The Head Mounted Display (HMD) market is expected to grow to USD 104.53 billion by 2031. Head-mounted displays are often used in military training applications for the purpose of creating a synthetic training environment (STE). STE is an augmented reality (AR) system which creates military training in an 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 technology are 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. 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.
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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
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 vendors have 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 inHealthcare 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.
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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 display market is segmented into four major sections such as product type (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 display market.
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