Global Head Mounted Display Market: Virtual Prototyping Offers Ample Opportunities to Market Players
The head mounted display (HMD) market has shown impressive development on account of the rising requirement to deliver information to pilots in general and commercial aviation cockpits. The portability of HMD that enables it to consume less space compared to head up displays is a major factor driving the growth of this market. The decline in the price of micro-display has led to extensive demand for HMD from the defense, sports, and the automation sectors.
According to analysts at Transparency Market Research (TMR), the global head mounted display (HMD) market stood at US$430.4 million in 2013. Virtual prototyping is likely to present significant opportunities to the market players and drive the market to a whopping sum of US$20,450.50 million by 2022, at an exceptional CAGR of 45.2% during the period of 2014-2022.
Browse The Market Research Report of Head Mounted Display Market:
The global HMD market is reporting exceptional growth at present. However, the future status of this market depends largely upon the individual performance of the various segments of this global industry. Let us have a look at the present conditions of the major segments of the global HMD market.
- Based on the type of product, the markets for helmet mounted display and head mounted wearable/computing glass are the two major segments of this market. The helmet mounted display market led the global industry in 2013. Helmet mounted displays are embedded to the helmet and are extensively employed in military settings. However, the market for wearable/computing glass is projected to lead the global HMD market in the near future owing to the light weight and other superior features of wearable glass compared to helmet mounted displays.
Google glass has been the key innovation that has fueled the HMD product market to significant extent.
- Based on end users, the global HMD market is classified into the consumer market and the defense sector, comprising of military, navy, and air force, and others. The defense sector is the present leader of the global HMD market and is expected to maintain its dominance in the coming future. Rising demand for tracking, security, and imaging purposes is likely to stimulate the growth of the HMD market in the defense sector.
Other end-use industries such as medical, automation, and sports are also expected to register a high growth rate in the near future.
- On the basis of application, training and simulation, tracking, security, and imaging are the major components of the global HMD market. Among these, the training and simulation market led the global industry in 2013 on account of the rising usage of HMD in military and the medical training modules. The market is likely to enjoy the dominant position over the forthcoming years. Apart from this, the market for security applications is also expected to register significant development in the near future.
- Regionally, the HMD market in North America dominated the global market in 2013. The HMD market in Asia Pacific stood at US$144.5 million the same year. In the coming years, the Asia Pacific region is expected to report the fastest growth among all regional HMD markets.
Browse Press Release of Head Mounted Display Market:
The development in computing capabilities, allowing a broad array of embedded features and better connectivity to the cloud, is projected to aid participants of the head mounted display market in expanding their business in the years to come.