Northbrook, IL 60062 -- (SBWIRE) -- 09/19/2023 -- The microdisplay market is projected to grow from USD 1.1 billion in 2023 to USD 3.2 billion by 2028; it is expected to grow at a CAGR of 23.7% from 2023 to 2028. Factors such as compact size and technological advancements in microdisplays; increased adoption of HMDs in several industries; escalated demand for OLED microdisplays; and increased global adoption of advanced driver-assistance systems (ADAS) and HUDs are driving the growth of the market during the forecast period.
Key players offering projectors such as Seiko Epson Corporation (Japan), Sony Group Corporation (Japan), Canon Inc. (Japan), NEC Corporation (Japan), Panasonic Holdings Corporation (Japan), Hitachi Ltd. (Japan) and Toshiba Corporation (Japan), are based in this region.
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Market Dynamics:
Opportunity: Adoption of microdisplays in aerospace and defense sector
The microdisplay market is expected to grow in the near future owing to ongoing advancements and increasing adoption of microdisplays in aerospace and defense applications. Low-power OLED microdisplays are used in several applications, such as night-vision goggles, thermal imaging devices, situational awareness devices, and rifle scopes in the aerospace and defense sectors. The rise in demand for high-quality HUDs and HMDs from this sector is contributing to the adoption of advanced microdisplays. In December 2022, eMagin Corporation received an order of ~USD 1.7 million for high-brightness OLED microdisplays from Collins Aerospace for its F-35 Helmet Mounted Display System (HMDS). eMagin Corporation received an order worth USD 4 million for displays in connection with the Enhanced Night Vision Goggle–Binocular (ENVG-B) program of the US Army. There is a significant increase in government contracts in the market; companies such as eMagin Corporation are working to replace LCDs currently being used by the US military with OLED displays. Increasing defense budgets of countries such as the US, China, India, and Japan and the flourishing global commercial aviation industry are expected to fuel the demand for microdisplays to be used in HUDs and HMDs in the next few years.
Challenge: Development of power-efficient microdisplays with high-resolution and brightness
Despite significant technological advancements in microdisplays over the last decade, some technical and usability issues exist, preventing microdisplays from being widely accepted in many demanding applications, especially VR HMDs. Developing microdisplays with compact form factors and achieving a wide field of view and high resolution is expected to be a key challenge for the manufacturers of microdisplays.
Key Players:
Sony group corporation
Sony Group Corporation is a Japanese multinational conglomerate that manufactures electronic equipment, instruments, and devices for consumer, professional, and industrial use. Consumer and professional electronics (audio-video/IT products and components), gaming (PlayStation), entertainment (movies and music), and financial services are all part of the company's diverse business (insurance and banking). It includes the following segments: Game & Network Services, Music, Pictures, Electronics Products & Solutions, Imaging & Sensing Solutions, Financial Services, and All Others. It offers electronic instruments and devices for consumer and industrial markets, besides extending its customer support services worldwide. Sony provides OLED technology-based microdisplays that have the world's smallest pixel pitch of 6.3 ?m, suited for a diverse range of applications, including AR/VR, EVFs, and smartwatches. The company offers AR displays, VR smart glasses, and VR projectors. The "SmartEyeglass" offered by the company is based on holographic waveguide technology, which enables super thin augmented reality lenses with high transparency and brightness. SmartEyeglass is equipped with a thin, lightweight display module designed specifically for transparent lens glasses.
seiko epson corporation
Seiko Epson focuses on developing, manufacturing, and selling products for printing, visual communication, wearable, and industrial applications. The company offers microdisplay projectors and smart eyewear through its Visual Communications business segment. It offers high-temperature polysilicon (HTPS) TFT LCD panels used in 3LCD projectors and smart eyewear for business, education, commercial, and home applications. HTPS panels offered by the company are microfabricated and have excellent light stability. These panels consume low power, and their resolution exceeds 4,000 dpi. Seiko Epson developed the ULTIMICRON series of HTPS TFT LCD panels capable of displaying sharp, bright, and full-color images on a single panel, mainly for EVFs used in mid-end to high-end DSLR cameras. The company also provides smart glasses. The microdisplay technology of Seiko Epson enables it to maintain its leadership position in the global projector market. The company focuses on providing its customers with a great visual experience through its microdisplay and projection technologies, especially with its proprietary 3LCD technology. Products based on 3LCD technology are used in projectors that compete with those that are based on digital light processing (DLP) technology.
KOPIN CORPORATION
Kopin Corporation is one of the leading inventors, developers, manufacturers, and sellers of wearable technologies, including both components and systems. The components and systems offered by Kopin are used in various products, such as augmented reality devices and consumer wearable devices for sports and fitness; virtual reality consumer products for recreational and sports drones; military devices such as thermal weapon sights and fighter pilot helmets; and industrial and public safety devices such as thermal camera-enabled firefighter masks. The company's technology portfolio includes ultra-small displays, optics, speech enhancement technology, voice interface and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. The company offers miniature active-matrix liquid crystal displays (AMLCD), liquid crystal on silicon (LCOS) displays/spatial light modulators (SLMs), organic light-emitting diode (OLED) displays, and backlights. The company refers to its AMLCD as CyberDisplay, LCOS displays/SLMs as Time Domain Imaging TM technology, and OLED as lightning displays. The company offers displays in a variety of sizes and resolutions for military, enterprise, and consumer applications; these technologies offered by the company are protected by over 300 global patents.
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Regional Scope:
Asia Pacific is projected to lead the microdisplay market from 2023 to 2028. In addition to the significance that Japan is home to several important EVF vendors, Asia Pacific is anticipated to continue to have the largest demand for microdisplays to be used in NTE devices during the projected period. Asia Pacific is home to the majority of camera manufacturers. Over 90% of the market for cameras is dominated by Canon Inc., Nikon Corporation, and Sony Group Corporation. As a result, Japan's demand for microdisplays rises, which in turn drives growth in the microdisplay industry throughout the region. Moreover, Asia Pacific is expected to account for the largest size of the LCD microdisplay market from 2023 to 2028. LCD microdisplays have a significantly huge demand in cameras/EVF and projectors and a majority of cameras/EVFs and projectors vendors are based in this region.