Microdisplays market is estimated to grow at a CAGR of 18.83% to reach US$2.761 billion by 2022, increasing from US$1.165 billion in 2017. Microdisplays are small displays made of a CMOS chip and require magnifying optics to use them. They are used in devices such as mobile phones, digital wrist watches, and virtual reality headsets among others and have application across various industries. Increasing adoption of microdisplays by enterprises operating across consumer electronics, and military and defense industries is a key factor boosting the market growth. However, high manufacturing costs associated with microdisplays will hinder the market growth during the forecast period.
By technology, the LCD segment held the largest market share in 2016 and will continue its dominance till 2022. This growth is majorly attributed to various applications of LCD technology such as computers, digital signage, and cockpit displays. OLED technology will witness the fastest market growth during the forecast period owing to its increasing demand for smaller and lighter HMDs.
Geographically, North America held the largest global microdisplays market share in 2016 owing to the presence of a large number of global key players in the region. End-use industries in developed economies such as the U.S., Canada, and key European countries are increasingly using microdisplays for a wide range of applications. Asia Pacific region will witness the fastest regional market growth during the forecast period due to increasing demand for digital signage in the retail sector along with the expanding applications of microdisplays in the healthcare sector.
Prominent key market players in global microdisplays market include Jasper Display Corp, Himax Display, eMagin, MicroVision, and LG Display among others. At present, global key players are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. Recently in January 2017, Kopin Corporation entered into a strategic partnership with Goertek, Inc., a global leader in innovative technology, to improve its system products and commercialize innovative components.
The microdisplays market has been segmented by technology, by application, by industry, and by geography:
Aerospace and Defense
Europe Middle East and Africa
Middle East and Africa