OLED Microdisplay Market Worth USD 520.23 Million at a CAGR of 27.69% by 2030 - Report by Market Research Future (MRFR)
Rising Product Use in Consumer Electronics to Boost OLED Microdisplay Industry Growth
New York, US, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “OLED Microdisplay Market Analysis by Product, Resolution, Vertical and Region — Forecast till 2030” valuation is poised to reach USD 520.23 Million by 2030, registering a 27.69% CAGR throughout the forecast period (2022–2030).
OLED Microdisplay Market Overview
Various technological innovations like the introduction of ultra HD and HD OLED microdisplays that offer high optical performance with good contrast ratio will offer robust opportunities for the market over the forecast period.
OLED Microdisplay Market Report Scope:
|Market Size by 2030||USD 520.23 Million|
|CAGR From 2022 to 2030||27.69%|
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Rising Product Use in Consumer Electronics to Boost Market Growth
The rising product use in the consumer electronics industry will boost market growth over the forecast period. To provide a better gaming experience, OLED microdisplays are frequently utilized in digital cameras & virtual reality headsets which are compatible with a variety of devices, including smartphones.
Protection of OLED Layers against Water Vapor and Oxygen to act as Market Restraint
The protection of OLED layers against water vapor and oxygen and lifetime & luminance especially under the high-temperature conditions may act as market restraints over the forecast period.
OLED Microdisplay Market Segments
The OLED microdisplay market is bifurcated based on vertical, resolution, and product.
By product, near-to-eye devices will lead the market over the forecast period.
By resolution, the OLED microdisplay market is segmented into full HD and HD.
By vertical, consumer electronics will dominate the market over the forecast period.
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OLED Microdisplay Market Regional Analysis
APAC to Lead OLED Microdisplay Market
The largest demand for microdisplays is seen in the APAC region, particularly in items like EVFs or cameras, projectors, and HUD. Rapid industrialization, the existence of many OEMs and customers in the region, and the rise of the market in APAC are all factors. Therefore, during the current projection period, the major industries in APAC that significantly contribute to the growth of the OLED microdisplay market are consumer, automotive, industrial & enterprise, & other ends like military, defence & aerospace. A significant number of microdisplay manufacturers are also present in this region, which has resulted in lower microdisplay prices and a greater uptake of microdisplay-based devices within the APAC region. In addition, the trends indicate that China, Japan, & South Korea account for a sizeable percentage of the APAC market for microdisplays. During the predicted period, revenue generation is dominated by Asia-Pacific. The demand for microdisplays with OLED technology is rising due to the existence of major display device makers and the increased use of smartphones and smartwatches.
North America to Have Admirable Growth in OLED Microdisplay Market
With the second-highest growth rate, North America is also expanding. The demand for microdisplays to be utilized in commercial areas is rising as a result of significant investments made by nations like the US and Canada in smart city and smart home programs. In the near future, the US is anticipated to have amid the fastest expanding AR and MR markets globally. The majority of the businesses developing this technology are situated in the US, including major giants like Microsoft & Magic Leap. Additionally, one of the biggest markets for the media and entertainment sector is the United States. Numerous endeavors are being made in this area to bring the mixed reality technology to consumers in addition to its application in businesses. With the second-highest growth rate, North America is also expanding. The demand for microdisplays to be utilized in commercial areas is rising as a result of significant investments made by nations like the US and Canada in smart city and smart home programs.
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Since the initial cases of COVID-19 were discovered in the Chinese region in November 2019, the sudden arrival & COVID-19 outbreak possessed a negative effect on the OLED microdisplay sector. Given the temporary & permanent shutdowns enforced by the international governments to stop the rapid development of the pandemic of production facilities and departments, this lowered the level of demand among the premises of the international market.
However, given that the bulk of microdisplay producers are headquartered in China, it is anticipated that the market for OLED microdisplays' device manufacturing capabilities would decline in the near future. The COVID-19 epidemic may also cause some disruptions in the supply and demand of components. As a result, the majority of microdisplay-related research, development, and new product releases would wait until 2020. As a result, the OLED microdisplay market operations of device manufacturers must be ready for disruptions in the supply chain that may occur in China. The COVID-19 epidemic is having a huge influence on other nations, such as the US, India, Germany, and other nations like the UK. As a result, the sudden effect of supply chain disruption may start to be noticeable from the next quarter of 2020. The performance of microdisplays is anticipated to be negatively impacted by this in 2020. However, after 2020, the manufacturing industry will probably gradually return to normal, ensuring a consistent supply of products with perfection in the situation.
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OLED Microdisplay Market Competitive Analysis
Dominant Key Players on OLED Microdisplay Market Covered are:
- Sony Corporation (Japan)
- LG Display Co. Ltd. (South Korea)
- Samsung Electronics Co. Ltd (South Korea)
- OSRAM Licht AG (Germany)
- Dresden Microdisplay GmbH (Germany)
- Kopin Corporation (US)
- Yunnan OLiGHTEK Opto-Electronic Technology Co. Ltd (China)
- Himax Technologies Inc. (Taiwan)
- Holoeye Photonics AG (Germany)
- Seiko Epson Corporation (Japan)
- Silicon Micro Display Inc. (US)
- eMagin Corporation (US)
- OmniVision Technologies Inc. (US)
- MicroVision Inc. (US)
- WINSTAR Display Co. Ltd (Taiwan)
- Texas Instruments Inc. (US)
- Fraunhofer Fep (Germany)
- Vuereal (Canada)
- JBD Inc. (US)
- Jasper Display Corp. (US)
- Cea-Leti (France)
- Industrial Technology Research Institute (ITRI) (Taiwan)
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