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Microdisplays Market By Technology (LCoS, LCD, DMD, DLP, OLED, Others), Type (Near-to-eye and Projection) – Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Summary
Table Of Content

Rising demand for augmented reality (AR) devices is expected to fuel the demand for microdisplays throughout the forecast period from 2018 to 2020.

The global market for microdisplays is expected to reach US$ 4,250.5 million by 2026, growing at a CAGR of 22.5% from 2018 to 2026. The global market for microdisplays has observed significant growth in the last decade with continuous advancements in technology. Advantages of microdisplays, such as compact size, low power consumption, and ultra-high brightness compared to conventional direct-view displays. Microdisplays have huge potential in head-mounted and head-up display technologies. Rising production demand for head-mounted displays from defense, consumers, entertainment, automotive, research, and medical applications represents a positive factor for the growth of microdisplays. In addition, the rising demand for advanced driver assistance systems is also expected to increase the demand for microdisplays throughout the forecast period. Moreover, increasing demand for smart electronic devices such as smartphones and smart glasses is also fueling the demand for microdisplays.

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Market Synopsis

Asia Pacific is the fastest-growing market for microdisplays.

Currently, the global microdisplay market is dominated by North America, with its increasing investment in the defense sector. The demand for microdisplays is rising at a considerable rate, with rising demand for advanced head-up and mounted devices from the defense sector. In addition, the changing outlook of the traditional education system and the increasing use of ICT technologies are also expected to spur the demand for microdisplays in the region. Asia-Pacific is expected to witness the fastest growth throughout the forecast period. In Asia Pacific, China and Japan are the most promising markets for microdisplays. With rising smartphone production and countries increasing investment in advanced solutions such as head-up and mounted displays, China is expected to be the most promising market for microdisplays.

The global microdisplay market is dominated by LCD technology.

The global microdisplay market was dominated by LCD technology and accounted for half of the revenue share in the overall market. The segment is expected to maintain its dominating position throughout the forecast period with its increasing demand from head-up and head-mounted displays, wearable devices, thermal imaging glasses, and EVFs. Liquid crystal on silicon (LCoS) is another major technology in the microdisplay market and is preferred by several manufacturers due to its high energy, brightness, contrast, and heating efficiency. OLED technology is expected to witness the fastest growth due to its benefits, such as low power consumption, better contrast, and a faster refresh rate. However, the high cost of OLED technology is limiting its adoption in many applications.

Microdisplay manufacturers are looking forward to capturing opportunities by investing in emerging technologies.

Most of the prominent microdisplay manufacturers are based in developed markets such as the U.S., Europe, and Japan, and the global market is dominated by these prominent players. Manufacturers are increasingly investing a significant amount in emerging technologies such as microLED and organic LED (OLED). However, manufacturers from China and Taiwan are looking to expand their footprints in the global market. Some major players in the global microdisplay industry include LG Display Co. Ltd., eMagin Corporation, AU Optronics Corp., Universal Display Corporation, KopIn Corporation Inc., Himax Technology Inc., Micron Technology Inc., Microvision Inc., Syndiant Inc., Sony Corporation, and others.

Why is it recommended to invest in our microdisplay market research study?

The research report on the microdisplay market covers a detailed analysis of market drivers, restraints, and trends. This research study also provides an in-depth analysis of different technologies, types, and applications of microdisplays. The research study identifies key technology and regional trends in the global microdisplay industry. The report also includes quantitative as well as qualitative analysis of all the segments and sub-segments covered in the scope of the study.

This study focuses on key opportunity segments in the global microdisplays market. High-level analysis, such as market positioning of major players, value chain analysis, and market attractiveness analysis, helps readers understand market competition and formulate winning market strategies. The report also profiles major players in the industry, including their recent developments, strategies, product portfolio, and overview of financials for the last three years. The microdisplay market is segmented into the following categories:

Periods of History and Forecast

2016 is a Historic year.

2017: Base Year

2018-2026: Forecast Period (CAGR from 2018 to 2026)

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Key questions are answered in this report.

What is the size of the global market for microdisplays?
What are the major opportunity areas in the global microdisplays market?
Which market trends and dynamics are driving the growth of the global microdisplay industry?
Who are the major players, and their market-winning strategies in the global microdisplay industry?
Who are the major customers for microdisplay providers?
Which is the largest and most potential application segment for microdisplays?
Who are the major regional leaders?

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Assumptions
1.3.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Microdisplays Market
2.2 Global Microdisplays Market, By Type
2.3 Global Microdisplays Market, By End-use Application
2.4 Global Microdisplays Market, By Technology
2.5 Global Microdisplays Market, By Geography

Chapter 3 Market Dynamics
3.1 Product and Market Insights
3.1.1 Global Microdisplays Market Value, 2016 – 2026, (US$ Mn) (Y-o-Y %)
3.2 Key Trends Analysis
3.3 Market Drivers
3.4 Market Growth Inhibitors
3.5 See-Saw Analysis
3.5.1 Impact Analysis of Drivers and Restraints
3.6 Attractive Investment Proposition
3.7 Competitive Analysis
3.7.1 Market Positioning of Key Vendors

Chapter 4 Global Microdisplays Market Analysis, By Type
4.1 Market Analysis
4.2 Projection
4.2.1 Global Projection Market Value, 2016 – 2026, (US$ Mn)
4.3 Near-to-eye
4.3.1 Global Near-to-eye, Market Value, 2016 – 2026, (US$ Mn)

Chapter 5 Global Microdisplays Market, By End-use Application
5.1 Market Analysis
5.2 Consumer Electronics
5.2.1 Global Microdisplays Market for Consumer Electronics, Market Value, 2016 – 2026, (US$ Mn)
5.3 Military and Defense
5.3.1 Global Microdisplays Market for Military and Defense, Market Value, 2016 – 2026, (US$ Mn)
5.4 Industrial
5.4.1 Global Microdisplays Market for Industrial, Market Value, 2016 – 2026, (US$ Mn)
5.5 Schools and Institutes
5.5.1 Global Microdisplays Market for Schools and Institutes Applications, Market Value, 2016 – 2026, (US$ Mn)
5.6 Automotive
5.5.1 Global Microdisplays Market for Automotive Applications, Market Value, 2016 – 2026, (US$ Mn)
5.6 Others
5.5.1 Global Microdisplays Market for Others Applications, Market Value, 2016 – 2026, (US$ Mn)

Chapter 6 Global Microdisplays Market, By Technology
6.1 Market Analysis
6.2 Liquid Crystal On-Silicon (LCoS)
6.2.1 Global LCoS Microdisplays Market Value, 2016 – 2026, (US$ Mn)
6.3 Liquid Crystal Displays (LCD)
6.3.1 Global LCD Microdisplays Market Value, 2016 – 2026, (US$ Mn)
6.4 Digital Micromirror Devices (DMD)
6.4.1 Global DMD Microdisplays Market Market Value, 2016 – 2026, (US$ Mn)
6.5 Digital Light Processing (DLP)
6.5.1 Global DLP Microdisplays Market Value, 2016 – 2026, (US$ Mn)
6.6 Organic Light Emitting Diode (OLED)
6.6.1 Global OLED Microdisplays Market Value, 2016 – 2026, (US$ Mn)
6.7 Others
6.7.1 Global Others Microdisplays Market for Others Applications, Market Value, 2016 – 2026, (US$ Mn)

Chapter 7 North America Microdisplays Market Analysis
7.1 Overview
7.1.1 North America Microdisplays Market Value, 2016 – 2026, (US$ Mn)
7.2 North America Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
7.2.1 SRC Analysis
7.3 North America Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
7.3.1 SRC Analysis
7.4 North America Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
7.4.1 SRC Analysis
7.5 North America Microdisplays Market Analysis, By Region/Country, 2016 – 2026 (US$ Mn)
7.5.1 U.S.
7.5.2 Rest of North America

Chapter 8 Europe Microdisplays Market Analysis
8.1 Overview
8.1.1 Europe Microdisplays Market Value, 2016 – 2026, (US$ Mn)
8.2 Europe Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
8.2.1 SRC Analysis
8.3 Europe Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
8.3.1 SRC Analysis
8.4 Europe Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
8.4.1 SRC Analysis
8.5 Europe Microdisplays Market Analysis, By Region, 2016 – 2026 (US$ Mn)
8.5.1 U.K.
8.5.2 Germany
8.5.3 France
8.5.4 Rest of Europe

Chapter 9 Asia Pacific Microdisplays Market Analysis
9.1 Overview
9.1.1 Asia Pacific Microdisplays Market Value, 2016 – 2026, (US$ Mn)
9.2 Asia Pacific Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
9.2.1 SRC Analysis
9.3 Asia Pacific Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
9.3.1 SRC Analysis
9.4 Asia Pacific Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
9.4.1 SRC Analysis
9.5 Asia Pacific Microdisplays Market Analysis, By Region, 2016 – 2026 (US$ Mn)
9.5.1 China
9.5.2 Japan
9.5.3 India
9.5.4 Rest of Asia Pacific

Chapter 10 Rest of the World Microdisplays Market Analysis
10.1 Overview
10.1.1 RoW Microdisplays Market Value, 2016 – 2026, (US$ Mn)
10.2 RoW Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
10.2.1 SRC Analysis
10.3 RoW Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
10.3.1 SRC Analysis
10.4 RoW Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
10.4.1 SRC Analysis
10.5 RoW Microdisplays Market Analysis, By Region, 2016 – 2026 (US$ Mn)
10.5.1 Middle East and Africa (MEA)
10.5.2 Latin America

Chapter 11 Company Profiles
11.1 LG DISPLAY CO. LTD
11.1.1 LG DISPLAY CO. LTD: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.2 EMagin Corporation
11.2.1 EMagin Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.3 AU Optronics Corp
11.3.1 AU Optronics Corp: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.4 Universal Display Corporation.
11.4.1 Universal Display Corporation.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.5 KopIn Corporation Inc..
11.5.1 KopIn Corporation Inc..: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.6 Himax Technology Inc.
11.6.1 Himax Technology Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.7 Micron Technology Inc.
11.7.1 Micron Technology Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.8 MICROVISION INC.
11.8.1 MICROVISION INC.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.9 SYNDIANT INC
11.9.1 SYNDIANT INC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)
11.10 Sony Corporation
11.10.1 Sony Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Product End-use Applications, Recent Developments)

List of Figures

FIG. 1 Global Microdisplays Market Classification
FIG. 2 Global Microdisplays Market: Research Methodology
FIG. 3 Top-Down and Bottom Up Approach
FIG. 4 Global Microdisplays Market, By Type, 2017 (US$ Mn)
FIG. 5 Global Microdisplays Market, By End-use Application, 2017 (US$ Mn)
FIG. 6 Global Microdisplays Market, By Geography, 2017 (US$ Mn)
FIG. 7 Global Microdisplays Market Revenue, 2016 – 2026, (US$ Mn)
FIG. 8 See-Saw Analysis : Global Microdisplays Market
FIG. 9 Attractive Investment Proposition of Assembly Line by Geography, 2017
FIG. 10 Value Chain Analysis – Assembly Line Industry
FIG. 11 Market Positioning of Key Assembly Line Providers, 2017
FIG. 12 Global Microdisplays Market, By Type, 2017 and 2026 (%)
FIG. 13 Global Projection Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 14 Global Near-to-eye Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 15 Global Microdisplays Market, By End-use Application, 2017 and 2026 (%)
FIG. 16 Global Microdisplays Market for Consumer Electronics Application, Revenue , 2016 – 2026, (US$ Mn)
FIG. 17 Global Microdisplays Market for Military and Defense Application, Revenue , 2016 – 2026, (US$ Mn)
FIG. 18 Global Microdisplays Market for Industrial Application, Revenue , 2016 – 2026, (US$ Mn)
FIG. 19 Global Microdisplays Market for Schools and Institutes, Revenue , 2016 – 2026, (US$ Mn)
FIG. 20 Global Microdisplays Market for Automotive, Revenue , 2016 – 2026, (US$ Mn)
FIG. 21 Global Microdisplays Market for Other Applications, Revenue , 2016 – 2026, (US$ Mn)
FIG. 22 Global Microdisplays Market by Technology, Revenue , 2016 – 2026, (US$ Mn)
FIG. 23 Global LCoS Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 24 Global LCD Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 25 Global DMD Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 26 Global DLP Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 27 Global OLED Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 28 Global Other Microdisplays Market, Revenue , 2016 – 2026, (US$ Mn)
FIG. 29 North America Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 30 U.S. Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 31 Rest of North America Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 32 Europe Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 33 UK Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 34 Germany Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 35 France Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 36 Rest of Europe Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 37 Asia Pacific Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 38 China Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 39 Japan Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 40 India Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 41 Rest of Asia Pacific Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 42 Rest of the World Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 43 Latin America Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)
FIG. 44 Middle East and Africa Microdisplays Market Revenue , 2016 – 2026, (US$ Mn)

List of Tables

TABLE 1 Market Snapshot: Global Microdisplays Market
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 North America Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 5 North America Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 6 North America Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 7 U.S. Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 8 U.S. Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 9 U.S. Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 10 Rest of North America Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 11 Rest of North America Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 12 Rest of North America Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 13 Europe Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 14 Europe Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 15 Europe Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 16 UK Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 17 UK Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 18 UK Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 19 Germany Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 20 Germany Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 21 Germany Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 22 France Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 23 France Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 24 France Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 25 Rest of Europe Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 26 Rest of Europe Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 27 Rest of Europe Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 28 Asia Pacific Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 29 Asia Pacific Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 30 Asia Pacific Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 31 China Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 32 China Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 33 China Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 34 Japan Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 35 Japan Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 36 Japan Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 37 India Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 38 India Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 39 India Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 40 Rest of Asia Pacific Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 41 Rest of Asia Pacific Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 42 Rest of Asia Pacific Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 43 Rest of the World Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 44 Rest of the World Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 45 Rest of the World Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 46 Latin America Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 47 Latin America Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 48 Latin America Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 49 Middle East and Africa Microdisplays Market Analysis, By Type, 2016 – 2026 (US$ Mn)
TABLE 50 Middle East and Africa Microdisplays Market Analysis, By End-use Application, 2016 – 2026 (US$ Mn)
TABLE 51 Middle East and Africa Microdisplays Market Analysis, By Technology, 2016 – 2026 (US$ Mn)
TABLE 52 LG DISPLAY CO. LTD.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 53 EMagin Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 54 AU Optronics Corp: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 55 Universal Display Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 56 KopIn Corporation Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 57 Himax Technology Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 58 Micron Technology Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 59 MICROVISION INC.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 60 SYNDIANT INC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 61 Sony Corporation.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)

Frequently Asked Questions:

What is the size of Microdisplays Market?

The market for Microdisplays Market is expected to reach US$ 4,250.5 Mn by 2026.

What is the Microdisplays Market CAGR?

The Microdisplays Market is expected to see significant CAGR growth over the coming years, at 22.5%.

What is the Forecast period considered for Microdisplays Market?

The report is forecasted from 2018-2026.

What is the base year considered for Microdisplays Market?

The base year of this report is 2017.

Who are the major players in this market?

eMagin Corporation, AU Optronics Corp., Universal Display Corporation, KopIn Corporation Inc., Himax Technology Inc., Micron Technology Inc., Microvision Inc., Syndiant Inc are some of the major players in the global market.

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