Global microdisplays market worth $995 million by 2016

DALLAS, USA: According to a new market research report "Global Microdisplays Market - By Technology, Products & Applications (2011-2016) published by MarketsandMarkets, the total microdisplays market is expected to reach $995 million by 2016 at a CAGR of 31.82 percent from 2011 to 2016.

The microdisplays market has gained force in the last couple of years. With the number of innovations taking place in the technology of microdisplays, the market is expected to grow exponentially in the next five years at a considerable compounded annual growth. The demand for products that uses microdisplays is on the rise.

A lot of other applications such as the automotive and digital holograms are expected to get commercialized in the next two to three years. The companies are now shifting towards using the OLED technology and a lot of research and development is taking place in this particular market. The companies are realizing the need of these tiny displays and working towards reducing the cost of manufacturing them.

North America and Europe will continue to grow at a CAGR of 21.78 percent and 20.87 percent, respectively in the next five years. Both the regions have potential to grow in consumer applications. Japan, China, and South Korea are expected to have tremendous growth in the microdisplays market and are expected to lead the market in the next five years.