Micro LED Market Size, Share, Industry & Opportunities 2031

Report Description

The global micro-LED market was around USD 1465.63 Million in 2022 and is anticipated to reach USD 457488.17 Million by 2031, accelerating at a CAGR of 89.3% during the forecast period, 2023–2031. Micro-LED is considered as an emerging display and lighting technology, which potentially disrupted the traditional LCD display and LED lighting industries. A majority of display panels are commonly used in range of devices, such as TVs, notebooks, smartphones, and smartwatches.

Micro-LED technology offers high brightness and low power consumption, and these are divided broadly into the micro-LED displays and micro-LED lighting. Increase in the demand for enhanced quality display is a major factor fueling the market.

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Micro LED Market COVID-19 Analysis

COVID-19 crisis disrupted the global supply chain and affected economies. It has profoundly impacted the micro-LED market worldwide along with other businesses. The worldwide lockdown measures restrained the Coronavirus spread, which resulted in depletion of inventories and shortage of raw materials and led to sudden decline in revenue of market players including small business across the globe.

Micro LED Market Dynamics (Trends, Drivers, Restraints, and Opportunities)

• Rising demand for power efficient display panels for smartwatches, televisions, smartphones, and AR/VR devices is fueling the market.

• Increasing developments and commercialization of technology in micro-LED display is driving the market.

• Growing preference of researchers for fabrication of high power and high efficiency GaN-based LEDs technology and LEDs, is propelling the market.

• Increasing number of patents is expected to augment the market during the forecast period.

• Rising cost of micro-LED display technology due to features of OLEDs and LCDs for high power and brightness impede the market.

• Lack of strong supply chain and distributed patent portfolio are restraining the market.

• Miniaturization of micro-LED display results in high power consumption leading to the power leakage, which is expected to hamper the market.

• Developments in cutting edge technological to make micro-LEDs are creating opportunities in the market.

• Surge in demand of wearable displays for smartwatches and head mounted displays (HMDs) is projected to create lucrative opportunities in the market in the near future.

• Trends such as virtual reality headgear and development of GaN-on-sapphire technology pose to be attractive opportunities during the forecasted period.

Scope of Micro LED Market Report

The report on the global micro-LED market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report that throws light on the different market segments for a comprehensive understanding.

Micro LED Market Segment Overview

Based on applications, the global micro-LED market is bifurcated into display and lighting.

The display segment is further divided into smartwatch, near-to-eye (NTE) device, television, smartphone and tablet, head-up display (HUD), laptop and monitor, and digital signage. The lighting segment is categorized as general lighting and automotive lighting. The smartphone and tablet sub-segment hold a key share of the market and is projected to grow in the near future.

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On the basis of panel sizes, the market is trifurcated into micro display, small & medium-sized panel and large panel. The micro display segment accounts for a dominant share of the market, followed by large panel segment, which is expected to expand at a significant CAGR during forecasted period.

In terms of verticals, the micro-LED market is segregated into consumer electronics, automotive, advertising (digital signage), aerospace & defense, and others. The consumer electronics segment is projected to dominate the market by 2028 owing to rising adoption of micro-LED displays panels in electronic devices.

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Based on regions, the global micro-LED market is segmented into North America Europe, Asia Pacific, Latin America, and Middle East & Africa. The market Asia Pacific is anticipated to expand at a high CAGR during the forecasted period owing the presence of global market players such as LED Foundries. Rising number of display panel manufacturers and consumers, and growing technological advancements due to increased R&D activities fuel the market in the region.

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Micro LED Market Recent Developments

• In January 2020, Samsung Electronics launched modular micro-LED TVs for size ranges such as 75", 88", 93", 110", 146", 150", 219", and 292".
• In February 2020, Samsung Electronics announced partnership with Niioto and launch of an open-call visual art competition to promote Samsung’s micro-LED displays.
• In October 2019, Apple plans to establish a facility for developing micro-LED technology for Apple products in collaboration with local supply chain in Taiwan.