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Global Micro-LED Display Market to Grow at a CAGR of 85% from 2021 to 2030

·9-min read

The global micro-LED display market is estimated to reach a valuation of USD 561.4 million in 2021 and is projected to grow at a CAGR of 85% during the forecast period till 2030.

Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global Micro-LED Display Market is estimated to reach a valuation of USD 561.4 million in 2021 and is projected to grow at a CAGR of 85% during the forecast period till 2030.

The micro-LEDs (micro-light-emitting diodes) are an emerging display technology that uses very tiny LEDs which are acting as a pixel. This technology integrates red, green, and blue sub-pixels to reproduce color. Although micro-LED displays are not in mass production currently, there are potential opportunities for this technology to grow as a major display market and can replace incumbent LCD and OLED (organic light-emitting diode) technologies. These micro-LED displays can be extensively used in television, smartphones, smartwatches, head-up displays (HUDs), virtual reality (VR), and augmented reality (AR) headsets applications.

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The micro-LEDs are significantly brighter, offering three or four times more brightness than OLEDs. The OLEDs can deliver around 1000 Nits (cd/m2) luminance, whereas micro-LEDs offer hundreds of thousands of Nits for the equivalent power consumption. This is the major benefit offered by micro-LED displays, making them suitable for head-up displays (HUDs), virtual reality (VR), and augmented reality (AR) applications, where waveguides are used to place images in a headset or a pair of glasses in front of the eye.

The growing miniaturization trend in the consumer electronics industry enables manufacturers to reduce the panel size used in several applications, including handheld devices, televisions, and near-eye displays (AR/VR headsets). Miniaturization between each pixel often lowers display costs as compared to traditional components. These components are expected to be used more commonly in small electronic devices like smartwatches and smartphones. In 2018, Samsung introduced "The Wall," a series of configurable modules that could be professionally installed, as the first MICRO LED display. With the latest 110" MICRO LED TV, Samsung is taking the MICRO LED experience to traditional TVs for the first time.

Rising demand for brighter and power-efficient displays for consumer electronic products, growing adoption of near-to-eye devices in the entertainment, healthcare, and other industry, increasing adoption of advanced displays in head-up displays for the automotive industry, growing use of micro-LED technology in digital signage applications, and increased use of wearable devices globally, are projected to drive the market growth over the forecast period.

Some Significant Market Developments Considered in the Report:

  • In January 2021, Sony Electronics, one of the leaders in consumer and innovative display technology, launched the modular Crystal LED C-series (ZRD-C12A/C15A) with high contrast and B-series (ZRD-B12A/B15A) with high brightness, the new innovation in premium direct-view LED display

  • In December 2020, Samsung Electronics launched the groundbreaking 110" Samsung MICRO LED display in Korea

  • In January 2020, Samsung Electronics and Niio, one of the leading forum for new media art, collaborated to launch an open call competition to promote Samsung's micro-LED display "The Wall”

COVID-19 Impact on Global Micro-LED Display Market

The QMI team is closely monitoring the impact of COVID-19 on the global micro-LED display industry, and it has been observed that the demand for micro-LED display is slowing down during the pandemic. However, starting in mid-2021, it is expected to grow at a sustainable rate. Many countries around the globe have imposed stringent lockdowns to prevent the pandemic from spreading, hampering the business operations.

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The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the shutdown of the marketplace. Among various industries, transportation, aviation, oil and gas, and electronic industries have suffered huge financial losses. This has created reduced demand for several products and components, and micro-LED displays are one of them. In this report, all of these aspects have been examined closely.

Global Micro-LED Display Market, by Product

Based on product, the global micro-LED display market is classified into large-scale display, small and medium-sized display, and micro display. The micro display segment is expected to grow significantly during the forecast period. Micro-LEDs are used to reduce the device size, enabling them to be used in small electronics such as smartwatches, near-to-eye (NTE) devices, and head-up displays (HUD). Since they have a response time of a few nanoseconds, these micro-LED components are suitable for these applications. The large-scale display segment is expected to grow as key market players introduce large-scale micro-LED displays for digital signage and television applications.

Global Micro-LED Display Market, by Application

Based on the application, the market is categorized into AR/VR headsets, head-up display (HUD), smartphone and tablet, television, smartwatch, digital signage, and monitor and laptop. The increasing demand for wearable devices for various applications in sports, healthcare, or at work necessitates several small and lightweight displays. The growing use of micro-LED displays in applications such as AR/VR headsets, head-up display (HUD), smartwatches, and others can be attributed to the global micro-LED display market growth.

NTE (Near-to-Eye) applications provide the most opportunities for micro-LED displays because of their size, energy, contrast, and color-space advantages. The special features of micro-LEDs have a positive impact on both personal viewers (PV) and electronic viewfinders (EVF). In May 2018, Vuzix Corporation, one of the leading providers of smart glasses and augmented reality (AR) technology and devices, announced a partnership with Plessey Semiconductor, a leading manufacturer of award-winning optoelectronic solutions. The two companies partnered to build advanced display engines for Vuzix waveguide optics, paving the way for the next generation of AR Smart Glasses.

Global Micro-LED Display Market, by Industry Vertical

Based on industry vertical, the market is segmented into consumer electronics, automotive, retail, government and defense, advertising, and others. The consumer electronics segment is expected to hold the largest market share during the forecast period. Micro-LEDs are projected to be adopted into various consumer electronic devices, such as televisions, smartphones, smartwatches, and laptops, as a wave of recent advancements. The industry's technological behemoths have enough expertise with LCD, LED, and OLED technologies to concentrate their resources on micro-LED manufacturing, which is expected to be the future of the consumer electronics market.

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The advertising (digital signage) segment is also growing rapidly, as it is widely used for advertisement and consumer attraction, and key market players are introducing products with micro-LED technology for digital signage applications. For instance, LG's new micro-LED digital signage solution, the Magnit, is regarded as an evolutionary step forward in display technology. Magnit promises that it's LG Black Coating can extend the product life and that its black-assembly design can make installation easier. By intelligently analyzing content and source and optimizing visual output in real-time, an AI-powered (Alpha) image processor improves picture quality.

Global Micro-LED Display Market, by Region

Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The North America region is projected to account for the highest share of the market during the forecast period. The increasing penetration of near-to-eye (NTE) devices, television, smartphone and tablet, head-up display (HUD), laptop, and monitor are one of the largest contributors to micro-LED proliferation in the region. In recent years, smartphone sales in the United States have been steadily growing, creating lucrative opportunities for market players to launch products with micro-LED display technology. Smartwatches' widespread adoption in the region is expected to fuel the micro-LED market's adoption.

Some Major Findings of the Global Micro-LED Display Market Report Include:

  • Major global market trend and forecasts analysis along with the country-specific market analysis for up to 25 countries

  • An in-depth global micro-LED display market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors

  • Profiles of major market players operating in the global micro-LED display market, which include Samsung Electronics Co., Ltd., Sony Corporation, Apple Inc., Plessey, LG Electronics Inc., Epistar Corp., Ostendo Technologies, X-CELEPRINT, ALEDIA, ALLOS Semiconductors, Glo AB, Lumens, and VueReal Technologies

  • Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years

  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global micro-LED display market.

  • Impact of COVID-19 on the global micro-LED display market

Browse key industry insights spread across 197 pages with 138 market data tables and 96 figures and charts from the report, Micro-LED Display Market, By Product (Large Scale Display, Small & Medium-sized Display, and Micro Display), By Application (Smartphone & Tablet, PC & Laptop, TV, Smartwatch, Others), By Industry Vertical (Consumer Electronics, Entertainment & Sports, Automotive, Retail, Government &Defense, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028” in depth analysis along with the table of contents (ToC).

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https://www.quincemarketinsights.com/industry-analysis/amoled-display-materials-market

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CONTACT: Ajay D Quince Market Insights Pune India Phone: US +1 208 405 2835 UK +44 1444 39 0986 APAC +91 706 672 4848 Email: sales@quincemarketinsights.com Web: www.quincemarketinsights.com


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