MRFR (Market Research Future) expects the multi-function display (MFD) market 2020 to hit a valuation of USD 25,400 Million by 2025. MRFR also presumes the market’s growth rate to be 9.10% between 2019 and 2025 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on the Multi-Function Display Market
The COVID-19 outbreak has been a huge deterrent for the display industry, as manufacturing activities hit a roadblock. Some of the top manufacturers such as LG Display, Xiaomi and Samsung have had to halt their operations in South Korea, India, China and various European countries, amidst the growth of the novel coronavirus. The ongoing SARS-CoV-2 pandemic has also led to a drop in the sales of display integrated devices, further exacerbated by the worldwide lockdown as the economy has reached an all-time low. Uncertainty surrounding the lockdown’s timeline has made it tough to anticipate the level of recovery that the multi-function display industry can achieve in the coming time.
But it is safe to assume that the global market can pick up some pace in the near future, thanks to the rampant requirement for multi-function displays in the healthcare industry. With the growing use of medical equipment such as respirators and ventilators, the demand for these displays is expected to remain afloat over the forthcoming period.
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Key Boosters and Challenges
The market for multi-function display is poised for considerable growth in the coming years, on account of the rising enforcement of Blue Ocean strategies. Introduction of portable multi-function displays as well as electronic flight displays in military has added significantly to MFD capabilities, which could further bolster the market’s growth potential. At present, military demands have encouraged innovations in electronic flight displays, while the development of reflective micro-display technologies also offer lucrative opportunities. Introduction of modern technologies such as AMLCD (Active Matrix Liquid Crystal Display) and synthetic vision systems should also benefit the global market.
Surging focus on better system efficiency and the rising use of Head-Mounted Displays (HMD), Head-Up Displays (HUD), avionic flight displays, portable multi-function displays and helmet-mounted displays are a few other growth boosters in the worldwide market. Widespread use of integrated systems across various platforms, mostly in airborne systems has been favorable for the global industry as well.
Innovation, R&D and new launches remain the top growth strategies that players adopt to get ahead in the race. To cite a reference, in August 2020, Kopin Corporation launched Lightning 720p OLED display that features brightness level of 7000 units and appealing color of close to 100% sRGB as well as high contrast. The multi-function display is a combination of duo-stack OLED structure that helps achieve extreme brightness and the Colorant technology that ensures significant color fidelity.
Some of the major companies active in the Worldwide Multi-Function Display (MFD) Market are Honeywell International, Inc. (US), Thales Group (France), Barco (Belgium), United Technologies Corporation (US), Saab AB (Sweden), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), FLIR Systems (US), Garmin Ltd (US), BAE Systems (UK), to list a few.
System, platform and technology are the top market segments listed in the MRFR study.
Systems considered in the report are Heads-Up Display, Electronic Flight Display, Portable and Flexible Multi-Function Display and Helmet-Mounted Display. Electronic Flight Display segment took the lead in the global market in 2020 and is expected to retain its position throughout the conjectured period. However, the fastest growth can be observed by the heads-up display segment, since this type offers a host of benefits including improved situational awareness and information regarding the real-time location.
Platforms covered in the study are Airborne, Land and Naval. The land segment secured the top spot in 2020 while the airborne segment can note the highest expansion rate over the conjectured timeline.
Technologies available in the global market are OLED, LED, AMLCD, LCD, Synthetic Vision and TFT. The LED segment has been leading the market since 2020 since it offers advantages like lower power consumption, energy efficiency and the provision of high color rendering index (CRI). On the other hand, OLED could potentially attain the fastest growth rate, given their rising demand due to the benefits they offer, including better image quality, high flexibility and simpler design.
North America, Middle East and Africa and APAC/Asia Pacific along with Europe are the primary markets for multi-function displays.
North America is presently in the lead, with this trend presumed to continue during the given period. MFD suppliers such as Northrop Grumman Corporation and Honeywell International, Inc. are well established in the region and are present in huge numbers, which could be a significant growth rendering factor. High adoption rate of innovative sensor systems as well as capacitive touch screen panels could also enhance the market size in the region. Other than commercial and military applications, multi-function displays are observing escalating demand in the region’s automotive industry as well.
The APAC market size can burgeon at a noteworthy CAGR, in view of the increasing defense spending in China and India. The region has been focusing on revamping its technology platforms, while the number of R&D initiatives is also rising as key firms indulge in intense competition. These factors are deemed to spur the market growth in the following years.
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