Micro display Market will exhibit a CAGR of 14% in the forecast period of 2017-2023 and is expected to reach USD 1.8 billion by 2023.
Micro-Display Market Overview
The global microdisplay market has been expected to rise at a CAGR of 14%, with a value of USD 1.8 billion over the forecasted 2020-2027.
The microdisplay market offers compact size with a high pixel density. The market is witnessing growth in demand due to the increased use of microdisplays in devices like smartphones, television etc. However, low entry barriers and growing avenues of revenue are the prominent attributes in the microdisplay market. The launch of virtual reality headsets is distorting the line between the digital and physical worlds. It is generating a sense of being present in the virtual environment, accelerating the growth of the microdisplay market. The growing VR market is expected to influence microdisplays positively.
However, governments encourage the industry by investing in building capabilities and other infrastructure facilities. It has highlighted this hands-free, interactive technology, and it is unlikely that this focus would move for some time. There would be a need for this technology in several new use cases which previously did not require hand-free or remote capabilities. An organic light-emitting diode is a light-emitting technology produced by placing a series of organic thin films between two conductors; OLED is a next-generation display technology replacing LCD.
Covid19 Analysis:People across the globe are suffering from the covid19. It has adversely affected the functioning of all the industries, except for the pharmaceutical industry. There has been a complete lockdown in almost every nation. The borders are sealed, which means there will be no travel possible across borders shortly. The businesses are also being shut down.
This has adversely affected the Global Micro Display Market. It is expected that, post the Covid19 situation, the global Micro Display Industry will grow tremendously. This owns to the fact that most of the Micro display companies are based in China, where the Coronavirus was first confronted. This has postponed all the manufacturing activities related to the OLED Micro display Market.
Market DynamicsDrivers:OLED Micro displays are energy-efficient display dashboards. These are more advanced than the LCD and LED technologies used earlier. They consume less power, display high-resolution images with better pixel quality, and have user-friendly configurable properties.
Opportunities:Due to the coronavirus pandemic, the demand for micro displays is increasing. It is used in CT scan machines, ECG machines, oxygen meters, and others. Every nation across the globe is investing a huge sum of its resources in producing and procuring medical equipment. This could be seen as an opportunity for the growth of the global micro display market.
Restraints:There is tough competition in the global micro display market. The major key players are holding the largest market share. Also, there are new arrivals every day in the market. Due to technological advances, the methods and materials used for manufacturing get obsolete. Businesses have to update and upgrade their techniques continuously so that their products remain in demand and not become old-fashioned. As smartphones have replaced picture capturing cameras, the demand for micro displays used in the manufacturing of such cameras has declined suddenly. This becomes the major restraint in the Micro Display Market Growth.
Value Chain Analysis:Micro displays are physically compact and are easy to carry. They provide the information or images in high-resolution pictures. These are being popularly used in head-mounted displays, smartwatches, smart phones, fit bands, projectors, and others. The demand for micro displays has rapidly increased because they are portable in size and are user-friendly. The key players in the global micro display market are making technological advances frequently so that the consumers could use advanced products.
Market Segmentation:The micro display Market can be divided into various segments. These are based on technology, based on products, and based on end-users.
Based on technology:Based on technical advancements, the market is segmented into OLED, LCD, CD, LCOs, DLP, and others. LCD holds the largest market share and is anticipated to grow at a faster pace shortly. LCDs consume less power, can be operated at a lower voltage, it provides contrast images that are of high resolution.
Based on products:Micro displays are used in NTE objects and projection objects. Near-to-Eye (NTE) objects include Headsets or head-mounted objects. These are also used Smart Glasses, smartwatches, phones, digital cameras, projectors, and others. NTE objects hold the largest market share and are expected to grow tremendously throughout the forecasted period.
Based on end-users:The various industries that use micro displays include the medical industry, Electronics, and commercial industry, automotive & aerospace industry, military, and defense industry. These are also used in the sector of education.
Regional Analysis:Micro Display Market Demand is increasing with every passing day. It is leaving its impression in every corner of the world. The regions where they are operating include America, Europe, Asia-pacific, and the rest of the world.
America, which includes the area of North America (the US and Canada) and Latin America, is the largest hub for manufacturing as well as consumption of OLED micro displays. This owns to the rise population and its demand for advanced consumer products.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding its market of micro displays. This owns to the rise in demand for projectors in education institutions and Research & Development projects. The growing automotive industry has also led to a rise in demand for micro displays and their related products.
Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, is growing tremendously because of the increasing demand for micro displays for cameras, smartphones, EVF machines, and projectors. China, Japan, and South Korea hold the largest market share because leading manufacturing companies are located in this region.
The rest of the world, which includes regions of the Middle East and Africa, is growing at a slower but constant rate. This owns to lower economic development. ROW region is steadily becoming a potential consumer due to the rise in the standard of living of the residents.
Competitive Landscape:The list of major global key players involved in the Micro Display Market Forecast is as follows:
The above-listed companies come together in joint ventures, mergers and, acquisitions to make technological advancements. Their main objective is to develop end-products that are cost-effective, proficient in working, and that can deliver accurate solutions to the problems.
The microdisplay market is fragmented. Several established international brands, domestic brands, and new entrants form a competitive landscape. The leading players are increasingly seeking market expansion through various strategic mergers and acquisitions, innovations, and increasing investments in the manufacturing and development of infrastructure facilities.
KopinCorporation announced its latest Lighting 720p OLED display on silicon had exhibited a very high brightness of 7000 nits with good color and high contrast. This display combines a duo-stack OLED structure to achieve high brightness and Kopin’s ColorMix technology for high color fidelity.
Report Overview:This market research report of Micro Display Market trend includes the following elements:
This research report, on the global market of Micro Display Market, provides a thorough analysis of its usage and its market trends. Micro displays are compact but can provide a high-resolution picture quality, and also provides a user-friendly interface with smooth-touch and configuration properties. Due to the coronavirus pandemic, the demand for micro displays is increasing. It is used in CT scan machines, ECG machines, oxygen meters, and others. Due to technological advances, the methods used for manufacturing gets obsolete. Businesses have to upgrade their techniques continuously so that their products do not become old-fashioned.
Intended Audience:Device manufacturers, suppliers, distributors, research firms, vendors, commercial banks, technology investors, network operators, and others.
High resolution and enhanced image quality offered by micro display are observed as key drivers of the market that can cause it to expand at 14% CAGR and value at USD 1.8 billion by 2023.
The rapid adoption of advanced technology, micro display, in the education sector in the Asia Pacific region is expected to generate the largest revenue for the global market.
Seiko Epson Corporation (Japan), Himax Technologies, Inc. (Taiwan), Kopin Corporation (US), and RAONTECH (South Korea) are some prominent names in the global micro display market.
Products that has inbuilt micro display are projectors, HMD, EVF, headsets, and smart glasses.
OLED is the booming technology that is used in micro display. Other technologies, such as LCD, DLP, and LCos are used in micro display.