ID: MRFR/SEM/6010-HCR | January 2023 | Region: Global | 100 Pages
The OLED Micro display Market is projected to grow swiftly by USD 520.23 million by 2030 and to grow at a CAGR of 27.69% during the forecast period.
$520.23 Million
27.69%
North America
2022-2030
The OLED microdisplay market share is predicted to be reach USD 520.23 million for the ongoing forecast period of 2022-2030. For the ongoing forecast period, the market is likely to expand at a global CAGR that accounts for 27.69%.
The various market options of different types of the market products available like microdisplays in multiple shapes and sizes are helping to facilitate the adequate mixing as well as rapid reaction rates, along with the rise of other factors like a faster rate of product synthesis rate, thereby elevating the total productivity and expansion in a brief period, as a part of the period. In addition, the market is witnessing the rise of advantages like a compact size and technological advancements in microdisplays that will help the OLED microdisplay market dwell on excellent opportunities during the continuous period.
The sudden arrival and COVID-19 outbreak have had a detrimental impact on the OLED microdisplay industry since the initial cases were recorded in the Chinese region in November 2019. Given the temporary and permanent shutdown imposed by the global governments to curb the quick spread of the pandemic of manufacturing facilities and production departments that weakened the demand degree amongst the global market premises. Still, it is believed that device manufacturing functions of the OLED microdisplay market will be reduced in the short term as a majority of the microdisplay manufacturers are based in China. Furthermore, the demand and supply of components may face some disruption due to the COVID-19 outbreak. As a result, most of the research and development activities and new product launches related to microdisplays are expected to be postponed until 2020.
As such, the OLED microdisplay market functions of the device manufacturers require to be prepared for supply chain disruptions taking place in China. The sudden impact of supply chain disruption might be visible from the next quarter of 2020 as other countries, including the US, India, Germany, and others like the UK, are also impacted significantly by the COVID-19 outbreak. This is expected to have a potential negative impact on microdisplays and their functioning in 2020. However, the manufacturing sector will likely gradually return to normal within the next couple of months after 2020, ensuring a regular supply of devices with improvement in the situation.
Drivers
The OLED microdisplay market size projects instances of good growth during the ongoing forecast period of 2022-2030. In addition, the OLED microdisplay market is witnessing the rise of factors like the increased adoption of HMD in several industries, escalated demand for OLED microdisplays, and increased global adoption of advanced driver-assistance systems (ADAS) & HUD are driving the growth of the market during the forecast period. Furthermore, the OLED microdisplay market has applications that have become quite extensive in the processes related to biodiesel production, which can also foster the OLED microdisplay market's growth trajectory over the ongoing forecast period that will be ending in 2030.
Restraints
Cameras are optical instruments used to capture and record images, which are stored in a digital system. EVFs can be considered camera viewfinders that project images captured by the lenses on microdisplays to help cameras aim at the targets to be photographed or viewed. These cameras are primarily used in digital still cameras and video cameras. The overall global digital camera and projector market is maturing, and hence, its growth is naturally slowing down as the OLED microdisplay market has become nearly saturated. The demand for microdisplays used in digital cameras is decreasing owing to the reduced demand and availability of such cameras. Moreover, the concept of data projectors is also witnessing a decrease in their shipments.
Technology Analysis
The availability of OLED technology enables the development of thin, efficient, and bright displays comprising thin films of organic light-emitting (OLED) materials that emit light when electricity is applied to them. Several global industry experts believe OLEDs are set to replace existing technologies in the display ecosystem.
OLED microdisplays and other components are gaining momentum due to their advanced features, including higher contrast, faster response time, and a more comprehensive operating temperature range than LCDs. They have outperformed the functions of conventional LCD and LCoS microdisplay technologies; hence, the OLED microdisplays are being widely used in EVFs and HMDs. The consumer OLED microdisplay market in the ongoing forecast period encompasses video and VR glasses and EVFs; the industrial market covers AR smart glasses for logistic applications, while the defense market targets AR helmets for pilots.
The OLED microdisplay industry is witnessing a celebrated demand and is projecting an excellent light for growing during the ongoing forecast period of 2022-2030 in the global market premises. Therefore, the global OLED microdisplay market segmentation is mentioned as follows:
OLED Microdisplay Market, By Region
The APAC region exhibits the highest demand for microdisplays, especially in products such as cameras or EVFs, projectors, and HUD. The growth of the OLED microdisplay market in the APAC region can be attributed to rapid industrialization and the presence of a large number of OEMs and consumers in the region. Therefore, consumer, industrial & enterprise, automotive, and other ends like military, defense & aerospace are the leading industries in APAC that contribute significantly to the growth of the OLED microdisplay market during the ongoing forecast period. In addition, the presence of a substantial number of microdisplay manufacturers in this region has also led to a decrease in the prices of microdisplays and the increase in the penetration of microdisplay-based devices in the APAC region. Moreover, the trends suggest that a significant portion of the demand for microdisplays in APAC is from China, Japan, and South Korea.
The prominent players of the OLED microdisplay market are:
The OLED microdisplay market report discusses the presence of the prominent market factors that will lead the path for the market towards growth during the ongoing forecast period that will be ending in 2030. The curated market report puts the limelight on the potential of the market segments functioning in various locations to meet the target audience's needs and expand the global market shared based on the predictions. In addition, the market report discusses the impact of the coronavirus pandemic and the recent developments of the industry during the forecast period of 2022-2030.
Report Attribute/Metric | Details |
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Market Size | USD 520.23 Million |
CAGR | 27.69% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Resolution, Vertical |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors |
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Key Market Opportunities | The OLED microdisplay market observes a high growth opportunity in automotive head-up displays used for navigation and driver assistance. |
Key Market Drivers |
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The global OLED microdisplay market is anticipated to account for a substantial revenue generation of more than USD 520.23 million by 2030, expanding at a considerable CAGR of 27.69% over the review period (2022-2030).
The major market players operating in the global OLED microdisplay market include LG Display Co., Ltd. (South Korea), Sony Corporation (Japan), Samsung Electronics Co., Ltd (South Korea), Dresden Microdisplay GmbH (Germany), OSRAM Licht AG (Germany), Kopin Corporation (US), Himax Technologies, Inc. (Taiwan), Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd (China), Holoeye Photonics AG (Germany), Silicon Micro Display Inc. (US), Seiko Epson Corporation (Japan), eMagin Corporation (US), MicroVision Inc. (US), OmniVision Technologies Inc. (US), and WINSTAR Display Co., Ltd (Taiwan).
The global OLED microdisplay market segmentation is conducted based on resolution, products, and verticals.
The regional analysis of the global OLED microdisplay market is conducted in four major regions, including the Asia Pacific, Europe, North America, and the rest of the world (covering the Middle East and Africa, and Latin America).
The North American region in the global OLED microdisplay market is slated to dominate the market share over the review period, while the report estimates the fastest growth in the Asia Pacific.