The Microdisplay Market is estimated to grow from USD 972 million in 2018 to USD 3,583 million by 2024, at a CAGR of 24.3% as per a report by MarketsandMarkets.
Why opportunities in aerospace & defense industry remains attractive?
The microdisplay market is expected to grow in the near future due to rapid modernization and high adoption of microdisplays in aerospace and defense applications. Low-power OLED microdisplays are used in a growing number of applications such as night-vision goggles, thermal imaging devices, situational awareness devices, and rifle scopes.
The aerospace & defense sector demands high-quality HUDs and HMDs, which is achieved by using advanced microdisplays. In May 2017, eMagin Corporation introduced a microdisplay with the resolution of 2048×2048 for fulfilling military requirements. There is a significant increase in government contracts in the market; companies such as eMagin are progressing with OLED displays to replace LCDs currently employed by the US military. Increasing defense budget in countries such as the US, China, India, and Japan and growing commercial aviation industry will boost the demand for microdisplays to be used in HUD and HMD products in the next few years.
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How complex manufacturing process and high cost of microdisplays remain a major challenge?
Though microdisplays have better performance and utility over conventional direct-view displays such as LCD or OLEDs, there are still multiple manufacturing challenges that need to be addressed to enable cost-effective and high-volume manufacturing of microdisplays. It requires high-quality components and expensive equipment that increase the manufacturing cost of microdisplays. Though the LCD and LCoS microdisplays are economical, OLED and higher end microdisplays are still expensive. The cost of a microdisplay for AR HMD ranges from USD 200 to USD 400; the high costs of these microdisplays are reflected in the prize of an end product. For example, the cost of AR HMDs can range from USD 500 to USD 1,500, which is very high considering the enterprise and consumer demand. For the shipment of 15 million AR HMDs in 2024, the cost of microdisplays for AR HMDs should be essentially brought below USD 100.
More players are entering the microdisplay market, and the availability of cheap workforce is helping to reduce the prices of microdisplays. Increasing demand will also lead to mass production of microdisplays, which will help in adopting a smooth manufacturing process and reducing the cost.
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