Luton, Bedfordshire, United Kingdom, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Head Mounted Display Market.
Head-Mounted Display Market Size is projected to reach 113.55 billion by 2029, exhibiting a CAGR of 46% during the forecast period.
The head-mounted display (HMD) consists of a pair of cutting-edge goggles. Several add-ons are integrated with the head-mounted display, including a controller, sensor, and camera. Because of its portability, HMD displays are widely used in the military, the virtual reality gaming industry, and medical settings. The market is anticipated to be driven by the decreased micro display pricing and strong demand for helmet-mounted displays.
The Head-Mounted Display Market is primarily driven by an increase in investments by major players in the creation of HMDs, greater acceptance of AR and VR technologies as a result of COVID-19, accessibility of low-cost HMDs, technological improvements, and expanding digitalization. The gaming industry's increasing reliance on augmented reality/virtual reality (AR/VR) technology is guaranteeing the need for head-mounted displays and other solutions. The market will benefit from micro-displays' lower prices. Aside from this, growth will be facilitated in the upcoming years by the rising need for mobile-based AR solutions.
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Emergence of 5G Pushing Head-Mounted Display Market Sales
To use HMDs integrated with AR/VR technologies, robust systems and high speeds networks are needed. This is imperative for head-mounted displays to work smoothly and provide high level of network performance to users. VR head-mounted displays need a powerful PC or device to run them. The advent of 5G technology is expected to enable better and disruption-free performance of state-of-the-art HMDs.
The 5G technology will push the storage, power consumption, and processing power from the PC and to the cloud. Thus, user can experience AR/VR technologies by using Head Mounted Display without any other set-up at anytime from anywhere.
Recent Developments
- In April 2021, Microsoft has won a USD 22 billion contract for manufacturing Augmented Reality Gear from the US Army. It would start manufacturing Integrated Augmentation Systems under the contract, which is for over a timeline of 10 years.
- In March 2021, Sony has unveiled its new VR controllers that would be different from the ball-on-a-stick controllers used in PS4. Sony has also stated that the controllers will come with adaptive triggers, haptic feedback, and finger touch detection features, among others.
- In January 2021, Magic Leap has entered into a multi-phased, multi-year strategic partnership agreement with Google (US) for Google Cloud to deliver spatial computing solutions to businesses and Google Cloud customers.
| Report Coverage | Details |
| Market Size Value in | 3.77 billion in 2022 |
| Market Size Value by | 113.55 billion by 2029 |
| Growth rate | CAGR of 46.0% from 2022 to 2029. |
| Forecast Period | 2022-2029 |
| Base Year | 2022 |
| Historical data available | Yes |
| Segments covered | Type, Application, Component, Technology, Design and Connection |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse summary of the report and Complete Table of Contents (ToC):
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Head-Mounted Display Market Players
The key market players in thin film photovoltaic cell include Microsoft Corporation, Google, Samsung, BAE Systems, Elbit Systems, Huawei Technologies, HTC Corporation, Sony Corporation, LG Corporation, Thales Visionix Inc., Xiomi, Avegant Corp. and others.
Key Market Segments: Global Head-Mounted Display Market
Head-Mounted Display Market by Type, 2022-2029
- Discrete HDM
- Slide-On HDM
- Integrated HDM
Head-Mounted Display Market by Technology, 2022-2029
- AR
- VR
Head-Mounted Display Market by Components, 2022-2029
- Processors and Memory
- Displays
- Lenses
- Sensors
- Controllers
- Cameras
- Cases and Connectors
- Others
Key Trends in U.S. Head-Mounted Market
The Head-Mounted Display Market in the United States is anticipated to increase by double digits throughout the forecast period. According to FMI's forecast, North America's most lucrative market would continue to be the United States. Studies show that the growth of the gaming business and the number of online and offline players in the United States has caused a 5% increase in the shipment of head-mounted displays into the country.
Moreover, the U.S. Head-Mounted Display Market has been expanding due to the rising demand for richer content from the gaming industry and defence applications. The U.S. Head-Mounted Display Market has expanded as a result of rising demand, particularly from the aerospace and defence industries, the healthcare sector, manufacturing, and the packaging sector.
One of the key reasons driving the market's expansion is the rising investment in the creation of Head Mounted Displays and their use in different applications. Massive investment has been made in the head mounted display industry, as investors are willing to support companies that have demonstrated the value of their inventions and products in recent years.
Another significant aspect that supports the market's expansion throughout the predicted period is important contributions made by well-known market participants. Some of the well-known market companies fostering the expansion of the sector globally are Intel Corporation, Qualcomm Inc., Alphabet Inc., Meta Platforms Inc., Comcast Ventures, and Samsung Group.
Dynamics of the Global Head-Mounted Display Market
The widespread adoption of head mounted displays across a variety of industries is a key factor in the market's expansion. HMDs are widely used in video games because they enhance the playing experience. The popularity of head-mounted displays has surged thanks to PlayStation (PS). The quality of gaming is increased by head mounted displays since they project digital graphics that enable 3D vision and simulate real-world scenes.
Spending on video games has significantly increased as a result of the COVID-19 pandemic. Top-tier gaming companies are currently releasing a tonne of AR and VR games. The game industry has experienced a technical shift as a result of the development of VR and 3D technology.
In the military and defence industry, head mounted displays have become more and more common. Head mounted displays are commonly used for tactical augmented reality, situational awareness, spatial orientation, weapons aiming, battlefield visualisation, digital twins, and other critical tasks. As a result, during the duration of the forecast, this helps the market grow.
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