Global Microdisplay Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 22.6% during the period 2014-2022. North America dominates the global market, accounting for more than 50% revenue share of the overall microdisplay market, followed by Asia-Pacific.
LCD technology is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. Currently, high resolution and excellent picture quality, low power consumption, and compact size are some of the key driving factors of the market. However, liquid crystal on silicon (LCoS) segment is expected to witness significant growth in the future, owing to its compact size and enhanced efficiency.
Among various types, projection type segment is projected to maintain its lead in the overall microdisplay market, as these microdisplay are used in smart phone for the display with minimum pixel variations. Moreover, North America region is the major revenue contributor in this particular segment due to the increasing demand for projected display in military & defense. The major demand is driving from several countries such as the U.S. and Mexico. Moreover, the increasing number of Near-To-Eye (NTE) applications in consumer electronics such as smart glasses and head mounted display is expected to provide huge opportunities to the market.
Among application segments, military & defense segment dominated the global microdisplay market in 2014, accounting for 31% share. Proactive government initiatives to establish advanced technology and helmet mounted display have further fueled the market growth. However, consumer electronics is anticipated to be the most lucrative application segment, and is expected to grow at the highest CAGR of 25% during the forecast period. This is attributed to increase in demand for augment reality applications.
North America accounted for majority of the revenue in 2014, and is expected to maintain its dominance throughout the forecast period. This is attributed to rising expenditure in military & defense and increasing number of smart gadgets leading to surge in demand for microdisplay. Moreover, advancements in consumer electronic such as smart watches, smart bands, and smart glasses would boost the microdisplay market, especially in Asian countries such as China, Japan, South Korea, and Taiwan.
Asia-Pacific is expected to be the fastest growing region throughout the analysis period owing to the increase in demand from the consumer electronics and automotive applications. Furthermore, increase in IT expenditures in several countries including China, Japan, and South Korea has fueled the market growth. Moreover, technological advancements to overcome pixel distortion in microdisplay is anticipated to offer lucrative opportunities.
Key Findings of Microdisplay Market Study:
- In 2014, LCD segment dominated the overall microdisplay market in terms of revenueand is projected to grow at a CAGR of 22.6% during the forecast period.
- Projection segment is estimated to grow at a CAGR of 23%.
- Consumer electronics segment is expected to exhibit the fastest growth, owing to increase in applications of microdisplay in various devices for instance, smart bands and smart glasses.
- South Korea is the major shareholder in the Asia-Pacific microdisplay market, accounting for about 34% share.
The key players in the microdisplay market have focused on expanding their business operations in the fast-growing emerging countries with new product launch as the preferred strategy. The major players profiled in this report include eMagin Corporation, Universal Display Corporation, AU Optronics Corp, KopIn Corporation Inc., Micron Technology Inc., Himax Technology Inc., LG Display Co. Ltd, Microvision Inc., Sony Corporation, and Syndiant Inc.