Global Micro-LED Market Overview:
Micro-LED is an appearing flat panel display technology. Micro-LED displays consist of arrays of microscopic LEDs forming the individual pixel elements. Compared with universal LCD technology, micro-LED exhibitions propose better contrast, response times, and energy efficiency. It mainly offers reduced energy and infinite contrast radio requirement compared with the conventional LCD systems.
Global Micro-LED Market Insights
The global micro-LED
market expected to increase market value by USD 19.46 million with exponential CAGR in the forecast period from 2020-2027. The market demand for micro-LED is fueling due to the commercial potential of micro LEDs in key application areas, including AR/ VR, reminder displays, smartwatches, mobile phones, and tablets.
The factors driving the growth of the global miniature light-emitting diode (LED) market is the integration of miniature LEDs in televisions. Some TV manufacturers have begun to develop TV prototypes of micro LEDs that provide higher brightness and incredibly deep HDR tones. These LEDs expected to have a longer lifespan than OLED panels because there is no effect of natural degradation. These advantages expected to increase the adoption of micro LEDs for TV.
The demand for miniature LED displays with small size, and excellent visual effects are booming worldwide. The global display manufacturers choose micro-LED solutions to improve the consumer experience. The high pixel resolution of micro-LED displays can bring a unique image quality. Besides, the demand for display size reduction is more conducive to the development of the micro-LED display market. However, the growth in demand for flexible and foldable display technologies has hindered the expansion of the micro-LED display market.
Through the micro-LED array, the micro-LED display can provide higher contrast and performance. It uses gallium nitride (GaN) technology principles to ensure superior brightness, even brighter than OLED displays. Compared with traditional OLED displays, micro-LED displays provide 30 times the intensity and efficiency, and the response time is also faster.
Moreover, the development of GaN-on-Si technology, other factors, such as the rapid development of technology and more and more strategic partnerships and cooperation, will have a significant impact on the growth of the microelectronic light-emitting diode (LED) market.
The Superior Performance of micro-LED
Extensive evaluation of working prototypes proves that micro-LED technology is superior to LCD and OLED. It is mainly due to the micro-LED applications having the advantages of small size, low weight, ultra-high-resolution, and ultra-high brightness. Therefore, it will be a direct favorable factor for applications such as near-eye AR / VR projectors and car reminder displays.
Demand for Bright Display
Due to the dramatic increase in the production cost of LCD and OLED panels at more than 100 inches at this stage, the Micro LED TV given an opportunity to cut in. When the technology and production process of Micro LED become mature in the future, there will be opportunities to cut into mainstream sizes. In addition to increasing brightness and contrast, JDC pixel-by-pixel pulse width modulation technology is very suitable for Micro LEDs as digital switching allows accurate coloring. Besides, a single on-state current will provide a single stable color.
By Product Type Segmental Analysis
Based on the Product type, the global micro-LED market segmented into Large Scale Display, Small & Medium-sized Display, and Micro Display. The micro display segment estimated to dominate the maximum share of the global micro-LED market. The global commercialization of micro-LED displays is still in the emerging stage. The demand for brighter and more energy-efficient displays expected to drive market development within the forecast period. The implementation of micro-LED arrays is currently at its peak, as it provides higher pixel resolution and higher energy efficiency. It is believed that display manufacturers are choosing micro-LED solutions to improve the overall consumer experience. The high transmittance of micro-LED displays is also due to their high pixel resolution and image quality.
By Application Segmental Analysis
Based on the application, the global micro-LED market classified into Smartphone & Tablet, PC & Laptop, TV, Smartwatch, and Others. The smartwatch segment dominated the largest market share in the global micro-LED market. It is mainly due to the combination of deficient power consumption and ultra-bright brightness, making micro LEDs the best choice for wearable displays such as smartwatches.
By Industry Vertical Segmental Analysis
Based on the industry vertical, the global micro-LED market segmented into Consumer Electronics, Entertainment & Sports, Automotive, Retail, Government & Defense, and Others. The consumer electronic segment contributes the largest share in the global micro-LED market. It is mainly due to the use of micro-LED in various consumer electronic goods such as smartphones, smartwatches, TVs, laptop. Therefore, growing micro-LED adoption is a rising market share and propelling the market demand for consumer electronics in the global micro-LED market.
By Region Segmental Analysis
Based on geography, the global micro-LED market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global micro-LED market, accounting for the largest share. It is mainly due to an emerging disposable income of the consumer, rising adoption of electric devices such as smartphones, TVs, and other electronic gadgets. Moreover, emerging technology advancement also contributing to the increasing market value of micro-LED in the Asia Pacific.
Companies such as Apple Inc. (LuxVue), Oculus VR (InfiniLED), Sony Corp., Samsung Electronics Co., Ltd., X-Celeprint Ltd., Epistar Corporation, GLO AB, VerLASE Technologies LLC, JBD Inc. (JB-Display), Aledia, Uniqarta, Inc., ALLOS Semiconductors GmbH Plessey Semiconductors Ltd, PlayNitride Inc., Mikro Mesa Technology Co., Ltd, VueReal Inc, Ostendo Technologies, Inc., Sharp Corporation (eLux Inc.), University of Sheffield (EpiPix Ltd.), Micledi, Microluce, Tianma, Visionox, and others are key players in the global micro-LED market.
- Market research and consulting firms
- Industry associations
- Global micro-LED manufacturing companies
- Research organizations and consulting companies’ micro-LED
- Regulatory bodies
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
- Large-scale Display
- Small- & Medium-sized Display
- Micro Display
By Industry Vertical
- Smartphone & Tablet
- PC & laptop
- Consumer Electronics
- Entertainment & Sports
- Government & Defense
- North America
- Asia Pacific
- South America
- Middle East & Africa