The Extend Reality Display Market is valued at approximately $581.07 Million in 2021, and the market is expected to grow at a compound annual growth rate (CAGR) of 46.06%. The emergence of the pandemic has led to the development of extended reality technologies in retail, education, and healthcare.
NEW YORK, Sep 5, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the “Extended Reality Display Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06317791/?utm_source=GNW
However, the use of XR technologies has long been dominant in the gaming and entertainment industry despite the impact of COVID-19 that has accelerated the adoption of XR technologies in other end user industries. Thus, driving growth for displays in the extended reality market.
the main points
The market figures cited in the study indicate the value of displays sold by sellers across applications such as gaming, entertainment, retail, healthcare, education, military, defense, automotive, manufacturing, and more. The displays used in the market are designed as either direct display panels or mini display panels. AR display panels are designed to be transparent and allow users to view digital data while being fully aware of the physical world around them.
The COVID-19 pandemic has led to an increase in the use of XR technologies which is driving demand for thoughtful displays in the market. For example, beauty product retailers such as Sephora and Ulta are required to prohibit customers from physically testing beauty products on their skin. Instead, cosmetic retailers are turning to augmented reality to help consumers digitally test products to aid in purchasing decisions.
Therefore, the use of immersive technology in end-user settings is expected to increase further over the coming years due to the short-term growth in demand enhanced by the effects of the pandemic.
Moreover, the adoption of mixed reality is gaining momentum in various sectors as the availability of information through sight becomes a plus and confers an advantage. Microsoft is increasingly focusing on innovating its offerings to expand the scope of its applications. For example, in March 2021, Microsoft won a contract from the US Army to produce headphones based on the HoloLens 2, worth 21.9 billion US dollars. These developments are also expected to affect the adoption of the technology and increase the need for the XR monitors studied in the market.
One of the toughest challenges for XR technology relates to educating a wider audience – the broader market. Existing applications (for smartphones, tablets, and wearables) are limited to one user only. For XR to be more intuitive, developing multi-user, unified, and simplified experiences is a must. In the current market scenario, the availability of such products is limited, and thus presents a major challenge for market growth.
In the coming years, real-time display, interactive AI, the increasing popularity of immersive experiences, and the proliferation of 5G are expected to transform the theatrical experience and boost the growth of the XR monitor market. For example, if the end-to-end latency (the delay between a user’s head movement and screen change in a VR headset) is too high, users can suffer from motion sickness. To avoid this, VR systems need a latency of less than 20 milliseconds, which is what 5G can offer. Thus, 5G is expected to support the demand for the XR market.
Major market trends
Growing adoption of AR and VR applications across multiple end user industries
The rapid adoption of augmented reality and virtual reality is changing the gaming industry, creating more opportunities for the XR display market. Companies are making rapid developments in their products to gain maximum momentum in the market. For example, the Oculus Quest VR headset has improved the virtual reality system by adding a hand-tracking feature, which may enable VR users to use their fingers to manipulate VR worlds.
Gesture-based computing is now part of games, televisions, appliances, kiosks, medicine, 3D sculpture, engineering, medical professionals, designers, advertisers, and even people with physical disabilities. Gesture-based games have moved beyond traditional game consoles and are seeing increasing adoption in educational games for children. For example, Magic Touch Math is the first game focused on learning mathematics with custom gesture graphics. Thus, gesture-based recognition can also be used in applications other than traditional gaming applications.
In September 2021, Audi announced the release of an entertainment virtual reality game on the road. This makes it possible to travel to virtual worlds from within the Audi. Holoride start-up makes the car soar with a multimedia experience. This new technology will combine virtual reality content with real-time driving motions to enable Audi’s back-seat passengers to immerse themselves in games, films and presentations and experience virtual content by adapting to the vehicle’s driving movements in real time using virtual reality glasses.
Furthermore, in September 2021, the University of East London (UEL) announced the launch of the EON-XR Center in partnership with EON Reality. The EON-XR Center in the UK allows students and lecturers to access augmented and virtual reality-based training through many devices, including smartphones, websites and VR headsets, thus, driving growth and demand in the studied market. Thus, these developments are expected to increase the demand for the XR monitors studied in the market.
North America is expected to own a large share
North America is expected to hold a significant market share as the US government looks for direct and indirect ways to use augmented reality technology to facilitate innovation and boost prosperity.
For example, the Foreign Service Institute at the State Department has introduced virtual reality as an experiential learning tool in specific training. Several AR and VR training programs have been implemented in the area for local workforce development and wastewater management.
The region dominates the market due to factors such as exposure to high technology. Besides, the easy availability of resources has led to a strong demand for extended reality devices. Several regional companies are deploying innovative displays in their AR/VR wearables.
Many big American tech giants, from Apple to Google, are investing heavily in building virtual reality and augmented reality equipment. Since the screen is a crucial component of such devices, such investments will help in the growth of the market.
For example, in June 2022, Facebook parent company Meta unveiled four virtual reality (VR) prototypes for research purposes as the company seeks to realize the full potential of the metaverse technology. The models are expected to provide visual experiences that are more like reality and solve issues such as poor resolution, distorted scenes and eye fatigue while making the headphones lighter.
The region is also home to several major players, such as eMagin Corporation, a major manufacturer of high-resolution OLED micro-displays for augmented/virtual reality and other near-imaging products. The company hosted an exhibition of its existing product line, including dPd Direct Patterning OLED Microdisplay Technology, at Display Week 2022, one of the industry’s largest conferences dedicated to the display market, in San Jose, California, in May 2022.
The extended reality monitor market primarily includes many domestic and international players. The competitive rivalry is expected to be high and to remain the same during the period of expectations among the players. Among the significant players in the market are Sony Corporation, Samsung Electronics Co., Ltd., Cobain Corporation, Japan Display Corporation, etc. Technological progress in the market also brings a great competitive advantage to companies, and the market is also witnessing many advantages. Partnership.
June 2022 – Cobain is awarded a contract to develop a new in-vehicle cross-view imaging system for a major defense contractor in the United States. The new system will combine Kopin’s high-brightness, high-resolution, low-power ferroelectric liquid crystal on a silicon micro-display (FLCOS) and custom optics in a custom ultra-rigid housing to enable operational use in extremely harsh environments.
June 2022 – LG Display plans to lay the groundwork for supplying Apple with screens for its second generation of mixed reality (MR) devices. LG will order deposition equipment from Sunic System, allowing the company to produce small OLED panels.
May 2022 – Samsung Electronics launched Micro LED technology at the Integrated European Systems Exhibition (ISE) with three new models of its latest display technology, The Wall. The Wall’s next generation technology will provide benefits to transform any business and open up new opportunities.
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