The global microdisplay market has grown at a robust growth rate in recent years to emerge as a key part of the global electronics sector. The microdisplay market was conceived as a tool to aid projection technology, and while the application of microdisplays for this purpose remains strong, the microdisplay market has gained considerable momentum from its growing momentum in near-the-eye applications such as smart glasses and VR/AR headsets. The global microdisplay market is expected to exhibit a steady momentum in the coming years due to the growing adoption of microdisplays in consumer electronics as well as in other applications such as the aerospace and defense sector and the automotive industry.
According to Transparency Market Research, the global microdisplay market is expected to rise from US$809.8 mn to US$1,350.2 mn over the 2017-2022 forecast period. The microdisplay market is expected to exhibit a strong 10.8% CAGR over the aforementioned forecast period.
LCD is the dominant technology in the global microdisplay market at present thanks to its relatively simple construction and the widespread availability of LCD construction facilities and technology. LCD microdisplays also offer convenient operational characteristics, which are likely to enable smooth dominance of the LCD segment in the global microdisplay market over the coming years.
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he LCD segment of the microdisplay market was valued at US$417 mn in 2017, comprising 51.5% of the global microdisplay market. The segment is likely to retain its majority share in the global microdisplay market in the coming years, with its valuation likely to rise to US$709.5 mn by 2022, representing 52.6% of the global microdisplay market.
Geographically, Asia Pacific except Japan is likely to retain steady dominance over the global microdisplay market in the coming years. The APEJ microdisplay market is expected to reach US$580.1 mn by 2022, representing more than 40% of the global market.
The APEJ microdisplay market is driven primarily by the robust growth of the electronics sector in countries such as China and Korea, with Korean companies such as LG likely to play a key role in the development of the global microdisplay market in the coming years. Japan is also a major contributor to the global microdisplay market and is likely to account for a 6.3% revenue share in the global market by 2022 thanks to steady growth of the electronics sector, which allows for steady development of the nascent microdisplay market.
The primary applications of microdisplays are in projection devices are near-the-eye devices. The latter is expected to account for a significant share in the global microdisplay market in the coming years due to the growing popularity of AR/VR technology and the rising demand for smart glasses. Microdisplays consist the essential component of smart glasses and are thus likely to remain in demand over the coming years. The growing adoption of AR/VR technology in the smartphone industry is also likely to drive the demand for microdisplays and enable smooth growth of the microdisplays industry, as this will drive significant investment in the industry.
Leading players in the global microdisplay market include eMagin Corporation, Universal Display Corporation, AU Optronics Corp., KopIn Corporation Inc., Himax Technologies Inc., Microvision Inc., Syndiant Inc., LG Display Co. Ltd., and Seiko Epson Corporation.