Metaverse Fuels Expansion of VR Market
As the emergence of the metaverse is expanding the virtual reality (VR) device market, Korean display companies are expected to benefit from it.
DSCC, a market research company, forecast on July 11 that the global VR and AR display panel market would reach US$920 million in 2022, up 58.6 percent from a year ago. The market is expected to grow 59 percent annually by 2027.
VR had received attention since 2015, but the expansion of the VR device market has been called into question. However, as the metaverse market grows and the use of VR technology expands to the medical sector and other industries, new light is being shed on VR devices.
Some analysts say that U.S. companies' shunning of Chinese display and equipment companies due to trade conflicts is a positive factor for Korean companies. “As relations between the U.S. and China have deteriorated, China is being excluded from the U.S. supply chain,” said Yi Choong-hoon, CEO of UBI Research. “Korean display makers can benefit from this situaiton.”