Advent of new technology in various end-use industries for better virtual experience and to provide an experience of physical presence in the environment among users is fuelling the demand for HMDs.
DUBAI, UAE / ACCESSWIRE / April 15, 2021 / ESOMAR-certified Future Market Insights' recent report on the head mounted display (HMD) market forecasts a healthy growth outlook through 2021 and beyond. As of 2020, the market registered the growth of 16.1% CAGR, which was primarily bolstered by the increasing adoption of AR/VR technologies in gaming and media & entertainment industries. Future projections indicate a positive forecast, CAGR exceeding 25.9% through 2031.
According to the study, warfare simulations, tactical augmented reality, situational awareness, and many other advantages are provided by HMDs. These aforementioned factors are key drivers increasing the application of HMDs in aerospace and defense sectors. Integration of 5G technology and the need to create Synthetic Training Environment for defense training is boosting the growth of head mounted display market.
Apart from the aerospace and defense industry, the incorporation of AR/VR in HMDs has increased the usage in various industrial applications such as gaming, virtual shopping, automotive, remote education and many more. Hence, fuelling the demand.
"Advanced technology coupled with the integration of AR/VR in various sector such as education, gaming, military & defense, e-commerce and many more is bolstering the growth of head mounted display market," remarks the FMI analyst.
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Key Takeaways
- Eye wear segment is expected to register a growth of over 30.2% CAGR during the forecast period
- Increasing application in gaming and media & entertainment is expected to remain dominant
- By type, slide-on HMD is anticipated to prevail over other segments through 2021 and beyond
- United States is expected be one of the most lucrative market backed by the rise in gaming industry & defense sector
- UK is likely to reach a valuation of over US$ 5759.6 Mn by 2031-end to expand at 32.7% CAGR
- India to register a growth of over 35.9% CAGR during the forecast period backed by government initiatives to develop AR/VR technologies
- China is leading the East Asia HMD market followed by Japan and South Korea
Prominent Drivers
- Higher adoption of HMDs in gaming, healthcare and defense sectors is a key driver for the market growth
- Increasing adoption of AR and VR technologies is fuelling the demand of HMDs
- Surge in demand for lightweight HMDs and portable devices is stimulating HMDs sales
Key Restraints
- Lack of standardization and limited battery life is posing a challenge for the market growth
- Unavailability of proper knowledge of HMDs is expected to cause a restrain
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Competitive Landscape
Amcor PLC, Berry Global Group Inc., Gerresheimer AG, Comar LLC, Graham Packaging Company, Maynard & Harris Plastics, Alpha Packaging Inc., O.Berk Company LLC, CL Smith, Aaron Packaging Inc., and Clarke Container Inc. are some of the companies profiled by Future Market Insights. Leading players are reliant on the strategies such as product development, mergers and acquisition to strengthen their position in the market.
For instance, on February 25th 2021, the Indian Ministry of Defense announced that the army is in the process of procuring 556 AR head mounted display systems. The Indian Army will acquire the ARHMD systems under Make-II Category. AR head mounted display serves as an enhancement to land-based air defense weapon systems such as the IGLA shoulder-fired Infrared Homing Air Defense Missile System and the ZU 23mm 2B AD Gun System.
Also, in October 2020, WiMi Hologram Cloud Inc., a leading augmented reality provider announced the launch of its new Mixed Reality HMD product "WiMi Hologram Soft Light".
More Insights on FMI's Head Mounted Displays Market
Future Market Insights provides an all-inclusive report on global head mounted display market for the forecast period 2021-2031. To gain a better understanding on the trends, challenges, and opportunities, the market is further segmented on the basis of product type (head mounted and eyewear), HMD type (discrete HMD, integrated HMD, and slide-on HMD), application (gaming, media & entertainment, aerospace & defense, healthcare & medical devices, engineering & industrial application, education and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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SOURCE: Future Market Insights