Micro-LED is a technology used in a display that consists of microscopic light-emitting diode (LEDs) arranged to form an individual pixel element. Each micro pixel of micro-LED emits light (pixel) to produce the picture and add a different color. One of the biggest advantage of microLED is that it is highly power-efficient. The Micro-LED is available in three panel size, including micro display, small & medium sized panel, and large panel. The MicroLED are brighter as compared to the ordinary OLEDS.
Increasing demand for more power-efficient display screens in smartwatches, smart devices, and AR/VR devices is the key factor contributing to the growth of the global Micro-LED market. Various multinational giants are focusing on technological development to capture the growing demand of the market. In addition to this, the drastic rise in the demand for consumer electronics will further create numerous growth opportunities in the market. The Micro-LED have significantly brighter light, provides ultrahigh definition picture quality, improves color saturation, and consumes less energy as compared to OLEDs and LCDs. Moreover, the increasing penetration of smart devices such as smartphones, iPad, laptops, and television, will further propel the demand for Micro-LED market at the global level. However, the easy availability of cheaper substitute products such as OLED will restraint the growth of the market globally.
Based on the Application, the market is segmented into display and lighting. Among these, the lighting segment is anticipated to lead the market over the forecast period owing to the increasing demand for general lights, including lights used in kitchens, hallways, bathrooms, and other places of the home. This strong demand is driven by the rising population rate and the continuous infrastructural development in the world. Moreover, the rising emphasis of various governments towards the adoption of LED light to conserve energy and to reduce cost of the electricity bill is further surging the demand for general LED lights used in homes. The market players, including Philips and Cree, are developing attractive designs, thereby creating new opportunities.
Based on the Verticals, the market is segmented into Consumer Electronics, Advertisement, Automotive, Aerospace & Defence, Energy & Power, Architecture & Construction, Entertainment & Sports, Retail, Residential, and Others. Among these, the Automotive segment is projected to grow at a higher CAGR during the forecast period due to the increasing demand for smart headlights in personal cars and other type of vehicles. Micro-LEDs is used in vehicles to control the light beam while providing better level visibility to the driver in the night.
Based on the region, Asia-Pacific region is anticipated to lead the market during the forecast period due. The Asian countries are the biggest producer and consumer of display panels. The rapid technological advancement in the display devices and the large presence of market players such as Apple and Sony Corporation, is the major factor surging the growth of the market. The increasing demand for smartphones, tablets, laptops, and television will have a positive impact on the growing demand of the market.
Various notable players in the market includes Sony Corporation, Apple Inc., Philips Lighting N.V., Samsung Electronics Co., Ltd, LG Electronics Co., Ltd, Glo AB, JBD Inc., Aledia, Epistar Corp, X-Celeprint, among others.
- In 2019, Sony Corp launched the new 16K Crystal LED modular TV with Micro-LED panels. This Sony Crystal LED display system will provide an unforgettable home theatre experience to its viewers.
- In 2020, Apple Inc., announced the launch of its Apple Watch Series 6 to be released in September 2020. This new series 6 has micro-LED, blood oxygen detection, and other innovative features.
The global Micro-LED market has been segmented on the basis of application, panel size, vertical and region. Based on application, the market is segmented into Display and Lighting. Based on display, the market is segmented into Near-To-Eye (NTE) Devices, Smartwatch, Television, Head-Up Display (HUD), Smartphone & Tablet, Monitor & Laptops and Digital signage. Based on lighting, the market is segmented into General Lighting and Automotive Lighting. Based on the panel size, the market is segmented into microdisplay, small & medium sized panel and large panel. Based on the vertical, the market is segmented into Consumer Electronics, Advertisement, Automotive, Aerospace & Defense, Energy & Power, Architecture & Construction, Entertainment & Sports, Retail, Residential and Others.
About GMI Research
GMI Research is a market research and consulting firm which provides bespoke industry & market insights to help businesses in making the toughest business decision. We the know the significance of accurate data that’s why our analyst use tailored methodology to study each and every market in detail because one size doesn’t fit all. We just don’t cover only the traditional well-established market but also focuses more on niche market and markets in emerging market for which getting information is very difficult, which makes us pioneer in emerging market research space. Our syndicate reports cover multiple industry across regions and country.
Our in-depth market reports help propel your business with all the data, strategic inputs and competitive intelligence to move ahead even in the most uncertain times. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research look forward to help businesses stay ahead of the curve.
Company Name: GMI RESEARCH
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270