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The micro light-emitting diode (LED) market size is forecast to increase by USD 12.12 billion, at a CAGR of 71.99% between 2023 and 2028. Market growth depends on several factors: increased investments in MicroLEDs, rising patent registrations, and the integration of MicroLED technology into televisions. However, challenges include the widespread adoption of alternative display technologies, a fragmented patent landscape, and manufacturing complexities associated with MicroLEDs. The investment surge in MicroLEDs reflects optimism in their potential for superior display performance and energy efficiency. Similarly, the growing number of patent registrations underscores competitive innovation in the sector. Despite these advancements, alternative display technologies pose competitive pressures, impacting market penetration. Moreover, navigating a diverse patent landscape complicates intellectual property strategies and collaboration efforts. Additionally, manufacturing challenges such as yield rates and scalability hinder widespread adoption. These dynamics underscore the complexities and opportunities in the MicroLED market, where technological advancement and strategic navigation of obstacles are pivotal for sustained growth and industry leadership.It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The Micro LED market is witnessing robust growth driven by the increasing adoption of AR and VR technologies across various industries. Augmented reality (AR) devices are leveraging Micro LED technology to deliver high brightness, contrast, and energy efficiency, enhancing the immersive experience for users. Additionally, the demand for energy-efficient lighting solutions in applications such as refrigerated case lighting and under-cabinet lighting is fueling the adoption of Micro LEDs due to their superior energy efficiency compared to traditional lighting technologies like halogen and incandescent bulbs. Moreover, the rising popularity of wearable products such as smartwatches is driving the demand for compact and power-efficient displays, further boosting the market for micro-LEDs. These factors, combined with advancements in inorganic mini-LEDs (mLEDs) and organic light-emitting diode (OLED) displays, are expected to propel the growth of the Micro LED market in the coming years. Furthermore, the increasing market size of the industry is being fueled by the continuous innovation and development of micro-LED technology. Manufacturers are focusing on improving key performance metrics such as UHD picture quality, brightness, and wavelength uniformity to meet the evolving demands of consumers and industries. Additionally, the integration of Micro LEDs into a wide range of products, including smartphones, televisions, and automotive displays, is expanding the market opportunities for Micro LED technology. Moreover, the saturation of colors and high light quality offered by Micro LEDs are driving their adoption in applications requiring premium display performance, such as professional monitors and signage. As the market continues to mature and technological advancements enable new applications and use cases, the Micro LED market is expected to experience sustained growth and innovation.
The Micro LED Market is experiencing significant growth driven by a surge in investments in MicroLED technology. Renowned for its high efficiency, low power consumption, and exceptional brightness, MicroLED has garnered substantial interest across various industries. The influx of investments from both established players and startups underscores the growing confidence in MicroLED's potential. These investments are aimed at advancing the technology's performance and reducing costs, making it more accessible across a wider range of applications.
Moreover, the versatility of MicroLEDs has led to their adoption in diverse sectors such as automotive, consumer electronics, and healthcare. In the automotive industry, MicroLEDs find applications in lighting, navigation, and entertainment systems, enhancing safety and driving experience. Similarly, in consumer electronics, MicroLEDs are utilized in displays, smartphones, and wearable devices, offering superior visual experiences and extended battery life. Furthermore, in healthcare, MicroLEDs play a crucial role in medical devices and diagnostics, facilitating accurate diagnoses and treatments.
The development of GaN-on-Si technology is a key trend influencing the micro light-emitting diode market growth. LED production is based on sapphire substrates. However, as MicroLEDs gain market acceptance, the vendor is moving to gallium nitride-on-silicon (GaN-on-Si) technology for MicroLED production. Many providers are working on developing this technology. The advantage of using GaN-on-Si instead of the sapphire substrate is higher yield. Using this technology, larger wafer sizes can be achieved. This is advantageous for MicroLED as it uses a transfer stamp, maximizing wafer area and reducing costs. These advantages have led vendors to focus on developing Ga-on-Si-based MicroLED displays.
Recently, Plessey Semiconductors partnered with Jasper Display Corp. (Jasper Display) and announced the development of a monolithic MicroLED display. Through this partnership, the two companies have successfully developed MicroLED displays using wafer-level bonding of Plessey's monolithic GaN-on-silicon MicroLED wafers and Jasper Display's patented eSP70 backplane technology for silicon. The development of such products is expected to roll out in the consumer electronics market during the forecast period.
High market penetration of other display technologies is challenging the market growth. Display technologies such as plasma, TFT-LCD, LED-backlit LCD, and OLED displays are hitting the market at lower prices than MicroLED. Such display systems have been mass-produced and achieved production efficiency for a very long time. The final product has minimal premature defects. These displays cost less because the vendors have achieved economies of scale. The final product is, therefore, cheaper. Low production capacity and high production cost limit the mass adoption of MicroLED displays. Manufacturers face several challenges when producing MicroLED displays.
Liquid crystal displays (LCDs) dominate the display market. It is used in a wide variety of electronic devices such as mobile phones, handheld video game devices, televisions, laptops, and desktops. OLEDs are also gaining popularity among display makers because they are thinner, lighter, and more flexible than LCDs and LEDs. OLED displays have faster response times than standard LCD screens. LCDs, on the other hand, have response times of less than 1 millisecond and frame rates of over 1,000 hertz (Hz). OLED response times can exceed 0.01 ms and are capable of refresh rates of 100,000 Hz. As a result, market vendors are aggressively investing in OLED production equipment. Therefore, the high market penetration of other display technologies is one of the major challenges to the growth of the Micro LED Market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aledia SA: The company is involved in the development and manufacturing of LED displays based on a unique 3D architecture.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the display segment will be significant during the forecast period. MicroLED displays can be used in a variety of applications during the forecast period, including consumer electronics such as TVs and smartphones, mobile wearables, large screens, digital signage, and augmented/virtual reality (AR/VR) headsets. However, many of the MicroLED markets for these applications are still in the development stage and have not yet been commercialized.
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The display segment was valued at USD 223.70 million in 2018. Additionally, OLEDs in displays and lighting are not long-lived. The lifetime of the blue OLED is about 14,000 hours at half the original brightness. OLEDs have a shorter lifespan than LCD, LED, or Plasma Display Panels (PDPs), currently lasting about 25,000 to 40,000 hours at half brightness, depending on make and model. Therefore, the vendor seeks opportunities and to achieve breakthroughs he invests in various display technologies such as MiniLED and MicroLED. MicroLED is a self-luminous display technology similar to OLED. It offers higher contrast, higher efficiency, higher resolution, and longer response time than other display technologies. Demand for Micro LED displays from product manufacturers is increasing rapidly and is expected to boost the growth of Micro LED in the display segment during the forecast period.
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APAC is estimated to contribute 62% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Market buyers include electronics OEMs, automotive OEMs, and lighting manufacturers. Currently, most MicroLED developments are focused on AR/VR devices, TVs, digital signage, and big screens. The region is one of the likely markets for MicroLED, as the majority of market players involved in MicroLED development are located in APAC. APAC has a high concentration of consumer electronics manufacturers. Most consumer electronics manufacturing bases are located in South Korea, Taiwan, Japan, and China. Inexpensive semiconductor components are readily available as the region is the center of large semiconductor foundries. Therefore, the large OEMs are looking to move production to the region. China's availability of abundant resources and low-cost labor has made it a prime choice for display manufacturers. All these factors make the APAC region a key region for the growth of the market.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is experiencing rapid growth driven by advancements in augmented reality technology and virtual reality technology, enhancing immersive entertainment experiences and virtual production stages. These displays offer high-end TVs and commercial displays with superior brightness levels, contrast ratios, and wide color range. Micro-Light Emitting Diode (LED) excel in energy consumption efficiency and service life, despite significant initial costs associated with mass production and complexity in manufacture. They find applications in smart wearables, in-car displays, and command and control centers, leveraging rapid response times and small and medium-sized panel capabilities.
Further, the market faces challenges like economic downturns impacting consumer electronics sector expansion and technoeconomic analysis for modular lighting and NTE devices integration. Despite these market restraints, micro-LED (Light-Emitting Diode) represent the future of large-scale display technology, promising advancements in panel size, flexible displays, and integration of IoT devices for diverse applications in advertising, aerospace and defense, and entertainment industries. Crete contributes to the advancement of LED technology, including gallium nitride micro-LEDs and micro-light emitting diode displays, influencing the global micro LED market as it integrates these innovations into smartwatch and recessed lamps.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 71.99% |
Market growth 2024-2028 |
USD 12.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
56.21 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 62% |
Key countries |
South Korea, China, Japan, Taiwan, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aledia SA, ALLOS Semiconductors GmbH, Apple Inc., AUO Corp., Beijing BDK Electronics Co. Ltd., eLux Inc., EPISTAR Corp, Innolux Corp., JBD Inc., LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., OSRAM Licht AG, PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Group Corp., and VueReal Inc. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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