Newark, NJ, June 24, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global Micro display market is expected to grow from USD 723 million in 2020 and to reach USD 9082.90 million by 2028, growing at a CAGR of 37.21% during the forecast period 2021-2028.
The Micro display market is witnessing significant growth from the past years. Micro display can be defined by its resolution and its power consumption. The higher the resolution and lower the consumption of power, the better will be the quality of micro display. In general, the power consumed by micro display will be measured in terms of milli watts of energy. The Micro displays are segmented into Reflective micro displays or Transmissive micro displays depending upon the way light is allowed to pass through the display unit.
Reflective micro displays are used in DLP projectors, where tiny mirrors bounce light into the lens or projection path. Thus the image will be formed by the diversion of light into the desired projection path in Reflective micro displays. Liquid Crystal on Silicon (LCos) is used by the reflective micro displays so that it allows rapid modulation to create images. In Transmissive micro displays, light is allowed to pass through the display and is not reflected. These types of micro displays are used in rare projection televisions or backlit laptop computer screens.
The global micro display market is expected to witness significant growth, owing to the technological advancements in micro displays, increasing number of Near To Eye (NTE) applications, excellent picture quality, high resolution and low power consumption. Emergence of micro display based holographic displays, growing demand for Augmented Reality (AR) devices that are used in health care applications, growing avenues, low entry barriers, growing demand for micro displays which are used in wearable devices like fitness trackers etc. contributes to the growth of micro display market. Increasing adoption of HMD and OLED micro displays which enables the development of efficient, thin & bright displays that comprise thin films of organic light emitting (OLED) materials and emits light when electricity is applied is anticipated to propel the market growth.
The factors restraining the market growth are protection of Organic Light Emitting Diode (OLED) layers against water vapour & oxygen, high manufacturing costs, luminance & lifetime mainly under the conditions of high temperature, saturation of markets for projectors and digital cameras. The challenge in the development of power efficient micro displays with high brightness & resolution restrains the market growth. The effect of Covid which resulted in the supply chain disruption projects negative impact upon the growth of market. Increased adoption of micro displays in the aerospace, military and many more sectors, development of next generation micro LED technology, increased demand for micro displays as a result of Covid outbreak will provide market growth opportunities.
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Key players operating in global micro display market include Kopin Corporation, Inc. (US), AU Optronics Corporation, Himax Technologies, Inc. (Taiwan), Microvision Inc., eMargin Corporation (US), Display Tech, Texas Instruments Incorporated, Syndiant Inc., Micro OLED SA, SONY Corporation (Japan), Universal Display Corporation, Micron Technology Inc., LG Display Co. Ltd., HOLOEYE Photonics AG (Germany), Jasper Display Corp, Yunnan Olightek Opto-Electronic Technology Co. Ltd. (China), Seiko Epson Corporation (Japan), WiseChip Semiconductor Inc. (Taiwan), Microtips Technology Inc., Microoled SA, Winstar Display Co. Ltd. (Taiwan), Fraunhofer FEP, Sunlike Display Technology Corp, Semiconductor Solutions, Raystar Optronics Inc. (Taiwan).
HMD segment dominated the market and held the largest market share of 29.79% in the year 2020
On the basis of product, the global micro display market is segmented into HMD, EVF, HUD and Projector. HMD segment dominated the market and held the largest market share of 29.79% in the year 2020. This growth is attributed to the rising adoption of HUD’s in sports & entertainment, gaming and entertainment sectors such as television sets, smartphones, tablets & cameras.
Liquid Crystal Display (LCD) segment dominated the market and held the largest market share of 31.18% in the year 2020
On the basis of technology, the global micro display market is segmented into Organic Light Emitting Diode (OLED), Liquid Crystal on Silicon (LCoS), Liquid Crystal Display (LCD) and Digital Light Processing (DLP). Liquid Crystal Display (LCD) segment dominated the market and held the largest market share of 31.18% in the year 2020. This growth is attributed to the high pixel density, low cost potential, high contrast in bright light, less power consumption as it operates at low voltage, higher brightness when compared to digital micro mirror devices, high resolution.
Military & Defence segment dominated the market and held the largest market share of 27.81% in the year 2020
On the basis of industry, the global micro display market is segmented into Consumer, Military & Defence, Industrial/Enterprise, Automotive, Aerospace, Entertainment, Medical, Retail, Sports & Entertainment. Military & Defence segment dominated the market and held the largest market share of 27.81% in the year 2020. This growth is attributed to the increasing demand for low power OLED micro displays such as thermal imaging, situational awareness & simulation. After Military & Defence, Consumer Electronics holds the largest market share owing to the surging adoption of smartphones, smart watches & smart glasses.
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Regional Segment of Micro display Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global Micro display market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia- Pacific region held the largest market share of 27.48% in the year 2020. This growth is ascertained by Asia- Pacific owing to increasing adoption of micro displays in consumer electronics and various products such as projectors, cameras/EVF & HUD, technological advancements, growing demand for wearable devices which uses micro displays, low cost of manufacturing, presence of substantial number of manufacturers, large number of consumer base. North America holds the fastest growth rate owing to key vendors of projectors, cameras/EVF and technological advancements.
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About the report:
The global micro display market is analyzed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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