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Transparent Display Market Worth $2,591 Million By 2023 With A Growing Cagr Of 44.7%
Transparent display is one of the rapidly growing technologies with an ability to display graphics and texts on a transparent screen that is used in various products. Transparent display is a technology to pass the ambient light from real objects behind a display panel such as a liquid crystal display (LCD) or an organic light emitting diode (OLED) display.
The transparent display market was valued at USD 280 million in 2017 and is expected to reach USD 2,591 million by 2023, at a CAGR of 44.7% from 2018 to 2023. The growth of the transparent display market is driven by growing demand for LCD-based transparent displays for various verticals, and increasing use of transparent displays for HMD and HUD products. High growth for OLED-based transparent display devices and high adoption of transparent displays for digital signage products are expected to provide huge growth opportunities to players in the transparent display market.
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The market for HUD products is expected to hold the largest share of the transparent display market during forecast period. The introduction of wearable devices such as head-up displays (HUDs) and head-mounted displays (HMDs) paved a new path of growth for the transparent display market. OLED technology–based transparent displays are being increasingly used in AR HMDs as OLED technology enables better power efficiency, faster response, and more colors. The transparent display market is expected to witness high growth due to the growing demand for HMDs. Novel applications of the technology in areas such as aerospace & defense, automotive, and consumer have further boosted the market for transparent displays.
Automotive & transportation is the largest adopter of transparent display systems. The increasing penetration of HUDs and HMDs for automotive & transportation and aerospace & defense verticals provides ample of opportunities to the transparent display market during the forecast period. Also, increasing demand for AR HMDs in industrial applications for training, warehouse management, maintenance, inspection, and so on is the major factor driving the transparent display market growth.
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The transparent display market in North America is expected to grow at the highest CAGR during the forecast period. North America, being technologically advanced and developed, is a leading market for cutting-edge technologies, which are used in the display devices. The US is expected to be a major contributor to the growth of the transparent display market in North America in the coming years. The adoption rate of transparent display devices in digital signage, smart appliance, HUDs, and HMDs is expected to boost the market during the forecast period. North America is the early adopter of innovative technologies, and there is always a growing awareness regarding the benefits of digital signage in the region. Hence, digital signage products provide opportunities to the transparent display market.
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