CHICAGO, March 11, 2019 /PRNewswire/ -- According to the new market research report "Transparent Display Market by Product (HUD, HMD, Digital Signage, Smart Appliance), Vertical (Retail & Hospitality, Industrial, Aerospace & Defense, Automotive & Transportation), Display Size, Resolution, Technology, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Transparent Display Market is expected to grow from USD 408 million in 2018 to USD 2,591 million by 2023, at a CAGR of 44.7%. The growth of the transparent display market is driven by various factors, such as growing demand for LCD based transparent displays for various verticals and increasing use of transparent displays for HMD and HUD products. High growth for OLED-based transparent display devices and high adoption of transparent displays for digital signage products are expected to provide huge growth opportunities to players in the transparent display market.
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Market for HMD products to grow at the highest CAGR during 2018-2023
The market for HMD products is expected to grow at the highest CAGR from 2018 to 2023. HMDs are likely to be rapidly adopted in several industries during the forecast period. The introduction of wearable devices, head-up displays (HUDs), and head-mounted displays (HMDs) paved a new path for the growth of the transparent display market. OLED technology-based transparent displays are being increasingly used in AR HMDs as OLED technology enables better power efficiency, faster response, and more colors.
Small and medium-sized displays expected to grow at the highest CAGR during 2018-2023
Small and medium-sized displays are expected to grow at the highest CAGR from 2018 to 2023. The increasing adoption of transparent displays for small and medium-sized products such as AR HMDs, and HUDs provides opportunities for transparent displays to grow at a high rate during the forecast period. Due to their compact size, low power consumption, and high brightness, they have become a key component of several products, such as head-mounted display (HMD) systems and heads-up display (HUD) systems. AR HMDs connect virtual objects and reality, and the rising adoption of AR HMDs in industrial and enterprise, military, defense, aerospace, and medical applications boosts the transparent display market growth.
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OLED display technology to grow at the highest CAGR during 2018-2023
The OLED display technology are expected to grow at the highest CAGR from 2018 to 2023. Demand for OLED display technology is higher due to several advantages that OLED offers. Many industry experts believe OLEDs are set to replace existing technologies in the display ecosystem. Given this, many companies started investing heavily in R&D related to OLED. OLED transparent displays are penetrating in the market at a high rate because of the increase in the demand for these transparent displays from HMD vendors, owing to which the market for OLED transparent displays is expected to increase rapidly during forecast period.
Growing demand for technologically advanced devices will boost the demand for transparent displays in North America during the forecast period
The US is expected to be a major contributor to the growth of the transparent display market in North America in the coming years. The reason for the dominance of the US in North America is its well-established economy, which allows rapid adoption of latest transparent display technologies. The presence of a huge customer base in the US, coupled with innovative developments in the field of HMDs, the transparent display market in North America is expected to grow at a high CAGR during the forecast period.
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Key players in the market include Planar Systems (US), Pro Display (UK), Crystal Display System (UK), LG Electronics (South Korea), Panasonics (Japan), BenQ (Taiwan), ClearLED (US), Kent Optronics (US), NEC Display Solutions (Japan), and Universal Display Corporation (US). These players are increasingly undertaking product launches and developments, contract, partnerships, and agreements to develop and introduce new technologies and products in the market.
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Microdisplay Market by Product (HMD, HUD, EVF, Projector), Technology (OLED, LCoS, LCD, DLP), Industry (Consumer, Industrial/Enterprise, Aerospace, Automotive, Retail, Entertainment, Medical), Resolution, Brightness, and Region - Global Forecast to 2024
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