Evolution of the gaming industry has been fuelling the demand for state-of-the-art technologies. Users are looking for more immersive experience, which has led to the advent of head mounted displays. According to a study by Future Market Insights (FMI), the head mounted displays market will surpass US$ 10.47 Bn in 2021. The rising demand from aerospace & defense and other industries besides the gaming sector will continue creating lucrative opportunities for growth.
Head mounted displays are oftenused in militarytraining application for the purpose of creating asynthetic training environment (STE). STE is augmented reality (AR) system which creates the military training trough immersive way. It helps to improve the drills of soldiers like snow-capped mountains and deserts, navigation, deep forests and teamwork.
HMDs integrated with AR/VR technologyare used in training & simulations for the purpose of warfare simulations, battlefield visualizations, tactical augmented reality, digital twins, spatial orientation, situational awareness, weapons targeting, digital terrain, and many more.
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Thanks to evolving technology, head mounted displays are making inroads into the healthcare and education sectors. The pace at which the change is happening has accelerated amid COVID-19 outbreak when several schools and institutions around the world were compelled to retreat indoors for a couple of months to contain the spread of the virus.
Sales of both head mounted displays and eyewear surged exponentially amid lockdown and the trend is unlikely to slow down in the near future. According to the report, head mounted displays accounted for maximumsales in the market. The head-mounted segment is estimated to register a CAGR of 24.8% during the forecast period owing to increasing need for fast and reliable evolution between gaming sectors, aerospace, defense and healthcare industry
Key Takeaways: Head-Mounted Display Market
- .Driven by the rising demand for evolving technology, the head mounted displays market will register over 16% y-o-y growth in 2021
- The U.S. will emerge as the leading market in North America, accounting for over 79% of sales
- Demand in the U.K. will rise considerably, enabling y-o-y growth at above 13% in 2021
- Inclination for advanced technologies and expansion of gaming sector will support growth in Germany and France
- East Asia will emerge as a highly lucrative market with China at the forefront, followed by Japan and South Korea
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“In response to the rising demand forhead-mounted display, HMD vendors are making numerous updates into their pre-existingmodels in order to offer greater immersive experience to users and ensure maximum productivity”says FMI Analyst.
COVID-19 Impact Analysis on head mounted display Market
The effects of the COVID-19 outbreak will extend well beyond health and the threat to human lives. There are already signs that the virus will significantly impact head-mounted displays and AR/VR industry. The epidemic has postponed or cancelled various sporting events for the safety of people and prevention of the COVID-19.
On the flip side,it could positively affectthe demand for VR/AR HMDs in the healthcare sector. Amid the pandemic, various global vendorshave continued to focus on developing and innovating in AR/VR technologiesby launching advanced products like smart glasses, such as by Google and Microsoft.
In COVID 19 pandemic most of the countries went for lockdown. The people got stuck at home for certain period of time and all the sporting events were postponed or cancelled for the same reason. People found AR/VR gaming more entertaining and attractive, as they remained confined at their homes.Thus, the continued innovation in head-mounted displays in AR/VR technologies has resulted in significant growth in the market.
Increasing Demand in Healthcare SectorDriving Growth
HMDs are being used in the healthcare industry for the purpose of medical training, patient treatment, medical marketing, disease awareness.
Using VR headsets, doctors can see the fine details of any part of body in 360° CGI reconstruction & create training scenarios accordingly. VR headsets enable doctors to access the inside view of the body, which is difficult to reach.
According to eInfochips, AR and VR industry will further reachUS$35 billion by 2025, due to its adoption in gaming, education, fashion, healthcare, and entertainment industries.
In healthcare industry the HMDs applications are used for providing surgery training, dentistry simulation, treatment of depression and Post-Traumatic Stress Disorder (PSTD), pain management, addictions, telemedicine, rehabilitation in stroke and in dementia and many more.
With the help of AR/VR headset technology, doctors can able to perform surgeries without getting inside a body of human. The technology increases the level of accuracy and reduce the risk of trauma and complications. VR has major effects on anxiety and PTSD patients. The use of VR headsets helps decreasing the stress level of the patients by giving them the experience of virtual reality.
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Who is Winning?
Companies operating in the market have been focusing on innovations. The investment in research and development will continue increasing as companies aim for competitive advantage. Some of the leading players operating in the market are Microsoft Corporation, Google, Samsung, BAE Systems, Elbit Systems, Huawei Technologies, HTC Corporation, Sony Corporation, LG Electronics, Thales Visionix, Inc., Xiaomi, and Avegant Corp.
More Valuable Insights on Head Mounted Display Market
FMI’s report on the head mounted displaymarketis segmented into four major sections such asproducttype (head mounted and eyewear),HMD type (Discrete HMD, Integrated HMD, and Slide-on HMD), application (gaming, media, & entertainment, aerospace, and defense, healthcare and medical devices, engineering & industry applications, education, and others), and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the head mounted displaymarket.
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