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Micro Display Market projected to reach US$ 8.2 billion by 2033, expanding at a Remarkable 19.2% CAGR | Future Market Insights, Inc.

Sunday, September 24, 2023 08:30 PM | GlobeNewswire via QuoteMedia

Micro Display Market projected to reach US$ 8.2 billion by 2033, expanding at a Remarkable 19.2% CAGR | Future Market Insights, Inc.

The United States leads in augmented reality (AR) and virtual reality (VR) development. Micro displays are crucial in headsets, and their rising demand is boosted by tech popularity.

NEWARK, Del, Sept. 24, 2023 (GLOBE NEWSWIRE) -- The global micro display market is anticipated to reach a valuation of US$ 1.4 billion in 2023, driven by the miniaturization of electronics. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 19.2% between 2023 and 2033 and reaching a total valuation of approximately US$ 8.2 billion by 2033.

One of the major factors contributing to the growth of the micro display market is the growing demand for augmented reality (AR) and virtual reality (VR) applications across various industries, including gaming, healthcare, and automotive, which is driving the need for high-quality micro displays that offer immersive experiences.

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Micro displays are finding applications in consumer electronics like smart glasses, head-up displays (HUDs), and digital cameras, enhancing user experiences and providing valuable information in real-time.

The defense sector employs micro displays in helmet-mounted displays (HMDs), night vision goggles, and other devices, bolstering situational awareness and tactical advantage. Head-up displays (HUDs) in vehicles are becoming more prevalent for providing drivers with essential information while minimizing distractions, boosting the micro display market.

Organic light-emitting diode (OLED) micro displays are gaining traction due to their high contrast ratio, wide color gamut, and low power consumption, making them ideal for AR and VR applications. Micro LED technology is rising, offering better brightness, energy efficiency, and longer lifespans than traditional LED and OLED displays.

Micro displays integrated with eye-tracking capabilities are becoming more prevalent, allowing for improved user interactions and enhanced VR experiences. In healthcare, micro displays are used in medical devices, such as surgical headsets and patient monitoring systems, for accurate data visualization.

The wearables market, including smartwatches, fitness trackers, and AR glasses, presents significant growth opportunities for micro displays as consumers seek compact, high-resolution displays. The healthcare industry can benefit from micro displays in AR-assisted surgeries, medical training, and telemedicine, offering opportunities for innovation and improved patient care.

The integration of AR HUDs in vehicles is poised for substantial growth, providing drivers with crucial information and enhancing road safety. Micro displays are increasingly used in industrial settings for remote monitoring, maintenance, and training, opening doors for applications in Industry 4.0.

The use of micro displays in medical imaging equipment, endoscopes, and diagnostic devices is rising, facilitating precise visualization during medical procedures and diagnostics. The gaming industry continues to be a significant consumer of micro displays, with applications in gaming headsets, 3D gaming glasses, and portable gaming consoles.

Key Takeaways from the Micro Display Market Report:

  • Global micro display market was valued at US$ 1.2 billion by 2022-end.
  • From 2018 to 2022, the market demand expanded at a CAGR of 10.5%.
  • India is expected to hold a dominant CAGR of 18.1% through 2033.
  • By technology, OLED segment is to constitute a CAGR of 19.1% through 2033.
  • From 2023 to 2033, micro display market is expected to flourish at a CAGR of 19.2%.
  • By 2033, the market value of micro display is expected to reach US$ 8.2 billion.

The shift towards remote work and virtual collaboration has increased the need for high-quality micro displays in devices like smart video conferencing equipment and augmented reality meeting tools, remarks an FMI analyst .

Competitive Landscape

Prominent players in the micro display market are eMagin Corporation, Universal Display Corporation, Micron Technology Inc., LG Display Co. Ltd, Sony Corporation, Kopin Corporation, Yunnan OLiGHTEK, Seiko Epson Corporation, Syndiant Inc., and Himax Technologies, among others.

Recent Developments

  • In 2023, Samsung Display announced plans to develop a new microdisplay technology called QNED. QNED is a hybrid display technology that combines quantum dots with nanorods.
  • In 2022, Kopin Corporation expanded its Lightning OLED product line to include new ultralow-power 0.26-inch VGA (640 x 480), 0.39-inch XGA (1024 x 768), and 0.61-inch XGA microdisplays aimed at compact handheld and wearable devices.
  • In 2021, eMagin Corporation signed an agreement with Bild Innovative Technology, an Electrical or Electronic Engineering business based in Chicago, to develop and commercialize high-resolution OLED microdisplays for use in augmented reality (AR) and virtual reality (VR) applications.
  • In the same year, Texas Instruments introduced a new microdisplay driver chip that supports resolutions up to 8K. The chip is designed for use in AR/VR headsets, automotive head-up displays (HUDs), and other applications.

Leading Key Players

  • eMagin Corporation
  • Universal Display Corporation
  • Micron Technology Inc.
  • LG Display Co. Ltd
  • Sony Corporation
  • Kopin Corporation
  • Yunnan OLiGHTEK
  • Seiko Epson Corporation
  • Syndiant Inc.
  • Himax Technologies

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M ore Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global micro display market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the micro display market, the market is segmented on the basis of technology (LCD, DLP, OLED, and others), and application (industrial, consumer, defense, medical, education, automotive, and military & aerospace), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).

Mi cro Display Market Segmentation

By Techn ology

  • LCD
  • DLP
  • OLED
  • Others

By Application

  • Industrial
  • Consumer
  • Defense
  • Medical
  • Education
  • Automotive
  • Military & Aerospace

By Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa

About the Author

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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About Future Marke t Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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