Global Micro Display Market: Introduction
The market for Micro Displays is anticipated to witness healthy double digit growth rates in near future. A significant factor driving the market being increased adoption of near-to-eye devices. A Micro Display is a basically a compact sized display with a diagonal of nearly two inch length. These displays owing to their compact size and high resolution find application in numerous industry verticals such as electronics, military, automotive, medical and many more, automotive being the most important one. Also, the market growth is further fuelled by the increasing demand for multi-purpose helicopters. Multi-purpose helicopters are continuously gaining traction in military sector due to their enhanced capabilities. As a result, the adoption of Micro Displays is expected to increase in near future.
Global Micro Display Market: Market Dynamics
Increasing adoption of augmented reality devices and near to eye devices and numerous benefits is the major factor driving the growth of Micro Displays market. The near to eye display devices such as head mounted displays, head up displays, electronic view finders, find critical applications in automotive sector. Moreover, the augmented reality devices market is witnessing large adoption in industrial applications such as in warehouse management, inspection activities, maintenance activities and to provide on-job training to field workers. Also, the head mounted displays are used in gaming and entertainment devices. Also, the Micro Displays offers numerous benefits such as high resolution, compact sizes, user-configurable technology, low-power consumption, high contrast ratio and high pixel density which are the most important features for smart glasses, smart watches, smart bands and many more. Thus, the Micro Displays market finds strong growth potential in different industry verticals such as automotive, gaming and entertainment.
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However, low picture quality at high temperatures and high costs involved are the factors which can thwart the market growth for micro-displays market. However, the on-going research and development is anticipated to eliminate these shortcoming and entry of numerous market players is expected to decline price of Micro Displays market.
Global Micro Display Market: Segmentation
Global micro display market is segmented on the basis of technology, application and region.
On the basis of technology, the global micro display market can be segmented into LCD, DLP, OLED and others.
On the basis of application, the global micro display market can be segmented into industrial, consumer, defense, commercial, and medical, education, automotive, and military & aerospace.
Global Micro Display Market: Competition Landscape
The key vendors in the global micro display market are eMagin Corporation, Universal Display Corporation, Micron Technology Inc., LG Display Co. Ltd, Sony Corporation, Kopin Corporation, Yunnan OLiGHTEK Opto-Electronic Technology Co., Ltd., Seiko Epson Corporation and Syndiant.
In May 2017, BOE and OLiGHTEK formed a joint venture with an aim to manufacture OLED Micro Displays for Virtual and Augmented Reality Markets.
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Global Micro Display Market: Regional Outlook
Regionally, the global Micro Display market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
The North America is the largest contributor to micro display market owing to high focus on innovations obtained from Research and Development (R&D). Asia Pacific is however anticipated to witness highest CAGR owing to increasing number of market players. North America, followed by Europe, is the second largest contributor to the market and is expected to witness moderate CAGR in near future.