Head Mounted Display Market, Size, Share, Outlook and Growth Opportunities 2021-2028
Added: (Mon Dec 13 2021)
Pressbox (Press Release) -
Market Overview
• The global Head Mounted Display (HMD) Market is expected to grow at a CAGR of over 21% during the forecast period (2021-2028).
• Rising use of HMDs by Military, police, and firefighters to display tactical information such as maps or thermal imaging data while viewing a real scene is anticipated to boost growth in the market. Recent applications have included the use of HMD for paratroopers. The head-mounted display uses virtual reality technology where one can visualize and interact with the objects of the virtual world in a similar manner it interacts with the real world.
• Head-Mounted Display is a set of goggles with additional accessories such as storage, monitor, camera tracker, and headphones, etc, which are mounted on the head. Increasing adoption of AR and VR technologies, growing investment by major players, and availability of low-cost HMDs are the major drivers for the HMD market.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Head Mounted Display Market. The market has been segmented based on region, technology, connectivity, and end-user.
Market Dynamics
• The global Head Mounted Display Market growth is primarily driven by the rising adoption of HMD for defense and military application. These devices are light-weighted and have several potential features including eye-tracking and multi-focus plane capabilities. This helps in military and aircraft operation training as the user is immersed in the virtual reality environment. The military HMDs do not usually display videos or media, but rather give information and tracking as part of a heads-up display for the vehicle being used. Therefore, the growing defense sector across the globe by major countries is further expected to boost the demand for HMD over the forecast period.
• For instance, according to the Stockholm International Peace Research Institute (SIPRI), total world military expenditure rose to $1,822 billion in 2018, representing an increase of 2.6 percent from 2017. The five biggest spenders in 2018 were the United States, China, Saudi Arabia, India, and France, which together accounted for 60% of global military spending.
• Besides, with the advent of virtual and augmented reality technologies, the head-mounted display (HMD) market has gained significant traction in the consumer space. For instance, The Oculus Go is a standalone virtual reality headset released on May 1, 2018. It was developed by Oculus VR in partnership with Qualcomm and Xiaomi, and a Xiaomi-branded version is being sold in China as the Mi VR Standalone. The Go is an untethered all-in-one headset, meaning it contains all the necessary components to display graphics and doesn't require a connection to an external device to use. It's equipped with a Snapdragon 821 SoC and is powered by a 2600 mAh battery.
Segmentation Analysis
• By connectivity, the global Head Mounted Display Market is segmented into wired and wireless. In 2018, the wired segment accounted for the largest market share in the global market. The wired head-mounted display is priced lower than the wireless HMD. However, wireless HMD is expected to witness the highest CAGR over the forecast. Besides, wireless HMD does not require connectivity with the PC. Consumers have the freedom to travel as they can autonomously move to experience the real and virtual world.
• By end-user, the global Head Mounted Display Market is segmented into Military & Defense, Consumer Electronics, and Others. In 2018, the Military & Defense segment accounted for the majority share in the market. Growing demand for HMDs in security, tracking, and imaging applications is expected to drive demand in the military & defense segment over the forecast period. A virtual reality simulation enables defense personnel to train but without the risk of death or a serious injury. They can re-enact a particular scenario, for example, engagement with an enemy in an environment in which they experience this but without the real-world risks. This has proven to be safer and less costly than traditional training methods. Virtual reality training is conducted using head-mounted displays (HMD) with an inbuilt tracking system and data gloves to enable interaction within the virtual environment. Another use is combat visualization in which soldiers and other related personnel are given virtual reality glasses to wear which creates a 3D depth of illusion. The results of this can be shared amongst large numbers of personnel.
Regional Analysis
• By geography, the global Head Mounted Display Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of Head Mounted Display adoption, due to various factors, such as IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in the global market over the forecast period.
• Asia Pacific HMD market is expected to emerge as a lucrative region, owing to low production costs, low maintenance costs, and availability of cheap labor with adequate expertise in the field. Moreover, the rise in expenditure in the defense sector by emerging countries like China and India to modernize the military with technologically advanced equipment, the APAC HMD market is expected to witness the highest CAGR over the forecast period.
Competitive Analysis
• Global Head Mounted Display Market is moderately fragmented with the presence of global and regional players in the market. Some major players in the market are BAE Systems, CINOPTICS, Elbit Systems, FUJITSU, Rockwell Collins, Samsung Electronics Co., Ltd., Oculus VR, LLC, Recon Instruments, Inc., Seiko Epson Corporation, Sensics, Inc., Thales Visionix, Inc., Vuzix Corporation, and among others. These players have adopted various strategies, such as new product/service developments, mergers and acquisitions, collaborations, and partnerships, to expand their presence in the global Head Mounted Display Market.
View full report: https://www.datamintelligence.com/research-report/head-mounted-display-market
Enquiry before buying: https://www.datamintelligence.com/enquiry/head-mounted-display-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com