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In a recent report, the research firm Markets and Markets projects that the worldwide market for wearable displays, estimated at US$1.34 billion for the current year, could grow to US$3.37 billion by 2023, marking out a 20 percent compound annual growth rate over the five years.
The April 2018 study, which investigates the market by display technology, product type (e.g., smart watches, head-mounted displays), panel type, and other parameters, cites a number of factors driving the expected growth. Among those are increased use of flexible and other OLEDs in smart watches and other wearable devices, increasing development of energy-efficient displays, greater adoption of augmented reality (AR) and virtual reality (VR), and the extension of micro-LEDs into displays for ever-smaller smart wearables.
Head-mounted displays will likely remain the biggest component of the wearable-display market by product type over the five-year study period, according to the report. The authors note in particular the expected increase of AR head-mounted displays and “smart glasses” in enterprise and industrial settings. Such settings are emerging as perhaps the key target market for these displays, and applications tuned to them could could boost the fortunes of OLED technology for the devices.
The biggest growth rate during the five years covered by the study is expected in the Asia-Pacific region. According to the report’s authors, that’s because a large number of display technology firms are located in that region, and these firms (like those in other parts of the world) often initially launch new products in their home region.
The report also notes a number of challenges for sustainable growth of wearable displays. Costs related to new technology launches are still high, according to the study, and excessive power consumption remains a key constraint to be overcome in bringing practical products to market.
