Micro LED Market Report

Market Insights

What is Micro LED?

Micro LED is an innovative and new flat panel display technology. It consists of arrays of microscopic LEDs which form the individual pixel elements. When compared to the widespread LCD technology, microLED displays provide better response times, contrast, and energy efficiency. The LED of small scale is an innovation that is being recognized in the level board show. When compared with LCD creativity, these LEDs furnishes a predominant display with an increased distinction.

The Micro LED Market is estimated to grow from USD 520.4 million in 2020 to USD 14,168.6 million by 2026 at a healthy CAGR of 75.3% during the forecast period.

Micro LED Market Size, 2020-2026 (USD Million)

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Market Drivers

The Micro LED market is mainly driven by the growing penetration of micro-LED displays in NTE devices and premium smartphones. Moreover, the rising demand for brighter & more power-efficient display panels for mobile devices, smartwatches, and AR / VR products and robust interest in electronics giants and interest shown by suppliers in the supply chain boost the product demand in the coming years. In addition to this, the benefits of micro-LED such as improved brightness, lower power consumption, enhanced color saturation, ultrahigh definition picture quality, and a faster response time further bolsters the industry growth.

Covid-19 Impact Analysis

The outbreak of COVID-19 has negatively impacted the micro-LED industry mainly due to lockdowns imposed by governments around the world to prevent the spread of COVID-19. The pandemic has forced companies to adopt remote working practices. The imposition of lockdown has halted manufacturing activities, disrupted the supply chain, and impacted research and development activities, resulting in delayed production.

Segments' Analysis

End Use Trends

Based on end-use, the micro-LED market has been classified into consumer electronics, automotive, aerospace and defense, and others. The consumer electronics segment accounted for the largest market share in 2020. This is mainly attributed to the introduction of a large number of start-ups, with strong R&D investments as well growing sales of consumer electronics among millennials.

Regional Trends

By region, the North American Micro LED market accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The Micro LED market growth is mainly propelled by increasing penetration of smartphones, tablets, and laptops, which will increase the adoption of the micro-LED. Also, increasing consumer spending as well as expanding the advertising sector further boosts the regional market growth.

The Asia-Pacific Micro LED market is expected to grow at a healthy CAGR during the review period. The regional growth is ascribed to the growing interest of major consumer electronic giants in APAC in adopting micro-LED technology. For instance, Samsung commercialized a few products into the digital signage vertical. Samsung’s “The Wall” is one of the key products in the micro-LED digital signage vertical.

Critical Questions Answered in the Report

This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Micro LED market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026. Following are the critical questions answered in the report.

• What are the key trends in the Micro LED market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on Micro LED market?
• What are the key strategies adopted by the major vendors to lead in the Micro LED market?
• What is the market share of the top vendors?

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Key Players

Key players operating in the global Micro LED Market are-

• Semiconductor Wafer Inc (Taiwan)
• Innolux Corporation (Taiwan)
• Sony Corporation (Japan)
• LG Display Co Ltd. (South Korea)
• Aledia SA (France)
• Epistar Corporation (Taiwan)
• Optovate Limited (UK)
• Rohinni LLC (US)
• Samsung Electronics Co. Ltd. (South Korea)
• JBD Inc. (US)
• Plessey Semiconductors Limited (UK)

Target Audience

The target audience of Micro LED Market includes-

• Micro LED Vendors
• Micro LED Manufacturers
• Micro LED Distributors
• Organizations
• Government Bodies.

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