SAN FRANCISCO, Aug. 11, 2017 (GLOBE NEWSWIRE) — The Microdisplay Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4.5 billion by 2024 from $0.8 billion in 2016, growing at a CAGR of 23.8% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 25.9% and 24.3%, respectively, during the forecast period.
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The market is majorly driven by various innovative features of microdisplays such as compact size, low electricity consumption, and enhanced picture quality. However, the high price of these products may hinder the market. New opportunities are anticipated to arise in the market, due to a surge in demand for heads up displays (HUDs).
The classifications of the microdisplay market analysed in the report are type, technology, and application. The type segment comprises near-to-eye and projection. The technology segment includes liquid crystal display (LCD), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal on silicon (LCoS). The application segment has been categorized into consumer electronics, military & defense, industrial systems, medical appliances, automotive, and others. Geographically, segments of the market are North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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By application type, consumer electronics dominated the segment in 2016, and is expected to grow at the fastest CAGR during the forecast period 2016-2024. Upsurge in demand for electronic products such as smart bands, smart watches, and smart glasses has increased its market penetration globally.
North America generated the maximum revenue in 2016, and is expected to lead the market throughout the forecast period 2016-2024. The region accounted for around 50.3% of the overall market share in 2016. Speedy technological advancements have made North America the popular market for microdisplay. Increased adoption of microdisplay in consumer electronics has also supplemented the growth of the North America market. The second highest market revenue was occupied by Asia-Pacific, with a market share of 21.7% in 2016. The region is projected to grow at the fastest growth rate of 25.9% during the forecast period 2016-2024.
Major players in the Microdisplay market include, Sony Corporation, Syndiant Inc., Universal Display Corporation, Micron Technology Inc., eMagin Corporation, AU Optronics Corp, Himax Technology Inc., LG Display Co. Ltd, KopIn Corporation Inc., and Microvision Inc., among others.
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Scope of Microdisplay Market
Product Type Segments
- Near-To-Eye
- Projection
Technology Type Segments
- Digital Light Processing (DLP)
- Liquid Crystal Display (LCD)
- Organic Light-Emitting Diode (OLED)
- Liquid Crystal on Silicon (LCoS)
Application Type Segments
- Automotive
- Consumer Electronics
- Industrial Systems
- Medical Appliances
- Military & Defense
- Others
Geographical Segments
- North America
• US
• Canada
• Mexico - Europe
• United Kingdom
• Germany
• France
• Others - Asia-Pacific
• China
• Japan
• South Korea
• Taiwan
• Others - RoW
• South America
• Middle East
• Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data packs proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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Source: Globewire-Electronics