Micro-LED (micro light emitting diode) refers to LEDs that are less than 100 micrometres in diagonal measurement. Components are made using different compound semiconductors including GaN, InGaN, AlGaAs, and (Al,Ga,In)P, among others. Micro-LED displays have several advantages like higher contrast, faster response times, wider viewing angles, and improved lifetime and power efficiency as compared to OLED displays. Micro-LED technology is being increasingly used in applications such as displays in smartphones, smartwatches, AR/VR headsets and other consumer electronics devices.
The global Micro-LED Market is estimated to be valued at Us$ 314.67 Mn in 2023 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.
The increasing adoption of augmented reality (AR) and virtual reality (VR) devices is one of the major drivers propelling the growth of the global micro-LED market over the forecast period. Micro-LED displays are highly suitable for wearable devices like AR headsets owing to their reduced size, high brightness, and lower power consumption as compared to other display technologies. AR/VR devices require high-resolution eyepiece displays to provide immersive experiences to users. Micro-LED displays fulfill this requirement more efficiently as compared to LCD and OLED displays.
Market Dynamics:
The increasing adoption of AR and VR devices as mentioned earlier is expected to drive the growth of the micro-LED market significantly over the forecast period. AR and VR devices integrate micro-LED technology into their displays owing to various advantages like high contrast, wide viewing angle, and fast refresh rates offered by micro-LED over other display technologies. For instance, according to Statista, the global AR/VR headset shipments are projected to reach over 172 million units by 2024, indicating high growth potential for AR/VR devices.
Additionally, ongoing technological advancements in micro-LED displays like increased brightness, resolution, and production efficiency are further propelling the market growth. For example, manufacturers are focusing on developing and mass-producing micro-LED displays that can match
SWOT Analysis
Strength: Micro-LED technology offers higher brightness and contrast compared to OLED and LCD displays. It provides longer lifespan of 100,000 hrs which is 10X more than OLED. Micro-LEDs use inorganic material for the light emitting layer which makes them more durable and reliable than organic materials.
Weakness: Micro-LED production requires complex manufacturing process which increases costs. The initial setup and equipment cost for Micro-LED production is significantly higher than OLED and LCD production. Currently only big players have invested in Micro-LED production lines.
Opportunity: Growing demand for brighter and more energy efficient displays in smartphones, laptops, televisions and other consumer electronics will drive the Micro-LED market. Micro-LED will replace LCD as the mainstream display technology in large screen displays above 75 inches due to its better picture quality. Advancements in chip-scale production can help reduce costs.
Threats: Stiff competition from mature OLED technology may limit Micro-LED adoption in smaller display sizes below 65 inches. Delay in cost reduction can restrict volume production. Intellectual property lawsuits between Samsung and LG Display over display technologies may affect industry collaboration needed for Micro-LED commercialization.
Key Takeaways
The Global Micro-LED Market Demand is expected to witness high growth over the forecast period from 2024 to 2031.
North America currently dominates the Micro-LED market due to presence of major players like Apple, Play Nitride and Aledia in the region engaged in Micro-LED R&D and manufacturing. The U.S. holds the highest share in the North American as well as global Micro-LED display market.
Key players operating in the Micro-LED market are Samsung, Apple, Sony, LG Display, Epistar, Jbd, Lumens, and Glo. Samsung has made major investments in Micro-LED technology and launched 'The Wall' modular Micro-LED display targeting the high-end TV and digital signage markets. Apple is also heavily investing in Micro-LED research to potentially use the technology for its luxury devices like Apple Watch and iPad in future.
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