Introduction
Head mounted display (HMD) market is projected to grow at a decent CAGR over the forecast period(2018-2023) Moreover, cloud computing and virtual designing of automotive parts will also escalate the demand for HMDs globally. However, the growth of the industry will be restrained by the factors such as lack of awareness about its various applications as well as related potential hazards, and lack of standardization of components.
Moreover, the industry requires new firms to invest heavily on R&D activities which also hamper its growth. Americas was the largest head mounted display market in 2015 and its dominance is attributed to the increasing number of consumer demand for connectivity and portability, followed by Europe Middle East and Africa and Asia-Pacific region. HMD market in Europe is expected to grow due to considerable technological upgradation. Asia-Pacific is the fastest growing HMD market, with Japan and China holding the major market share, owing to low production costs and maintenance costs.
High Investment In Research And Development
The major restraint to the growth of head mounted display market is the high capital investment as well as investment in R&D activities. Virtual reality is an emerging technology which requires continuous research and development, thereby raising potential cost to the manufacturers. Moreover, companies engaged in head mounted displays manufacturing are required to patent their own products to gain a competitive advantage in the global market. Thus, only established players have most of the market share across the globe and hinders the entry of new entrants in the market which, in turn, creates obstacles in the overall growth of the industry.
Head Mounted Display Market Forecast By End User Industry (Us$ Billion)
The head mounted display market has been segmented by the end-user industry as Aviation and Defense, Manufacturing, Healthcare, Education, Entertainment and Media, and Others. The market share of each end-user is depicted in the following pie chart. Aviation and defense sector had the largest market share in 2016 and will continue its dominance throughout the forecast period.
This growth is attributed to the rising use of HMDs for pilots in order to provide vital information in difficult conditions such as crosswind. Media and entertainment sector will witness the fastest growth at the highest CAGR of X.XX% during the forecast period due to growing applications of VR (virtual reality) in gaming. Growing young global gaming population coupled with technological advancements in display such as high resolution and 3D video display are primarily responsible for the growth of HMD market within this sector. Companies such as Microsoft and Sony have introduced advanced VR HMDs exclusively for gaming applications, thereby attracting more customers for HMDs.
Head Mounted Display Market Forecast By End-user Industry, By Aviation And Defense (Us$ Billion)
The Aviation and Defense industry had the largest market size of worth US$X.XXX billion in 2016 and will remain at its position by growing at a CAGR of X.XX% during the forecast period to reach a total market size of US$X.XXX billion by 2021. This growth is due to growing adoption of HMDs by the industry for various purposes such as training, security, and monitoring and tracking both in developed and developing economies. HMDs are continuously being used in defense sector as they are highly efficient for both ground-based uses (military applications, warfare vehicles, etc.) and airborne applications (rotary applications, fixed wing applications, etc.). In the aviation sector, the market growth is due to rising use of advanced HMDs for pilots to provide them vital information, including wider field of view and ability to land in difficult situations like crosswind.
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