The total value of the near-eye display market was USD 1,709 million in 2022, and it will rise at a growth rate of above 24.40% shortly, reaching USD 9,799 million by 2030, according to P&S Intelligence.
This can be credited to the swift progresses in display technologies including LCD, LED, and OLED; the growing requirement for high-quality displays in an extensive variety of applications; and the rising acceptance of AR and VR devices, which need high-quality displays to offer an immersive experience.
In 2022, Thin-film transistor liquid crystal display technology held the largest market share. This is mainly because of the fact that it is frequently utilized in HMDs and wearable displays like see-through and immersive glasses, because of its capability to offer high-resolution displays that can display detailed pictures and videos with outstanding color correctness.
Also, the technology makes it imaginable to make high-quality, immersive graphic experiences for a variety of applications, from entertainment and gaming to training and teaching.
The demand for VR systems has experienced substantial development in recent years. This technology has the capability to alter lives and the way individuals socialize their work. VR is an entirely immersive computer-produced atmosphere with realistic acts and objects that brands the operators feel are wrapped up in their surroundings.
For example, in 2022, there are above 169 million operators of VR technology at the worldwide level.
HMDs have been progressively utilized in medicinal applications for a range of drives, such as preoperative development, medical training orthopedic events, and patient education.
Therefore, in 2022, the medical category held an income of USD 256 million, and it is projected to rise at a CAGR, of approximately 24.2%, in the industry. The technology has sustained to advance, and AR/VR is turning more dominant within orthopedic medical education.
According to the research paper printed in Sage Journals in 2019, picture guidance and AR/VR were the utmost stated applications of wearable displays. Also, see-through HMDs experienced higher utilization in neurosurgery and urology.
APAC held a substantial industry share in the worldwide market, in 2022. This can be credited to the technological development, extensive acceptance of VR and AR in the entertainment and gaming sectors, and the existence of numerous big manufacturers, in the region.
Furthermore, the rising leaning of a huge count of millennials and Gen Z to the gaming culture is growing the acceptance of this technology in the APAC region.
Hence, swift progresses in display technologies including LCD, LED, and OLED; the growing requirement for high-quality displays in an extensive variety of applications; and the rising acceptance of AR and VR devices are the major factors contributing to the growth of the near-eye display market.
