Micro LED Market

Global Micro LED Market Size (2023 to 2028)

The global micro-led market size is expected to be worth USD 2,588 Million in 2023. It is expected to grow at a CAGR of 80.1% during the forecast period and reach a value of USD 20,501 Million by 2028.

Micro LEDs are the emerging flat panel display technology, which consists of arrays of microscopic LEDs forming individual pixel elements. They are also known as mLED, micro-LED, or µLED. These micro-LED displays offer better response times, contrast, and energy efficiency in response time.

MARKET DRIVERS:

The rising demand for brighter & more power-efficient display panels for mobile devices, smartwatches, and AR/VR devices, the growing interest of electronics giants including Samsung, Apple, Google, and Sony, and the attentiveness shown by input/component suppliers in the supply chain are the primary driver for the growth of the global micro-LED market. 

The growing demand for brighter and energy-efficient displays and the demand for micro-LED shows that are extensively compact in size with excellent viewing angles are the factors that are supporting the market expansion during the review period, and this is likely to continue in the outlook period. In addition, the high penetration rate of micro-LED displays because of their high pixel resolutions & exclusive image quality and the never-ending demand for display size reduction are the other factors that are driving the growth of the target market. Also, factors such as growing demand for wearable displays for smartwatches and AR/VR HMDs, manufacturing of micro-LEDs on large silicon wafers, and increasing penetration of micro-LED technology-based products in the display panel market are creating lucrative opportunities for the growth of the target market during the forecast period.

MARKET RESTRAINTS:

However, the tremendous popularity and demand for flexible & foldable display technology are hampering the growth of the Global Micro LED Market.

REPORT COVERAGE:

This research report on the global micro-led market has been segmented and sub-segmented into the following categories.

Global Micro Led Market – By Application:

• VR Headsets
• AR Headsets
•  Smartphone
• Smart Watches
• Tablet
• TV
• Laptop
• HUD
• Digital Signage

Global Micro Led Market – By Product Outlook:

• Large scale display
• Small & Medium-sized Display
• Micro-Display

Global Micro Led Market – By Type:

• RGB Micro LED
• Blue Micro LED
• UV Micro LED

Global Micro Led Market – By Panel Size:

• Below 2 inch
• 2-12 inch
•  12-55 inch
• 55-100 inch
• Above 100 inch

Global Micro LED Market – By Vertical Outlook:

• Consumer Electronics
• Advertisement
• Automotive
• Aerospace & Defense
• Energy & Power
• Architecture & Construction
•  Entertainment & Sports
• Retail
• Residential
• Others

Global Micro LED Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

In the regional analysis of the Global Micro LED Market, the North American market held a significant share of the revenue. It is also estimated that the target market in this region is growing at a higher CAGR. The reason for the growth of the area in this market is the presence of a country like the U.S., which has a trend that is the early adoption of newer display and lighting technology.

Also, the market in the Asia Pacific is likely to witness rapid market growth during the forecast period. The growth of the target market owes to the flourishing consumer electronics industry, and conventional light is being replaced by LED lighting in emerging economies such as India and China, contributing significantly toward the region's market. Further, growing awareness about the benefits offered by micro-LED displays is attracting the lighting manufacturers of this region. The increasing investments in technological enhancements of LED screens made by LED lighting manufacturers are further boosting the growth of the Micro LED Market in the Asia Pacific.

KEY MARKET PLAYERS:

Aledia, ALLOS Semiconductors GmbH, Apple, Inc., AU Optronics Corporation, BOE Technology Group Co., Ltd., CEA-Leti, Crystalwise Technology Inc., Epistar Corporation, Glo AB, Himax Display, Inc.,  Jasper Display Corporation, Jbd Inc.LG Display Co., Ltd., Lumens, Luminit, LLC., Lumiode, Inc., Macroblock, Inc, Nichia Corporation.

RECENT HAPPENINGS IN THE MARKET:

• Almae Technologies is acquiring III-V Lab's facilities, a private R&D organization jointly established by Nokia, Thales, and the CEA under the French "Economic Interest Group" at Marcoussis, which is situated on the Plateau de Saclay.
• BOE Technology Group Co., Ltd and Qualcomm Technologies, Inc. have announced their plans to establish a strategic collaboration for developing an innovative display product featuring Qualcomm 3D Sonic ultrasonic fingerprint Micro LED.