Global Microdisplay Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4,528 million by 2024 from $821 million in 2016, growing at a CAGR of 23.8% from 2016 to 2024. By geography, Asia-Pacific and Europe are anticipated to grow at a CAGR of 25.9% and 24.3%, respectively, during the forecast period.
The factors driving the global microdisplay market are high-resolution picture quality, compact size, and low power consumption. However, high price of these products may hinder the growth of the market. Additionally, growing demand for heads up displays (HUDs) would provide several growth opportunities for the market in the future years.
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The global microdisplay market has been segregated into type, technology, application and geography. Projection and near-to-eye are the different segmentations of type segment. By technology, the market is sub-segmented into liquid crystal display (LCD), digital light processing (DLP), organic light-emitting diode (OLED), and liquid crystal on silicon (LCoS). Automotive, consumer electronics, industrial systems, military & defense, medical appliances, and others are the various segmentations of the market by application. Among all, consumer electronics segment accounted for the largest market share in 2016, driven by the surge in demand for electronic products such as smart watch, smart glasses, and smart bands. In addition, this application segment is anticipated to grow at the fastest CAGR during the forecast period 2016-2024.
Geographical segments of the market include, North America, Europe, Asia-Pacific, and Rest of the World (RoW). In 2016, North America accounted for the largest market share, and is anticipated to remain the leading region during forecast period, owing to increasing adoption of microdisplay in consumer electronics and speedy technological advancement. Growing consumer awareness in famous cities such as, New York and Chicago is also expected to boost the market in the coming few years. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period 2016-2024. Developing countries such as China and India would support the growth of the
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market. Moreover, Southeast Asia countries such as Cambodia, Burma, Indonesia, the Philippines, Singapore, Laos, Malaysia, Thailand, and Vietnam are the attractive markets for competitors. Rising health awareness concerns and surge in health-conscious consumers has led to market growth in the Singapore.
The major key players operating in the microdisplay market comprises
• Micron Technology Inc.
• Sony Corporation
• eMagin Corporation
• Syndiant Inc.
• AU Optronics Corp
• KopIn Corporation Inc.
• Universal Display Corporation
• Himax Technology Inc.
• Microvision Inc.
• LG Display Co. Ltd.
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