Global OLED Microdisplay Market - Segmented by Component Type (Near-to-Eye (NTE), Projection), Application (Automotive, Medical, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global OLED microdisplay market is expected to register a CAGR of 16.4% over the forecast period of 2018-2023. The scope of the report includes insights on the solutions offered by major players, including providers of hardware, services, and integration solutions. The regions included in this study are - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also offers insights on various end user-based applications, such as automotive, consumer electronics, medical, etc.
Increased Near-to-Eye Application Driving the Demand
The adoption of near-to-eye applications has increased in the market, with the adoption of VR/AR and augmented reality in applications, such as computer-based games, mobile games, etc. Even the videos available on the internet are allowing these features to offer an experience of the big screen to every user. The improvements in technology to develop and overcome certain limitations have also helped manufacturers to market, which was not feasible earlier.
Consumer Electronics is One of the Segments with Significant Opportunities
The evolution of digital camera has significantly helped the microdisplay market to innovate and evolve. The OLED microdisplay market has also benefitted from these developments. The demand from customers for a display with clear image, wide view angle, and to overcome limitations, have enabled OLED microdisplays to capture the market. Sony, a leading manufacturer of OLED microdisplay, has used and developed the product in their digital cameras. The scope of the product usage is high, with the microdisplay being developed in various standard sizes and ongoing research for the development of stretched display. The substitutes of OLED microdisplay have various applications in Pico projectors, where OLED are still in the nascent phase of usage, due to application-related issues.
The US Accounts for the Largest Share in North America
Due to the overall demand for OLED microdisplays for various application segments, the US has been at the core of evolution. The demand for the medical, defense, automobile, consumer electronics, and automotive segments has been high, given the better end-user experience offered by these products. The purchasing power of customers has also allowed better market penetration of microdisplays with OLED, as compared to LCoS.
Key Developments in the Market