Global Virtual Retinal Display Market to Reach US$ 241.9 Billion by 2032, Propelled by Advent of AR and VR Technologies

December 14, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “­­Virtual Retinal Display Market Report by Technology (Optics, Driver and Controller Electronics, Light Source, and Others), Application (Aerospace, Medical, Gaming and Entertainment, Sports, Training and Simulation, and Others), and Region 2024-2032,” the global virtual retinal display market size reached US$ 20.0 Billion in 2023. A virtual retinal display (VRD), or retinal projector, is a new head-mounted display technology that projects visual images using scanned, low-power liquid crystal displays (LCDs) or modulated lasers directly onto the human eye retina. From a coherent photon source, the device probes red, green, and blue light beams across the retina, which allows users to observe high-resolution images in real time. VRD can produce bright, full-color, high-contrast, and resolution dynamic displays at minimal power consumption. They also provide users with the illusion of watching a screen-sized display floating in the air from away. As a result, VRD is extensively used to treat patients with visual disabilities and improve their sight. Apart from this, it finds extensive applications across the military, aviation and tactical, engineering, gaming and entertainment, sports, and healthcare industries.

Global Virtual Retinal Display Market Trends:

The rising need for better quality image projection technologies has facilitated the demand for VRD devices in augmented and virtual reality (AR/VR) applications, especially in the entertainment and gaming industries, which is primarily driving the market growth. In line with this, the widespread adoption of VRDs across various sectors, due to their improved user experience, content connectivity, and enhanced field of view (FoV) with high levels of privacy, is acting as another growth-inducing factor. Moreover, the extensive utilization of VRDs in surgical displays and potential applications in therapeutic procedures are supporting the market growth. Furthermore, the escalating usage of technology in the engineering sector to allow field employees access several important information, such as circuit diagrams and operational protocols in real-time, is favoring the market growth. Additionally, the escalating usage of VRDs in the aerospace industry for training and simulation to save costs by imitating the experience and eliminating physical prop requirements is propelling the market growth. Besides this, the advent of advanced display technologies that offer radiation protection to mitigate retinal damage risks and the ongoing development of lightweight and portable devices with wide-angle high-resolution displays are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 241.9 Billion by 2032, expanding at a CAGR of 31.3% during 2024-2032.

Market Summary:

  • Based on technology, the market is segregated into optics, driver and controller electronics, light source, and others.
  • On the basis of the application, the market has been divided into aerospace, medical, gaming and entertainment, sports, training and simulation, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Avegant Corp., Himax Technologies Inc., Innovega Inc., Magic Leap Inc., Omnivision Technologies Inc., Optinvent, QD Laser, and Vuzix Corporation.

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Global Virtual Retinal Display Market to Reach US$ 241.9 Billion by 2032, Propelled by Advent of AR and VR Technologies
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