CHICAGO, Aug. 16, 2024 /PRNewswire/ -- The microdisplay market is expected to reach USD 3.0 billion in 2029 from USD 1.3 billion in 2024, expanding at a CAGR of 18.2% during the forecast period according to a new report by MarketsandMarkets. The increase in demand for microdisplays is due to the integration of displays into various devices such as wearables and near-to-eye devices. The market may grow due to factors such as technological improvements in microdisplays such as MicroLED and OLEDoS technology, miniaturization trend in consumer electronics, increased usage of HMDs across a number of sectors, and growing global adoption of ADAS and HUDs in automotive sector.
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Microdisplay Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 1.3 billion |
Estimated Value by 2029 | $ 3.0 billion |
Growth Rate | Poised to grow at a CAGR of 18.2% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Technology, Vertical, Resolution and Brightness & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Reduction in display latency |
Key Market Opportunities | Advancements in Micro LED technology |
Key Market Drivers | Growing demand for micro displays in wearable devices |
NTE segment likely to lead the product segment during the forecast period.
The-NTE-devices-is projected to hold major-market-share-of-the-microdisplay-market-in-2029. NTE-devices include cameras, EVFs, and Head-Mounted Displays (HMDs). These devices are small, portable, and lightweight. They are equipped with microdisplays that point to the elements to be identified or viewed. Microdisplays are becoming more popular for use in applications involving cameras and electronic viewfinders (EVFs) than head-mounted displays. AR Head-Mounted Displays (HMDs) have been employed in pre-hospital care, clinical nursing, and inpatient medical therapy. While AR HMDs use microdisplays to reduce device size and enhance battery efficiency, VR HMDs provide users with computer-generated experiences within simulated environment. VR headsets are employed in various areas, including healthcare, retail, gaming and entertainment, and e-commerce.
Higher than FHD and 500 to 1000 nits' segment are expected to expand at the highest CAGR in the resolution & brightness segment.
The higher than FHD segment of the microdisplay market is forecast to have the most rapid growth in terms of CAGRs by 2029. Head-mounted displays often use microdisplays in this segment due to their immersive experiences and enhanced image quality. Higher FHD microdisplays have resolutions greater than 1920x1080. Also, in the brightness segment, the 500 to 1000 units on microdisplay market is likely to expand at highest CAGR during 2024 to 2029 periods. This growth trend has been attributed to increasing use of microdisplays in head-mounted devices and heads-up displays within a brightness range of 500-1000 nits.
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Asia Pacific is estimated to account for the largest market share in the global microdisplay market by 2029.
Asia Pacific is projected to lead the microdispaly industry from 2024 to 2029. In addition to the fact that Japan is home to several prominent EVF vendors, Asia-Pacific is expected to continue to have the highest demand for microdisplays to be used in NTE devices during the projected timeframe. Major camera manufacturers are based in Asia Pacific region. For instance, Canon, Nikon, and Sony together comprises of more than 90% of the camera market. As a result, Japan's demand for microdisplays fuels expansion in the microdisplay market throughout the region. Furthermore, Asia Pacific is predicted to be the largest LCD microdisplay market from 2024 to 2029. LCD microdisplays are in high demand in cameras, EVFs, and projectors, with the majority of vendors located in this region. The market in this region is predicted to grow rapidly, driven mostly by growing economies and an increasing number of small- and medium-sized enterprises, as well as government-imposed digital transformation regulations.
Key Players
Seiko Epson Corporation (Japan), SeeYA Technology (China), Sony Group Corporation (Japan), Kopin Corporation (US), Himax Technologies, Inc. (Taiwan), and HOLOEYE Photonics AG (Germany) are some of the major companies in the microdisplay companies.
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