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Micro-LED is an emerging display and lighting technology, which will replace traditional LCD display and LED lighting markets. Display panels are used in several devices, such as TVs, notebooks, smartphones, and smartwatches. Most of these devices are currently based on organic light-emitting diode (OLED) and LED-backlit LCD display technologies. Lighting industry is witnessing several developments in terms of picture quality, display sizes, and power consumption features. The introduction of attractive and low-power-consuming products has resulted in the growth of LED market. Micro-LED technology is being developed to create high-brightness and low-power consumption display panels. The micro-LED market can be segmented into micro-LED displays and micro-LED lighting. Micro-LED display panels are expected to have a larger market share than micro-LED lighting panels. However, the micro-LED market is subtitled by two significant factors: devices having high brightness and low or less power consumption. Micro-LEDs utilize small pixel size compared to conventional LEDs. Apart from this, it also have technology which diminishes its dependence on backlighting. As a result, micro-LEDs display panels provide incredibly high resolution for various end use applications.
The micro-LED market is offering incremental dollar opportunities in the consumer electronics, automotive, advertising, and few other industries. The global micro-LED market is expected to reach an estimated USD 5.6 billion by 2026 from USD 486.6 million in 2020.
Growing the demand for high resolution displays in smart devices and increasing demand for better display solutions are the most significant factors driving the growth of this market. As the demand for high-resolution displays in smart devices increases, and micro-LEDs will meet the demand for higher visual results in the near future. Micro-LEDs, primarily used in smartphones, heads-up displays (HUD) and smartwatches, provide excessive resolution and superior visual performance in a variety of lighting conditions. Therefore, this factor is expected to contribute to growth of Micro-LED market in near future.
The growth of the micro-LED market will be driven by increasing demand for bright, power-efficient display panels and increasing preference for giant electronic products like Sony and Apple for micro-LED displays. However, the high cost of such displays is expected to curb market growth. Conversely, increasing demand for home appliances is expected to provide the market with profitable growth opportunities. Consumer electronic products are produced on large scale and are required in almost every aspect by consumers. Across various electronic products, the demand of products such as television, smartwatch and laptop technology advancement are increased. Thus, growing demand of consumer electronics will positively impact the growth of the micro-LED market.
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Micro-LED market segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa on the basis of regional market shares.
In the North America, the micro-LED market is expected to grow at the highest rate during forest period. US among the all countries of north America is expected to be the major contributor of micro-LED Market due to its well-established economy and presence of advanced technology laptop, smartphone, television and smart wearables suppliers within the country.
Asia Pacific region is witnessing high growth in the global Micro-LED Market. This can be attributed to the economies such as China, which plays vital role and a crucial supplier of Micro-LED. Most of the components of micro-LEDs are manufactured in countries such as China, where labor costs are low. In addition, the governments of these countries have launched various initiatives and schemes to promote the growth of the manufacturing industry. Increasing demand for consumer electronic products favored by rising disposable income is anticipated to foster the growth of market.
The report offers a comprehensive insight on the Micro-LED Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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