Declining prices of microdisplays together with the escalating demand for light weight wearable computing devices is the major force fueling the market growth. Declining prices of microdisplays has enabled manufacturers to manufacture low cost HMD prototypes, thereby enabling them to better penetrate the consumer market in price sensitive emerging economies. In addition, growing inclination towards patent filings associated with virtual and augmented reality technologies is expected to have positive impact on the market growth.
These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 49.9% during the forecast period 2015 – 2023. Although concerns related with image latency, battery life, and design standardization has somewhat plagued the penetration of head mounted displays, the manufacturers and industry-associated communities are collectively working on standardizing design guidelines and addressing other prevailing issues. The head mounted display market is expected to reach US$ 20.216 Bn by 2023, expanding at a CAGR of 49.9% from 2015 to 2023.
Purpose of the Report
The purpose of this strategic research study titled “Global Head Mounted Display (HMD) Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global head mounted display market.
Target Audience
USP and Key Offerings
The report titled “Global Head Mounted Display Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” offers strategic insights into the global head mounted display market along with the market size and estimates for the duration 2015 to 2023. The said research study covers in-depth analysis of multiple market segments based on product type, end-users, components, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading HMD manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and recent developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global head mounted display market, of growth, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.
Product Segmentation Analysis
Based on product types, the global head mounted display market is segmented into following categories
Helmet mounted display was the largest product segment in the global head mounted display market, accounting for over half of the global market revenue in 2014. The market for helmet mounted displays has been majorly driven by the demand from defense applications. The advancements in technology and introduction of light-weight eye wear computing glasses, is expected to revolutionize the head mounted display industry, expanding their application beyond the traditional defense service (military, navy, and air force) end-use segment. This rise in demand for eye wear computing glasses is mainly owing to its characteristics including compactness and connectivity which allows users to be mobile while simultaneously availing the advantages of computing power.
Application Segmentation Analysis
On the basis of applications, the head mounted display market is categorized into following categories:
Training and simulation was the largest application segment in the head mounted display market, accounting for over 3/4th of the global market revenue in 2014. The dominance of training and simulation segment is majorly on account of increased use of wearable devices in medical and defense training sessions. With the advancements in display technologies, head mounted displays with superior computer graphics, better resolution, and three dimensional views have been witnessing significant growth in imaging applications across the medical community. In addition, growing terrorism threats across the globe has led to an increased use of HMDs for security applications.
End-use Segmentation Analysis
On the basis of end-use, the head mounted display market is categorized into following verticals:
Defense segment comprising military, air force, and navy accounted for over 2/3rd of the market revenue in 2014. This dominance can be attributed to the regulated demand from the military sub-division. Increased use of avionics for navigation and tracking applications is expected to boost demand for wearable devices in the air force sub-division. The advancements in display technologies and other capabilities like superior computer graphics and 3D view are expected to fuel the demand for head mounted displays in the healthcare domain. Furthermore, with the advent of augmented and virtual reality technologies, the demand for HMDs is all set to proliferate. The HMD industry is witnessing rise in augmented reality hardware devices with active industry players including Microsoft, Google, and Sony planning to launch a separate product line of wearable computing glasses with augmented reality capability.
Geography Segmentation Analysis
On the basis of geography, the global head mounted display market is segmented into following regions and countries.
Introduction of light-weight eye wear computing glasses have brought a new dynamism to the global head mounted display industry. The demand for head mounted displays have been predominant in traditional markets like North America and Europe owing to regulated demand from defense services and comparatively greater adoption of augmented and virtual reality technologies across multiple verticals in these regions.
The head mounted display market in North America and Europe witnessed a two-three year slow-down in the beginning of this decade due to the economic downturn and declining defense expenditures. However, with economies recovering from the economic recession, the head mounted display industry is all set to regain its original growth levels. Over the forecast period, we expect high penetration of HMDs in emerging economies of Asia, Middle-East, and Latin America, as manufacturers seek to achieve first-mover advantage.
Hismation: Head Mounted Display
A head mounted display is a wearable display or projection technology incorporated in eye glasses or mounted on a headdress. It consists of a small display optic, which projects augmented and virtual environment in front of wearer’s eye. The different technologies employed in the display unit of a head mounted display include Cathode Ray Tube (CRT), Liquid Crystalline Display (LCD), Liquid Crystal on Silicon (LCoS), or Organic Light Emitting Diode (OLED). Some manufacturers also employ multiple microdisplays to augment resolution capabilities and total field of view. The following table gives the technical overview of different technologies employed in display units.
The concept of head mounted displays traces its roots to the first half of the 20th century. The concept was first patented by McCollum in 1945. In 1960, Morton Heilig introduced and patented a head mounted stereophonic television display and later went onto develop a stationary VR simulator equipped with a wide range of sensory devices such as binocular display (1962). The first HMD incorporating head tracking capability and synchronized computer generated image overlay was introduced by Sutherland in the late 1960’s (1965 - 1968). It was called “Sword of Damocles” and had a CRT based optical-see through relay optics for each eye.
Since 1970s, the U.S. defense service, especially Air Force has looked upon HMD systems as a means of offering the aircrew with a variety of flight information. In 1973, the U.S. Air Force first tested a prototype AN/PVS-5 series Night Vision Goggle. Since then, the U.S. defense services have tested and introduced several HMD models, some of which include Integrated Helmet and Display Sighting, Visually Coupled Airborne Systems Simulator (VCASS) (1982), System (IHADSS) (1985), and super-cockpit VR system (1986) among others. The HMD market in the past had been constrained owing to poor ergonomics, bulky appearance, and technical limitations of optics. However, with the advancements in optic technology and introduction of light weight eyewear computing glasses, the market has gained the necessary traction, extending the application base beyond defense services to consumer space, healthcare, education, sports, and architectural design among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Head Mounted Display (HMD) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product
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Application
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End-use
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
