8 November 2023
T
he virtual reality market was valued at $6.1 billion in 2020, and it is expected to reach $20.9 billion by 2025, with a CAGR of 27.9% from 2020 to 2025. Factors such as Head-Mounted Display (HMD) penetration in the gaming and entertainment sector post-COVID-19, technological advancements, and increasing digitization are driving market growth during the forecast period.
Modern VR devices are compact, portable, and user-friendly, designed to represent graphical and visual information. These devices are expected to be compact and straightforward with high-resolution displays. The demand for HMDs, Heads-Up Displays (HUDs), and VR projectors is significantly increasing across several industries, including consumer electronics, aerospace and defense, medical, and automotive.
VR Head-Mounted Displays (HMDs) are gaining popularity.
VR HMDs are gaining popularity in consumer applications for gaming and entertainment content viewing. However, most VR HMDs use OLED displays with direct view, ranging from 2 to 6 inches in panel size. Considering the popularity and demand for VR HMDs, key display manufacturers are developing better displays for VR HMDs. For example, Kopin has developed a microdisplay specifically for VR HMDs. The Large, cost-effective OLED Microdisplays (LOMID) project has led to the development of CMOS/OLED microdisplays for use in VR HMDs. Microdisplays may become the primary display modules for VR HMDs due to the limitations of direct-view displays. With the mentioned advancements in improving VR displays, the demand for VR HMDs is expected to increase among tech enthusiasts, which will drive the growth of the global VR market.
The healthcare sector is estimated to have the highest Compound Annual Growth Rate (CAGR) during the forecast period.
The Compound Annual Growth Rate (CAGR) is expected to be high for VR/AR HMDs in the healthcare sector due to the positive impact of the COVID-19 pandemic, leading to increased demand. Many market players are receiving orders for VR HMDs. For instance, in May 2020, Vuzix Corporation received an order to supply additional M400 Smart Glasses to Gemvision, a provider of invaluable solutions, for service, maintenance, and healthcare workers. The aim of the supplemental order is to support Gemvision’s efforts in meeting the remote healthcare needs related to COVID-19 in the Netherlands.
We closely monitor market forecasts and developments. V-Rizon is just the beginning of our VR world proposition. – Zbigniew Ligenza CEO Imaginer VR
