The global Micro Led Market is estimated to be valued at US$ 273.15 Mn in 2023 and is expected to exhibit a CAGR of 82% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Micro LED displays utilize inorganic LEDs that are microscopic in size to create clear and vibrant images. Micro LED displays have self-emissive properties, high contrast ratios, wide viewing angles, and fast response times. They provide better resolution, brighter colors and longer durability compared to LCD and OLED displays.
Market key trends:
One of the key trends in the micro LED market is the increasing adoption of micro LED displays in consumer electronics owing to their superior display quality. Smartphones and smart wearables manufacturers are focusing on micro LED displays over OLED and LCD as micro LED displays do not suffer from burn-in issues and have longer operational lifespan. Technology giants such as Apple and Samsung are investing heavily in micro LED technology to revolutionize the next generation display market. The Mini/Micro LED displays are expected to replace the existing LCD and OLED displays in the near future primarily due to their many advantages over existing display technologies.
SWOT Analysis
Strength: Micro LED offers higher brightness and contrast ratio compared to traditional LCD and OLED displays. They have faster response time, better durability with almost limitless lifespan, and resistance to burn-in issues.
Weakness: Currently, the manufacturing cost of Micro LEDs is very high due to the complex and expensive production process involved. The technology is still in its nascent stage and requires massive R&D investments to scale up production.
Opportunity: Growing demand for large size and high-resolution displays for TVs, smartphones, smartwatches as well as increasing adoption in digital signage and VR/AR devices presents a huge market opportunity. The technology is also poised to replace OLED in the coming years.
Threats: Stiff competition from established technologies like LCD and OLED. Slow adoption rate and high costs pose threats to Micro LED commercialization in the mass market. Dependence on few chip manufacturers can restrict supplies.
Key Takeaways
The global Micro LED market is expected to witness high growth, exhibiting CAGR of 82% over the forecast period, due to increasing demand for power-efficient and high-resolution displays.
North America dominated the micro LED market in 2023 due to presence of key players and high demand for innovative display technologies from consumer electronics and automotive industries. Asia Pacific is expected grow at the fastest rate owing to large consumer base, increasing R&D investments by Chinese companies, and presence of LED manufacturing clusters in countries like China, Taiwan and South Korea.
Key players operating in the micro LED market are Apple (US),Oculus VR (US),Sony (Japan),Samsung Electronics (South Korea),X-Celeprint (Ireland),Nanosys (US),Jade bird display (china),aledia (European union),mikro mesa (US),verlase technologies (US), and,allos semiconductors (Germany). Samsung and Apple are investing heavily in micro LED research which is expected to bring the technology into consumer products in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
