Micro LED Market Growth Analysis | 2022-2028

Market Insights

The micro LED market was estimated at USD 0.58 billion in 2021 and is likely to grow at a CAGR of 79.5% during 2022-2028 to reach USD 34.94 billion in 2028.

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Market Dynamics

Introduction

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.

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.

Market Drivers

The major factors driving the growth of the micro LED market are:

• The growing penetration of micro-LED displays in NTE devices and premium smartphones.
• 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.
• The benefits of micro-LED such as improved brightness, lower power consumption, enhanced color saturation, ultrahigh definition picture quality, and a faster response time.

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Segment Analysis

By Application Type

The micro-LED market has been classified into display & lighting. Display is expected to be the largest application segment in the market during the forecast period. Increasing demand for smart phone and wearables devices, increasing demand for better display solutions are some of the factors driving the growth of the segment in the market.

By End Use Type

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 2021. 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 Insights

The North American market accounted for the largest share in 2021 and is expected to grow at a significant CAGR during the review period. The 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.

Asia-Pacific 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.

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Key Players

Key players operating in the 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)

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s micro LED market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our micro LED market report from the industry stakeholders, we have tried to further accentuate our research scope to the micro LED market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The micro LED market is segmented into the following categories:

By Application Type

• Display
• Lighting

By End Use Type

• Consumer Electronics
• Automotive
• Aerospace and Defense
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Developments

Sept 2022: Next-gen Micro LED Displays introduced at the Samsung Display Tech Summit 2022

Samsung Electronics just launched two new series of The Wall – Samsung’s cutting-edge Micro LED displays – in the Southeast Asia and Oceania (SEAO) region at the inaugural Samsung Display Tech Summit 2022. It was held in Bangkok, Thailand where the Summit hosted 230 enterprise customers, tech enthusiasts and pro-audio-visual partners.

Sept 2022: LG MAGNIT 4K 136-Inch Micro LED Display Delivers ultimate home theater experience

LG Electronics USA has unveiled the LG MAGNIT 4K 136-inch Micro LED residential display (LSAD Series), offering integrators and end users an extraordinary home cinema, digital art and entertainment experience. Complete with LG's webOS smart TV platform, popular streaming apps, screen sharing and AI-enhanced processing, the new Micro LED Extreme Home Cinema screen is being demonstrated for the first time at the CEDIA Expo 2022 (booth #14041).