The microdisplay market size is projected to reach US$ 31.69 billion by 2031 from US$ 4.45 billion in 2023. The market is expected to register a CAGR of 27.8 % in 2023—2031. Rising adoption of wearable devices and AR and VR are likely to remain key microdisplay market trends.
The microdisplay market is growing at a rapid pace because factors such as technological advancements, compact size, and miniaturization are further accelerating the growth of the microdisplay market. Additionally, the increasing adoption of high-resolution microdisplays (HMD) in various industries is also driving market growth.
A microdisplay is considered a small or miniaturized display screen that comprises applications in small display areas, including digital cameras, smartphone screens, and others. The increasing demand for AR and VR technologies is fuelling the market growth. Moreover, the rising adoption of wearable devices is also driving the microdisplay market.
The increasing adoption of wearable devices is driving the microdisplay market growth. Microdisplays are used in a scale in wearable devices such as smartwatches, fitness trackers, smartphones etc. Microdisplays provide good image quality, low power consumption, and the design possibilities enabled by flexible OLEDs. Most high-end smartwatches, fitness bands, and headsets adopt microdisplays, including both Apple's Samsung's smartwatches.
Because of continuous improvements and the growing use of microdisplays in defense and aerospace applications, the microdisplay market is anticipated to expand soon. Low-power OLED microdisplays have numerous uses, including rifle scopes in the aerospace and defense industries, thermal imaging devices, situational awareness gadgets, and night-vision goggles. The use of sophisticated microdisplays is being aided by the industry's growing demand for high-quality HI-JDs and HMDs.
Key segments that contributed to the derivation of the microdisplay market analysis are technology, projection applications, and industry verticals.
The geographic scope of the microdisplay market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the microdisplay market. High technology adoption trends in various industries in the North American region have fuelled the growth of the microdisplay market. Factors such as increased adoption of wearable devices and high technological spending by government agencies are expected to drive the North American microdisplay market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many microdisplay market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the microdisplay market.
The regional trends and factors influencing the Microdisplay Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Microdisplay Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.45 billion |
| Market Size by 2031 | US$ 31.69 billion |
| Global CAGR (2023 - 2031) | 27.8 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Microdisplay Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Microdisplay Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The microdisplay market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Kopin Corporation, Press Release, 2024)
(Source: Aptean, Press Release, 2024)
The "Microdisplay Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The increasing use of microdisplay in aerospace and defense is anticipated to play a significant role in the global microdisplay market in the coming years.
The global microdisplay market was estimated to be US$ 4.45 billion in 2023 and is expected to grow at a CAGR of 27.8% during the forecast period 2024 - 2031.
The growing adoption of wearable devices and AR and VR are the major factors that propel the global microdisplay market growth.
The global microdisplay market is expected to reach US$ 31.69 billion by 2031.
The key players holding majority shares in the global MICRODISPLAY market are AUO Corporation, eMagin, Himax Technologies, Inc., KOPIN Corporation, LG Electronics., MicroVision, HOLOEYE Photonics AG, MICROOLED Technologies VAT, Sony Semiconductor Solutions Corporation, SYNDIANT.