Global Microdisplay Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4,528 million by 2024 from $821 million in 2016, growing at a CAGR of 23.8% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 25.9% and 24.3%, respectively, during the forecast period.
"Microdisplay Market (By Type: Near-To-Eye and Projection; By Technology: Liquid Crystal Display (LCD), Organic Light-Emitting Diode (OLED), Digital Light Processing (DLP), and Liquid Crystal on Silicon (LCoS); By Application: Consumer Electronics, Military & Defense, Industrial Systems, Medical Appliances, Automotive; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The global microdisplay market is majorly driven by compact size, low power consumption, and high resolution picture quality. However, high price of these products would act as a restraint for the market. Surge in demand for heads up displays (HUDs) would provide several growth opportunities for the market in the coming years.
The global microdisplay market is bifurcated into type, technology, application, and geography. Type segment includes neat-to-eye and projection. Technology segment is further categorized into liquid crystal display (LCD), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal on silicon (LCoS). Application segment includes consumer electronics, military & defense, industrial systems, medical appliances, automotive, and others. Consumer electronics segment accounted for the largest market share in 2016, owing to the increase in demand for electronic products such as smart watch, smart bands, and smart glasses. In addition, this application segment is expected to grow at the fastest CAGR during the forecast period 2016-2024.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share in 2016, and is expected to remain the leading region during forecast period due to speedy technological advancement and increasing adoption of microdisplay in consumer electronics. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period 2016-2024.
Major players in the Microdisplay market include, Micron Technology Inc., eMagin Corporation, Sony Corporation, Syndiant Inc., Universal Display Corporation, AU Optronics Corp, KopIn Corporation Inc., Himax Technology Inc., LG Display Co. Ltd, and Microvision Inc., among others.