The key players operating in the Microdisplay Market are splay market is projected to grow from USD 1.1 billion in 2023 to USD 3.2 billion by 2028; it is expected to grow at a CAGR of 23.7% from 2023 to 2028. Factors such as compact size and technological advancements in microdisplays; increased adoption of HMDs in several industries; escalated demand for OLED microdisplays; and increased adoption of advanced driver-assistance systems (ADAS) and HUDs are driving the growth of the market during the forecast period. , Microdisplay Market Dynamics , Driver: Rising adoption of HMDs in different industries , Modern devices are rapidly becoming compact, portable, and convenient to use. They are used to present graphical and pictorial information. These devices require to be compact and simple with high-resolution displays. The microdisplay market is growing significantly owing to the rising demand for EVFs, HMDs, HUDs, projectors, scopes, thermal imaging glasses, and medical equipment for use in several industries, including consumer electronics, defense, aerospace, medical, and automotive. Microdisplays have high growth potential in HMDs as the demand for AR smart glasses is expected to increase rapidly in the coming years. , A number of verticals, such as consumer electronics, aerospace, defense, healthcare, enterprises, retail, and marketing, are expected to adopt AR technology owing to its benefits. For instance, Boeing has announced the development of a new setup—HorizonX. The company is investing in Upskill—a key player in the field of enterprise software for industrial AR devices. Moreover, the rise in the adoption of AR devices is expected to generate demand for their components, including microdisplays. , Restraint: Saturation of markets for digital cameras and projectors , Cameras are optical devices used to record and capture images that are saved digitally. In order to aid photographers and video cameras, electronic viewfinders (EVFs) show images taken by the lenses onto microdisplays. The market for digital cameras and projectors is maturing, and because the market is almost fully saturated, growth is naturally slowing down. As a result of the decline in demand for digital cameras, microdisplays utilized in those cameras are becoming less popular. Furthermore, shipments of data projectors are also declining. Therefore, the decline in demand for digital cameras and projectors limits the expansion of the microdisplay industry. , Opportunity: Adoption of microdisplays in aerospace and defense sector , The microdisplay market is expected to grow in the near future owing to ongoing advancements and increasing adoption of microdisplays in aerospace and defense applications. Low-power OLED microdisplays are used in several applications, such as night-vision goggles, thermal imaging devices, situational awareness devices, and rifle scopes in the aerospace and defense sectors. The rise in demand for high-quality HUDs and HMDs from this sector is contributing to the adoption of advanced microdisplays. In December 2022, eMagin Corporation received an order of ~USD 1.7 million for high-brightness OLED microdisplays from Collins Aerospace for its F-35 Helmet Mounted Display System (HMDS). eMagin Corporation received an order worth USD 4 million for displays in connection with the Enhanced Night Vision Goggle–Binocular (ENVG-B) program of the US Army. There is a significant increase in government contracts in the market; companies such as eMagin Corporation are working to replace LCDs currently being used by the US military with OLED displays. Increasing defense budgets of countries such as the US, China, India, and Japan and the flourishing commercial aviation industry are expected to fuel the demand for microdisplays to be used in HUDs and HMDs in the next few years. , Challenge: Development of power-efficient microdisplays with high-resolution and brightness , Despite significant technological advancements in microdisplays over the last decade, some technical and usability issues exist, preventing microdisplays from being widely accepted in many demanding applications, especially VR HMDs. Developing microdisplays with compact form factors and achieving a wide field of view and high resolution is expected to be a key challenge for the manufacturers of microdisplays. , The development of microdisplays with improved resolution and brightness has always been a key challenge for the manufacturers of these displays. It has resulted in continuous technological advancements in the industry to develop microdisplays that offer an enhanced experience to users. Microdisplays have a wide range of applications in military, medical, industrial, and consumer verticals because they require a clear view of images or objects with high resolution. , In recent years, pilots have used HUDs to provide them with flight-related information. However, some operational problems related to HUDs, including the lack of brightness at night and the limited field of view, have made it challenging for companies to offer high-resolution and high-brightness HUDs. , Microdisplay Market Ecosystem , The prominent players in the microdisplay market are Sony Group Corporation, Seiko Epson Corporation, Kopin Corporation, eMagin Corporation, Himax Technologies, Inc. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong sales and marketing networks. , Increasing use of OLED microdisplays to drive market growth , The OLED segment of the microdisplay market is estimated to expand significantly over the expected time period. The segment's growth can be attributed to the quick adoption of these displays with improved capabilities and their use in HMDs. OLED microdisplays are being used in AR HMDs increasingly frequently as the technology offers better power, faster response times, and more color selections. Several manufacturers of microdisplays, notably Kopin Corporation (US), Samsung Electronics (South Korea), and Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd. (China), have introduced OLED microdisplays for HMDs , Higher FHD segment is projected to grow at higher CAGR during forecast period , During the projection period, a higher CAGR is anticipated for the market for higher FHD. Displays with a normal FHD resolution have a horizontal resolution of 1920 pixels and a vertical resolution of 1080 pixels. At the US Society for Information Display (SID) in 2018, Fraunhofer FEP displayed a curved OLED microdisplay screen. This 1-inch-diameter, curved OLED microdisplay offers a 1200 x 1920 resolution. The panel was created as part of the European Union-funded LOMID project. , NTE Devices to register growth at higher CAGR , During the forecast period, NTE devices are likely to have the greatest CAGR. Because OLED technology offers better power economy, quick response times, and more colors, OLED-based microdisplays are being employed more frequently in NTE devices. eMagin Corporation's SVGA+ Rev3 OLED XL microdisplay is a power efficient OLED microdisplay solution for near-eye personal viewer applications. Due to the existence of major EVF vendors in Japan, Asia Pacific is predicted to continue to have the largest demand for microdisplays to be used in NTE devices during the projected period. , Automotive segment is likely to grow at higher CAGR , The automotive industry is projected to have the highest CAGR over the forecast time period. Automakers may now offer customers a wide selection of AR HUD models with their specifications thanks to the growing popularity of AR technology. Important information is directly projected into drivers' lines of sight by HUDs. Because they let drivers to obtain directions, respond to calls and texts, and control music without taking their eyes off the road, they are common automotive electronics. HOLOEYE Photonics AG(Germany), WiseChip Semiconductors Inc (Taiwan), RAONTECH (South Korea), and Himax Technologies Inc.(Taiwan), are a few players who offer microdisplays for automotive applications. , Asia Pacific likely to hold the largest share of microdisplay market during forecast period , Asia Pacific is projected to lead the microdisplay market from 2023 to 2028. In addition to the significance that Japan is home to several important EVF vendors, Asia Pacific is anticipated to continue to have the largest demand for microdisplays to be used in NTE devices during the projected period. Asia Pacific is home to the majority of camera manufacturers. Over 90% of the market for cameras is dominated by Canon Inc., Nikon Corporation, and Sony Group Corporation. As a result, Japan's demand for microdisplays rises, which in turn drives growth in the microdisplay industry throughout the region. Moreover, Asia Pacific is expected to account for the largest size of the LCD microdisplay market from 2023 to 2028. LCD microdisplays have a significantly huge demand in cameras/EVF and projectors and a majority of cameras/EVFs and projectors vendors are based in this region. , Moreover, key players offering projectors such as Seiko Epson Corporation, Sony Group Corporation, Canon Inc., NEC Corporation, Panasonic Holdings Corporation, Hitachi, Ltd and Toshiba Corporation, are based in this region. The market in this region is expected to grow at a significant pace, mainly led by the growing economies and an increasing number of small- and medium-scale businesses, along with mandatory regulations pertaining to digital transformation imposed by governments. , Recent Developments in Microdisplay Market : , In January 2023, Seiko Epson Corporation, the world's most popular projector brand, announced the expansion of its PowerLite and BrightLink laser projector lines. The new models include 12 new lamp-free laser exhibits powered by Epson's proprietary 3-chip 3LCD technology, as well as suitable collaboration tools, easy installation, and ultra-wide options to make sure all participants can see, interact, and be seen. , In January 2023, Kopin's Corporation Lightning OLED product line has been expanded 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 January 2022, Sony Group Corporation announced OLED microdisplays that are used in mirrorless cameras, electronic viewfinders (EVF), head-mounted displays (HMD), and other applications. With their exceptional quality and definition, the said displays seem to have huge potential for use in wearable devices with AR (augmented reality) and VR (virtual reality) capabilities, such as those seen in near-futuristic movies. , In February 2022, eMagin Corporation declared the first public demonstration of its flagship Direct Patterning Display (dPdTM) technology on a widescreen ultra-extended graphics array (WUXGA) (1920x1200 pixels) OLED microdisplay, the world's brightest full-color OLED microdisplay. Since then, the company has made steady progress toward the commercialization of its dPd technology, which is expected in 2023, and has been providing customers with the opportunity to try it out firsthand. eMagin has long been a pioneer in power efficiency at high luminance levels critical for next-generation AR/VR applications. , KEY MARKET SEGMENTS , By Product , Introduction , Near-to-eye (NTE) Devices , Cameras/electronic viewfinders (EVFs) , Head-Mounted displays (HMDs) , Head-Up Displays (HUDs) , Projectors , Others , By Resolution and Brightness , By Resolution , Introduction , Lower than HD , HD , FHD , Higher than FHD , By Brightness , Introduction , Less than 500 Nits , 500 to 1,000 Nits , More than 1,000 nits , By Vertical , Introduction , Consumer , Automotive , industrial & Enterprise , Military, Defense, and Aerospace , Retail & Hospitality , Medical , Education , Sports & Entertainment , Others , By Technology , Introduction , Liquid Crystal Display (LCD) , Liquid Crystal on Silicon (LCoS) , Organic Light-Emitting Diode (OLED) , Digital Light Processing (DLP) , By Geograph , Introduction , North America , Recession Impact , US , Canada & Mexico , Europe , Recession Impact , UK , Germany , France , Rest of Europe , Asia Pacific , Recession Impact , China , Japan , South Korea , Taiwan , Rest of APAC , ROW , Recession Impact , South America , Middle East & Africa , KEY MARKET PLAYERS , Sony Group Corporation , Seiko Epson Corporation , Kopin Corporation , eMagin Corporation , Himax Technologies, Inc..
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