Northrook, IL -- (SBWire) -- 03/03/2020 --The Microdisplay market to grow from USD 972 million in 2018 to USD 3,583 million by 2024, at a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period.
The major factors that are expected to be driving the microdisplay market are compact size and technological advancements of microdisplay, increased adoption of HMDs in several industries, and escalated demand for OLED microdisplays. The objective of the report is to define, describe, and forecast the microdisplay market size based on product (HMD, HUD, EVF, and projectors), technology (OLED, LCoS, LCD, and DLP), resolution and brightness, industry, and region.
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Key Market Dynamics in Microdisplay Market
Driver: Adoption of ADAS and surge in demand for head-up displays
Automotive vehicles are evolving with added safety features. These safety features are likely to be deployed significantly at a high rate in the coming years. The main objective behind the implementation of these features in the vehicle is to provide a safer, efficient, and convenient driving experience. Due to this, the demand for the advanced driver-assistance system (ADAS) is increasing at a rapid pace, especially in European countries, as well as in the US, Japan, and China. The use of HUDs in vehicles has increased gradually as the device reduces dangerous distractions by displaying valuable information such as a car's speed, navigation directions, and warning signals, directly in the driver's line of sight. The HUD display is a transparent display projected on the windshield or on a transparent screen attached on the dashboard so that the driver doesn't have to look down on the dashboard every time.
Restraint: Saturation of markets for digital cameras and projectors eventually slowing down microdisplay market growth
A camera is an optical instrument used for capturing and recording images, which are stored in a physical form known as a digital system. An EVF is a camera viewfinder that projects the image captured by the lens on a microdisplay, which assists in aiming the camera at the target to be photographed or viewed, and mostly EVFs are used in digital still cameras and video cameras. The overall digital camera and projector market is maturing, and growth is naturally slowing as it becomes nearly saturated. Due to the declining demand for digital cameras, the demand for microdisplays has also reduced for these products.
Opportunity: Development of next-generation microdisplay technology— Micro-LED
The micro-LED market is witnessing technological advancements in the display industry. Many leading industry players are working on optimizing existing display technologies that include LED-LCD, OLED, and quantum dot LED, among many others; however, the development of micro-LED displays can disrupt the entire display ecosystem. Micro-LED displays find their application in near-eye AR/VR devices and automotive HUD devices, which require compact size displays, fast response time, and low power consumption. Micro-LED technology, when mature, is expected to penetrate different display applications and offer various opportunities for the growth of the global display panel market.
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Challenge: Reducing display latency
Latency can be defined as any delay that increases the real or perceived response time compared to the required response time. Certain factors such as imbalance in data processing speed between the microprocessor and input or output devices can cause latency in HMDs. Among all the factors, displays contribute for more than 50% of the total delay in VR and AR devices.
There will be a deviation of location from the exact position if there is an issue in the measurement of the viewpoint. Thus, the VR system requires a minimal latency to maintain the virtual entity at a stable position. The virtual object should not delay over 15 milliseconds while adapting to a new situation as it causes variation in the position of objects. Thus, minimizing the latency is one of the major challenges faced by companies.
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Key Market Dynamics in Microdisplay
Microdisplays with FHD and higher resolution are expected to grow at higher CAGR during forecast period