Head mounted displays (HMD) are display devices worn on the head and have a small display system either in front of each eye or one eye. These are known as monocular head mounted displays or binocular head mounted displays, depending on the number of displays. HMDs have two categories; ‘see through’ HMDs and ‘look at’ HMDs. Users can see superimposed computer generated images (CGI) in the see-through HMDs and the look-at HMDs only allows computer generated images that are projected by the device.
Demand for Lightweight Wearable Devices and Advanced Technology Drive Market
The head mounted display (HMD) market is anticipated to develop at an exponential CAGR of 45.2% during 2014 to 2022. The head mounted display market has been driven by the increasing popularity of lightweight wearable devices. The HMD market has opened up due to the development of sophisticated technology that offers 3D viewing, advanced display technologies, and high resolution capabilities.
Demand from Defense Services and Consumer Market Boosts Market for HMDs
A major factor aiding market expansion of head mounted displays is the increased demand from defense services for HMDs and the use of head mounted display in surgeries, and particularly dentistry. Decreasing prices of micro displays and upsurge in penetration in consumer markets are also augmenting demand for HMDs. A new market opportunity for head mounted displays is the use of HMDs in automotive prototyping. These devices can be used when designing a vehicle virtually and for assessment of different parts of the vehicle. Hence, the demand for HMDs is expected to rise in the automotive sector.
Among the product segments of the head mounted display (HMD) market, helmet mounted displays had the largest market with a 66% share in terms of revenue in 2013. The wearable glasses segment is expected to outshine the helmet mounted displays over the next few years, due to consumer preference for lightweight head-worn devices. In 2013, the end-use segment of defense services, which includes the navy, the air force, and the army, had a 73% market share for HMDs and reached a value of US$483.2 million. The consumer market for HMDs is expected to expand at an unprecedented CAGR of 53.2% till 2022. This growth is attributed to the intensifying demand from consumers and medical and healthcare segments.
North America Largest Market, Asia Pacific Fastest Growing Regional Segment
Among the geographical segments of the global head mounted display market, North America occupied the largest market share in 2013, due to the heightened demand for portable wearable devices. The demand for head mounted display (HMD) in North America is dominated by the end-use segments of healthcare, safety services, and defense services. In the Asia Pacific region, the HMD market reached a value of US$144.5 million in 2013 and this is expected to be the fastest growing regional HMD market over the next few years.
Major industry players in the head mounted display (HMD) market include Elbit Systems Ltd., BAE Systems Plc, Vuzix Corporation, Sony Corporation, Kopin Corporation, eMagin Corporation, , Seiko Epson Corporation, and Rockwell Collins.