Market Trends of LCoS Display Industry
This section covers the major market trends shaping the LCoS Display Market according to our research experts:
Head-mounted Displays to Witness Huge Demand for LCoS Systems
- Head-mounted devices for AR/VR applications are a significant segment that uses LCoS displays. These AR/VR headsets are used for consumer and enterprise/industrial purposes. Companies like Ominivison and Himax Technologies were the two major suppliers of LCoS Technology for products of companies like Magic Leap, Google, and Microsoft.
- The market is flooded with several HMDs that provide minimal to fully immersive HMDs. LCoS competes with other technologies in this segment, like DLP, AMOLED, and LCD. LCoS has been the preferred choice for HMD providers who provide a semi-immersive experience.
- HMDs have seen significant development in recent years. Apple has been developing new augmented reality products and is significantly investing resources. For instance, in June 2022, Apple won a patent for a multimodal audio system and future HMD and smart glasses.
- HMDs are still in their early stages; thus, various suppliers are coming together to develop platforms that device manufacturers can use. However, trends are slowly moving toward a fully immersive experience, as there has been a surge in AR/VR content in the form of videos and games. Moreover, with the availability of 5G, companies are likely to be able to stream high-resolution content, which is required for a truly immersive AR/VR experience.
- Further, companies are integrating LCoS Displays in head-mounted equipment such as Infrared Cameras. For instance, in January 2022, Zeiss released DTI 3/25, the company's second thermal imaging camera developed primarily for hunting. This integrates a high-resolution HD LCOS display combined with 0.5 zoom increments for detailed images for reliable spotting.
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North America to Hold Significant Market Share
- North America is expected to cater to a significant market share with its major production sites of various automotive brands and innovation trends in military and defense.
- The government regulations in the developed regions of North America are increasingly favoring automotive innovations and technologies that support the development of the LCoS display market.
- Additionally, the increasing development in the military and defense segment is further creating a demand for the LCoS display market over the forecast period. For instance, in May 2022, BAE Systems launched the LiteWave lightweight head-up display, designed to be easy to install in the cockpits of a wide variety of commercial and military aircraft.
- Further, the military budget is the largest portion of the discretionary United States federal budget allocated to the Department of Defense, or more broadly, the portion of the budget that goes to any military-related expenditures. For FY 2023, the Department of Defense has requested a budget of USD 773 billion, which is 4.1% more than the budget requested in FY2022.
- The United States (US) is one of the world's biggest aerospace, defense, and space markets. According to SIPRI, the US remains the highest spender on defense capability globally in 2021, with USD 801 billion dedicated to the military, constituting 38 percent of the total military spending worldwide.
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