The 3D display market in MEA is expected to grow from US$ 24.62 million in 2019 to US$ 93.58 million by 2027; it is estimated to grow at a CAGR of 19.7% from 2020 to 2027.
At present, the 3D display industry in MEA is in its initial growth phase and businesses operating in this sector are investing extensively in R&D to bring promising 3D display solutions to the commercial market. The key application areas of 3D display is in marketing and advertising sectors. Any of the main future growth fields for the market for 3D displays are projected to be medical, automobile, and security. Based on the optimistic growth and technological advancement in the industry, the prospective fields of 3D display technologies may be unparalleled in number. Additionally, a huge impact of latest 3D display technology on end user sector is expected to fuel the demand for 3D displays in MEA.
Based on application, automotive segment is expected to be fastest growing during the forecast period. The application of 3D displays in the automotive industry was limited to designing and engineering aspect until the development of autostereoscopic 3D display technology. Manufacturers and designers utilize 3D displays to have a better angular view of components, parts, and instruments during the development. With the developments in autostereoscopic 3D display technology, automotive suppliers are now developing glasses-free 3D instrument cluster and infotainment for vehicles. For instance, Leia Inc. partnered with continental, an OEM automotive supplier, to develop innovative 3D cockpit light field display—Natural 3D Lightfield Instrument Cluster—for the automotive industry. Further, Bosch is currently working on developing glasses-free 3D display for car use. Thus, such initiatives for developing 3D displays for the automotive industry is anticipated to generate ample growth opportunities for 3D display market players during the forecast period.
Among MEA countries, Turkey has faced the highest number of COVID-19 confirmed cases. Other major countries that are facing the economic impact of COVID-19 include Iran, South Africa, Israel, Iraq, Morocco, Saudi Arabia, and the UAE. The region comprises various growing economies such as the UAE and Saudi Arabia, that are considered prospective markets for 3D display providers, owing to the huge presence of diverse customer base for automotive and consumer electronics industries. The COVID-19 pandemic would have significant effects on economies, but the region has been negatively impacted due to pressure on economy of various oil based countries due to falling oil prices. In addition to this, the factory lockdowns, business shutdowns and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the decline in the region’s economic condition and impact of COVID-19 on various industries is expected to negatively impact the growth of 3D display market till mid-2021.
The overall MEA 3D display market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA 3D display market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA 3D display market. AU Optronics Corp.; Fujifilm Corporation; Innolux Corporation; LG Electronics Inc.; Looking Glass Factory Inc; Mitsubishi Electric Corporation; Panasonic Corporation; Samsung Electronics Co., Ltd.; Sharp Corporation; and Toshiba Corporation are among the key players operating in the MEA 3D display market.