Globally, the size of micro-LED Display market is set to grow at a CAGR of 81.5% from a value of USD 592 Million in 2020 to hit USD 21,169 Million by 2027 driven by Increasing Demand for Brighter and more Power-Efficient Display Panels for Consumers Electronic Devices.
Miniature LED Displays are a show wherein every pixel contains a progression of infinitesimal light-radiating diodes (LEDs). These Displays give great frequency consistency. Contrasted to OLEDs and LCDs, miniature LED displays offer benefits, such as lower power utilization, upgraded brilliance, ultrahigh definition picture quality, further developed variety immersion and a quicker reaction time. The worldwide miniature LED show market has been portioned based on application, the board size, verticals, and locale.
The worldwide miniature LED show market development is driven by ascending sought after brilliant and power-effective presentation boards and expansion in inclination of electronic goliaths, for example, Sony and Apple toward miniature LEDs shows. Notwithstanding, the significant expense of these presentations is supposed to control the market development. Running against the norm, ascend sought after shopper hardware is expected to give rewarding learning experiences to the market.
The usual entrance of miniature LED shows in NTE gadgets, and premium cell phones are the key factors that will speed up the development of the miniature LED market during the estimated time frame. Similarly, developing interest in wearable showcases for smartwatches and head-mounted shows (HMDs) are supposed to set out rewarding open doors for the players in the miniature LED market. Nonetheless, a shortfall of licenses and appropriate store networks should restrict market development.
The most difficult problems in Micro LED technology right now are mass transfer and mass inspection/repair. Industry participants seek to use packaging technology in the near future to overcome obstacles while also simultaneously looking for innovative technology breakthroughs and long-term technology advances. Since these challenges are yet to be overcome, the current target applications are small-sized wearable Display with fewer pixels or large-sized wearable Display with a bigger pixel pitch. Leading brands in the global market seek to construct their own supply chains, while smaller companies, such as OEMs, look for industry alliances to further push and improve their micro-LED technology development.
Wearable gadgets such as smartwatches and head-mounted display Display are becoming more popular as disposable income rises. The growing demand for wearable Display in smartwatches and head-mounted Display (HMDs) is expected to present lucrative growth and investment opportunities for the players operating in the global micro-LED display market.
Increasing Demand for Brighter and more Power-Efficient Display Panels for Consumer Electronic Devices: Due to the rapid emergence and availability of new technologies, the consumer electronics industry is one of the fastest-growing industries in the world. Rapid technological developments to meet customer needs will offer business possibilities. Consumer gadgets such as smartphones and laptops are becoming more popular in developed and developing countries due to rising per capita disposable income, high population growth, and Internet penetration. Several economies have seen an increase in the penetration of these gadgets because of ongoing critical technical advances.
Consumer demand for increasingly technologically complex items necessitates the inclusion of superior electronic Display in devices. Micro-LEDs (μLEDs) and mini-LEDs (mLEDs) have recently appeared as next-generation displays; the former is especially appealing for transparent Display and high brightness displays, whereas the latter can serve as a locally dimmable backlight for high dynamic range (HDR) LCDs or as emissive displays.
The growing demand for brighter, more power-efficient display panels for smartwatches, smartphones, televisions, and AR/VR devices is likely to propel micro-LED display technology development and commercialization.
Growing Demand for Wearable Display in Smartwatches and Head-Mounted Display (HMDs): The shipment of fitness bands and other health-tracking wearables has been steadily increasing, owing to increased demand from a growing segment of the population that is becoming more health-conscious.
There has been a considerable growth in investments in the development of HMDs and their use in various applications around the world.
Lack of Standard Procedures for manufacturing Micro-LED components: Manufacturing micro-LED Display is complex, with numerous challenges to be handled, including LED epiwafer growth, the transfer process, RGB backplanes, inspection and repair, and more. Despite billions of dollars invested in R&D for micro-LED display technology, display manufacturers are still not ready for mass production.
The technology for defect management and repair is also a challenge. Even with an exceptionally high yield, a repair process is unavoidable for a 0% dead defect display.
The micro-LED display market supply chain has evolved from a conventional approach to highly efficient supply chain processes. The supply chain includes the stages of research and development, component supply, manufacturing, display assembly, and commercialization for applications.
The global micro-LED Display market has been segmented on the basis of application, panel size, vertical, and region.
By application, the Micro-LED Display market has been segmented into smartphones & tablets, NTE devices, televisions, monitors & laptops, digital signage, smartwatches, heads-up display.The smartphones & tablets segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 21.1% during the review period.
The global micro-LED display market, based on system type, has been segmented into micro-display, small and medium-sized panels, and large panels.
The global micro-LED display market, based on vertical, has been segmented into consumer electronics, entertainment & advertisement, automotive, aerospace & defense, and others. Electronic (analog or digital) equipment intended for everyday use, often in private homes, is known as consumer electronics or home electronics.
The global Micro-LED Display market has been studied across Asia-Pacific, North America, Europe, and Rest of the World. Asia-Pacific accounted for the largest market share of 34.4% in 2020. The increasing penetration of mobile-connected devices in China will directly augment the need for LED Displays.
North America is the most significant revenue contributors to the micro-LED display market. With the need for high energy savings for displays, micro-LED devices such as smartphones and televisions in the region have seen rapid growth.
The micro-LED display market in Europe showcases a high potential for growth during the forecast period. The region has been witnessing tremendous growth of the IT sector, which generates a vast amount of data.
Key players operating in the global Micro-LED Display market include LG Electronics Inc (South Korea), X-Celeprint (Ireland), Epistar Corporation (Taiwan), Nanosys Inc.(US), Elux, Inc.( US), JBD (Shanghai), Aledia (France), Sony Corporation (Japan), Samsung Electronics (South Korea), Plessey (Devon), and PlayNitride Inc.(Taiwan).
Apple joined forces with TSMC to fabricate miniature LED shows, which could be utilized for Apple VR glasses from here on out.
Apple set up another office for creating miniature LED innovations for Apple items as a team with the nearby store network in Taiwan; it is situated close to Apple's Taoyuan plant.
Apple has conceded another miniature LED patent; it is connected with the future high-goal shows, which are energy productive.
Micro-LED is a technology used in Display consisting of microscopic light-emitting diodes of different colors arranged into an array. The market has been segmented based on application, panel size, vertical, and region. The growth of the micro-LED display market is mainly driven by the increasing demand for brighter and more power-efficient display panels for consumer electronic devices and the growing adoption rate of micro-LED Display in premium smartphones. LG Electronics Inc, Sony Corporation, Samsung, Epistar Corporation and Plessey are among the top 5 players in the global micro-LED display market.
The scope of the global micro-LED display market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The market has been segmented based on application, panel size, vertical, and region.
|Market Size||2027: USD 24,307.4 Million|
|CAGR||82.1% CAGR (2021-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Panel Size, and Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LG Electronics Inc (South Korea), Sony Corporation (Japan), Samsung (South Korea), Epistar Corporation (Taiwan) and Plessey (Devon)|
|Key Market Opportunities||• Growing Demand for Wearable Display in Smartwatches and Head-Mounted Display (HMD)|
|Key Market Drivers||• Increasing Demand for Brighter and More Power-Efficient Display Panels for Consumer Electronic Devices • High Adoption Rate of Micro-LED Display in Premium Smartphones|
The global Micro-LED Display market has been growing rapidly over the past few decades and is expected to reach USD 24,307.4 million by 2027, at a CAGR of 82.1% during the forecast period.
LG Electronics Inc, Sony Corporation, Samsung, Epistar Corporation, and Plessey (Devon) are expected to be the major players in the Micro-LED Display market during the projected period.
Increasing demand for brighter and more power-efficient display panels for consumer electronic devices and high adoption rate of micro-LED Display in premium smartphones are the key drivers influencing the growth of the market.
Lack of standardized procedures for manufacturing the components in micro-LED Display may slow the growth of the micro-LED display market during the forecast period.
The smartphone & tablets segment is expected to drive the market during the forecasted period.