April 13, 2024

Micro-LED Market Is Expected To Be Flourished By Growing Demand For High-Resolution Displays

Micro-LED is a technology that uses microscopic LEDs to create self-emissive pixels. Micro-LED displays have high brightness, high contrast, and excellent durability. They can be manufactured on silicon wafers or flexible substrates, which enables their use in large, rigid displays as well as flexible, rollable displays. Micro-LEDs are increasingly being used in mobile devices, virtual/augmented reality headsets, digital wristwatches, televisions, and other electronics. Their self-emissive nature, long operational lifespan, low power consumption, and wide viewing angles make them a promising alternative to existing LED-backlit LCD and OLED display technologies.

The global Micro-LED Market is estimated to be valued at Us$ 314.67 Mn in 2024 and is expected to exhibit a CAGR Of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Micro-LED technology offers significant advantages over traditional LED-backlit LCDs and OLED displays currently dominating the television and smartphone display markets, making it well-positioned to disrupt these markets.

Market Dynamics:

Growing demand for high-resolution displays is expected to drive the growth of the micro-LED market over the forecast period. Micro-LED displays offer exceptionally high resolutions owing to their microscopic pixel sizes. For example, they can achieve resolutions over 10,000 PPI which far exceeds current smartphone and TV display standards. Their high resolution enables applications requiring extremely sharp and clear images like VR/AR headsets.

The opportunity mentioned in the heading – growing demand for high-resolution displays – is one of the key drivers propelling the micro-LED market forward. Advantages of micro-LEDs like high brightness, long operational lifespan, wide viewing angles also make them well-suited for applications requiring rich, lifelike visuals. As micro-LED technology continues to mature and its manufacturing challenges are addressed, its adoption in large screens and small mobile device displays is projected to increase significantly.

 

Segment Analysis

The global micro-LED market is dominated by the display segment which currently holds around 85% share of the overall market. Within displays, small and medium-sized displays under 20 inches are the leading segment as of now due to ease of manufacturing and existing customer demand from industries like wearables and AR/VR headsets. However, with continuous technological developments, the large displays segment above 20 inches is expected to emerge as the fastest growing segment during the forecast period with its adoption in television and digital signage applications.

PEST Analysis

Political: The micro-LED industry is supported by government funding and initiatives in major economies to boost domestic development of next-generation display technologies and reduce dependency on other countries.

Economic: The high manufacturing costs involved in mass production of micro-LED displays is a major challenge. However, the technology has potential to drive new revenue streams with its advantages over OLED and help economies.

Social: Increasing consumer preference for energy efficient and high resolution displays is driving demand for micro-LED technology in applications like smartphones, laptops, and televisions.

Technological: Continuous improvement in top-down manufacturing techniques, transfer methods and advances in chip designs is helping reduce costs and accelerate commercialization of micro-LED displays.

Key Takeaways

The Global Micro-LED Market Demand  is expected to grow from US$ 314.67 Mn in 2024 to US$ 4,648.6 Mn by 2031, expanding at a compound annual growth rate (CAGR) of 38.5% during the forecast period.

 

Regional analysis:

 

North America is expected to continue dominating the global micro-LED market during the forecast period. This can be attributed to significant investments by US-based companies including Apple and Facebook in micro-LED technology and related infrastructure development. Several top manufacturers like Sony Semiconductor Solutions, LG Display, and PlayNitride are also expanding their micro-LED production capacities in the region.

Key players operating in the micro-LED market are Samsung, LG, Epistar, and AU Optronics. Samsung has aggressively invested in micro-LED research and has launched “The Wall” display brand for commercializing large format micro-LED displays. LG Display has demonstrated several prototypes of flexible and transparent micro-LED displays.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it