Micro LED Display Market Size Report 2022, Industry Size, Share, Trends, Drivers, and Forecast to 2024
Global micro LED display market size is anticipated to gain remarkable traction over 2018-2024, driven by the escalating demand for bright and power-efficient display solutions across the globe.
The micro LED display technology delivers superior display along with a high-degree contrast as compared to the LCD technology. Moreover, these micro LED devices can provide lesser response time as well as are energy-efficient as they consume low power. These aforementioned factors are likely to influence the adoption of the technology and in turn, add impetus to overall micro LED display market expansion over the forecast spell.
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The global market has been witnessing the trend of electronics miniaturization, which has been adopted in various handheld devices including smartphones, tablets, and near-to-eye devices such as AR and VR headsets. This size reduction also helps in lowering the total costs of the displays than the traditional counterparts. Rapid adoption in small electronic devices like smartphones and smartwatches will further push the demand for micro LED displays in the coming years.
As per Global Market Insights, Inc. estimates, the global micro LED display market size is expected to cross $14 billion by 2024.
High product suitability for digital signage due to low power consumption
With regards to the application spectrum, the global micro LED display market from the digital signage segment is projected to account for a major market share over the estimated timeline, which is attributable to the growing equipment demand in the retail sector. The micro LED devices are suitable for digital signages, owing to low power consumption and costs. Robust demand for digital signage in the retail & advertising sectors, along with the high product demand from retailers with low budgets, is likely to create ideal growth conditions for the global micro LED display market dynamics over the foreseeable future.
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For example, in September 2020, LG launched a Micro LED signage solution known as ‘LG MAGNIT’. The product is equipped with COB technology & its Black Coating technology to the displays for enhanced contrast and color accuracy while protecting tiny LED pixels and minimizing reflections.
Rapid adoption of micro LED display in AR/VR devices
Myriad micro LED display advantages include low power consumption and small size, making the device suitable for use in wearable devices. In addition, these devices are gaining widespread adoption in AR or VR devices owing to their superior features such as high brightness, small size, and low weight. Rising awareness about the robust product benefits will become major factors contributing to the global micro LED display market growth over the forthcoming years.
However, the lack of standardization and presence of design issues with regards to small size will remain as key challenges for the micro-LED display industry in years to come. Due to these limitations, manufacturers are also facing problems in mass manufacturing large-size displays. With an aim to meet these challenges, research entities and manufacturers are focusing on developing flexible displays with adjustable panel size.
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Numerous display & LED manufacturers in Asia Pacific
From a regional perspective, the Asia Pacific micro LED display industry is anticipated to witness a considerable growth rate over the coming years, which is attributable to the mounting demand for high-quality and low-cost smartphones.
Furthermore, the region has been observing high prominence of the smartphone industry owing to the increasing penetration of network infrastructures. Rising number of LED and display manufacturers in the region, coupled with the rapid shift of the traditional manufacturers towards new technologies and components, will make significant contributions to the regional micro LED display market trends over the projected timeframe.
The competitive landscape of the micro LED display market comprises of companies such as VerLASE Technologies, Plessey Semiconductors, Aledia, X-Celeprint, Sony Corporation, Epistar, and Samsung Electronics, among others. These market players are focusing on gaining lucrative growth opportunities via strategies such as R&D, M&A, innovative product launches, and business expansions.
To illustrate, in September 2020, Apple received a new patent for micro LED display through Patently Apple. This patented micro LED display was developed for use in MacBook, iPads, and Fitness band.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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