As cited by the research report titled ‘Global Microdisplay Market Size study, by Technology Outlook (OLED, LCD, DLP, LCoS) by Projection Outlook(Near-to-Eye, Projection, Other) by Application Outlook(Consumer Electronics, Military & Defence, Medical, Industrial, Automotive, Others)and Regional Forecasts 2021-2027’, available with Market Study Report, global microdisplay market was worth USD 0.94 billion in 2020 and is projected to grow with a healthy CAGR of 19.1% to accumulate USD 5.78 billion over 2021-2027.
 

Mounting demand for OLED microdisplays in commercial electronics and automotive sectors is driving the global microdisplay market growth. Moreover, the advent of microdisplay-based holographic displays, coupled with rising use of microdisplays in consumer electronics, military & defense, and medical applications owing to their high resolution, low power consumption, outstanding dynamic range, and small size are propelling the market demand.
 

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Additionally, widespread incorporation of AR and VR devices in the mainstream amusement, press, and gaming industries is augmenting the product demand. Furthermore, rising use of head-up displays (HUDs) in automotive and military sectors is positively swaying the industry dynamics.
 

Also, growing popularity of wristbands and fitness bands for several purposes like health monitoring, entertainment, and lifestyle assistance, is poised to bolster the market progression over the analysis duration.
 

For the record, microdisplays are miniature display units having microscale screen sizes and resolution. They are used in various applications that require small screens like camera phones and head-mounted displays. 
 

As cited in the report, high cost of production and processing associated with microdisplays is likely to restrain market progression over the forecast duration.
 

Based on technology, worldwide microdisplay industry is segmented into OLED, DLP, LCD and LCoS. Considering the projection ambit, the marketplace is divided into near-to-eye, and projection among others. Speaking of application range, the business space is categorized into consumer electronics, medical, military & defense, industrial, automotive, and others.
 

Geographically speaking, North America region is currently dominating the market share on account of increased use of ICT technologies in the field of education, and high spending of the U.S. military on several microdisplay applications like remote sensing and night vision HUDs.
 

Meanwhile, Asia Pacific market is anticipated to expand lucratively through 2027, owing to rapid industrialization, availability of many OEMs and customers as well as surging demand for projectors, cameras/EVF, and HUDs in the region. Also, presence of industries like commercial & enterprise, retail, automotive, military & defense, and aviation is serving the market growth in the region.
 

Prominent players influencing the worldwide microdisplay market sphere are Syndiant Inc., RiTdisplay Corp., PRP Optoelectronics Ltd., Plessey Semiconductors Ltd., Optovate Ltd., Micledi Microdisplays BV, Epistar Corp., Jade Bird Display Ltd., Panasonic Corp., and INT Tech Co. Ltd.