In recent times, devices are continuously becoming smaller, more portable, and more convenient to use. It has become crucial for displays to shrink in size and decrease the complexity while increasing the resolution at the same time. The global micro displays market has potential for growth owing to the rising demand for EVFs, HMDs, HUDs, projectors, scopes, thermal imaging glasses, and medical equipment in several industries including consumer, military, defence, and aerospace, medical, and automotive. Micro displays have portrayed great potential in HMDs as the demand for AR smart glasses is expected to increase rapidly in the coming 3 to 5 years.
The global micro displays market is valued at USD 1,051.61 million in 2020 and is projected to reach USD 5,527.84 million by 2026. The market is expected to grow at a CAGR of 24.26 per cent between 2019 and 2026. Some of the factors, such as, preference for compact size and technological advancements in the global micro displays market, increased adoption of HMDs in several industries, growing demand for OLED micro displays and adoption of Advanced Driver-Assistance System are known to drive the market towards higher growth.
A micro display refers to a microminiaturized display, commonly with a screen size that is less than 1 inch diagonally. Micro displays are manufactured using four major technologies - Liquid Crystal Display, Liquid Crystal on Silicon, Organic Light-Emitting Diode, and Digital Light Processing. Due to a lot of features, including, compactness, high resolution, and low power consumption, these displays are suitable for head-mounted displays (HMDs), heads-up displays (HUDs), electronic viewfinders (EVFs), and several other devices.
Region-wise, micro-displays market is going to record the highest CAGR during the forecast period in North America. In North America, consumer, industrial and enterprise, and military, defence, and aerospace are some of the major industries in which micro displays have a greater demand. The United States is likely to dominate the North American market, also accounting for the largest market share during the forecast period. Major consumers of micro display-based products are based in the country.
The growing consumer demand is fuelling the production of smarter and more efficient Near to Eye (NTE) devices that require micro displays to enhance efficiency and effectiveness. Growing demand for consumer wearables and increasing use of NTE devices in the military and medical sector is propelling the growth of the global micro display market. Manufacturers are investing more in their R&D spending to improve display technologies. This may help to meet the expanding requirement for NTE devices. This is estimated to propel the growth of the micro display market, particularly from the Asia-Pacific region.
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