In this report, Technavio covers the market outlook and growth prospects of the global microdisplay market for 2016-2020. The report covers the entire range of microdisplay technologies and considers the revenue generated from the sales of microdisplays to the key customer segments: military, aerospace and defense; commercial; industrial; medical; law enforcement and rescue; and automobile.
“The global microdisplay market will grow primarily due to the increased adoption of heads up display (HUDs) and head-mounted display (HMDs) across different sectors. The unique user experience created with the use of microdisplays is the prime factor for its adoption. Augmented reality devices use microdisplays in their projection units. These devices are mostly used in the consumer electronics, healthcare, and military and defense sectors. The popularity of Google Glass will see significant growth, which will drive the growth of the global microdisplay market,” says Sunil Kumar Singh, a lead analyst at Technavio for IT professional services research.
Technavio’s research study segments the global microdisplay market into the following regions:
Americas: largest market for microdisplays
The microdisplay market in the Americas is expected to achieve a CAGR of over 22% during the forecast period. The Americas made a significant contribution to the market revenue because of the increasing popularity and awareness of microdisplays in the region, particularly in North America. The Americas will remain the market's largest contributor during the forecast period, with the US being the main revenue contributor.
Rapid advances in technology, and an increasing number of consumers that are technologically proficient have led to the demand for microdisplays in different sectors in the region. In addition, there is a high concentration of HUD and HMD manufacturers because of the increasing demand from the military, defense, and aerospace sector in the Americas. In this sector, microdisplays are used in night vision goggles, thermal imaging devices, situational awareness devices, and rifle scopes.
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EMEA: high demand from automotive sector to boost growth
The microdisplay market in EMEA is expected to post a CAGR of over 20% during the forecast period. In this region, the presence of electronic device manufacturers is low, but the presence of manufacturers that operate in the automotive segment, particularly HUDs, is high. The revenue contribution from EMEA was higher than that of APAC in 2015 and 2016. However, APAC will overtake EMEA in terms of revenue contribution from 2017 onward primarily because of the increased concentration of the vendors operating across the microdisplay value chain in APAC.
With the standardization of this technology and the increasing awareness about the uses of microdisplays, the adoption of this technology in the emerging markets of North Africa, Nigeria, and Sub-Saharan Africa will boost the market during the forecast period. The UAE, the UK, Germany, and Turkey, too, will contribute to market growth during the forecast period.
APAC: fastest growing market for microdisplays
The microdisplay market in APAC will grow at a CAGR of approximately 32% during the forecast period. The advances in terms of technological adoption and changing consumer behavior in countries such as South Korea, Taiwan, Japan, and China has resulted in the increased demand for microdisplays in the region.
The majority of the growth will come from countries such as South Korea, Japan, and China, mainly because of the increased adoption of microdisplay devices in the consumer electronics sector in these countries. In addition, the decline in the ASPs and the increased presence of electronics manufacturers in APAC will fuel the growth of the global microdisplay market. “The availability of low-cost skilled labor is another major factor that will contribute to the market growth in APAC,” says Sunil.
The top vendors in the global microdisplay market highlighted in the report are:
- AU Optronics
- Universal Display
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