcases 3D experience without causing nausea or strain in the eyes. The HMD was tested successfully on 50 participants.
Apple has a patent in its name called “Display System Having Sensors” that captures the facial expressions, movements in jaw or mouth and the environmental motions along with providing a 3D virtual view. There are investments occurring in developing glasses based-HMDs which would be revolutionary for the Head Mounted Display Market.
The market is the North America is estimated to hold a substantial share in 2019.
The North American region holds a substantial share of this market and is anticipated to grow throughout the forecast period owing to the technological advancements occurring in this region. Europe, Middle-East, and Africa are also expected to witness a rise in the demand for HMDs in the coming years.
o Virtual Reality
o Augmented Reality
o Slide-On HMDs
o Discrete HMDs
o Integrated HMDs
o Aviation and Defense
o Media and Entertainment
o North America
o South America
o The Middle East and Africa
o Asia Pacific