Explosive Growth in the Micro-LED Market: Trends, Drivers, Industry Challenges and Future Outlook to 2027
Delray Beach, FL, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The micro-LED market is estimated to be valued at USD 592 million in 2021 and reach USD 21,169 million by 2027; it is anticipated to grow at a CAGR of 81.5% during the forecast period.
The major factors driving the growth of the micro-LED market are increase in demand for micro displays for NTE devices and increasing interest of electronic giants in micro-LED technology. However, several factors, such as requirement of huge investment in infrastructure, equipment, and process development can act as a key challenge in the market during the forecast period.
Major vendors in the Micro-LED companies includes:
- Apple (US),
- Sony (Japan),
- Samsung Electronics (South Korea),
- Oculus VR (US),
- X-Celeprint (Ireland),
- Epistar (Taiwan),
- Nanosys (US), and
- Aledia (EU).
Micro-LED Market Share – Key Segmentation
Consumer Electronics vertical is expected to dominate in the micro-LED market during the forecast period
Consumer Electronics is expected to dominate in terms of market share during the forecast period. The market for consumer electronics has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant growth of micro-LED market.
Near-to-Eye (NTE) devices expected to witness the highest CAGR in the micro-LED display market during the forecast period
The Near-to-Eye (NTE) devices is estimated to grow at the highest CAGR from 2021 to 2027 during the forecast period, as the growth of this segment can be attributed because there is high demand for AR/VR devices. Also, there is need of brighter and more power-efficient LED for NTE devices. Micro-LED serves this need and hence NTE devices application is projected to grow at the highest CAGR during the forecast period.
Aerospace and Defense vertical is expected to grow at the highest CAGR in 2027
Aerospace and Defense is expected to grow at the highest CAGR during the forecast period. The market for Aerospace and Defense has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant growth of micro-LED market
APAC is attributed to grow at the highest CAGR in micro-LED market during the forecast period (2021-2027)
APAC is expected to grow at the highest CAGR in the overall micro-LED market. The fastest growth of the APAC micro-LED market is expected to be driven by the increasing interest of electronic giants in APAC in adopting micro-LED technology.For instance, Samsung, one of the electronic giants, has commercialized few products into digital signage vertical. Samsung’s “The Wall” is one of the premium product in micro:LED digital signage (advertising) vertical. Also, Sony has also launched few products using micro-LED technology in the market.
Micro-LED Market Dynamics and Trends:
Drivers: Increasing demand for brighter and power-efficient display panels
The proportion of the urban population is increasing every day, causing traffic congestion. In 2000, only 46.72 percent of the world's population lived in cities; by 2007, more than half of the world's population (50.14 percent) lived in cities for the first time. Private and professional mobility presents significant challenges in urban areas. The increasing urbanization and population have been escalating the traffic density levels, making commuting tough for the common masses.
Restraints: Limited patents and inadequate supply chain
Micro-LED manufacturing, mass transferring, and panel manufacturing are the three major supply chain stages essential for the mass production of micro-LED displays. Large-scale display production will require these three stages to come together. The supply chain of micro-LED displays is complex and lengthy compared with that of LCD or OLED displays.
Opportunities: Growing demand for wearable displays for smartwatches and head-mounted displays (HMDs)
Many smart wearable manufacturers are looking to extend their product range by adding small devices with screens. Smart wearable manufacturers utilize small display panels in devices such as watches, wristbands, and smart glasses. Micro-LED technology is expected to be commercialized first for smart wearables
Challenges: Requirement of high investments and need for different manufacturing processes and equipment computability
Manufacturers will have to adopt different manufacturing processes and equipment or upgrade their existing systems to mass-produce micro-LED chips for different applications. Industry-leading LED manufacturers, such as Epistar (Taiwan) and Cree (US), are focusing on exploring micro-LED development solutions that are compatible with the existing manufacturing processes.
About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
