Global Micro-LED Market is expected to reach USD 10,345 million in 2024 at a exponential CAGR of 61.8%

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Ameco Research Presents “Global Micro-LED Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” New Document to its Studies Database.

The global micro-LED market is expected to reach USD 10,345 million in 2024 at a CAGR of 61.8%. Factors that drive the growth of market are growing demand for most energy efficient and brighter display, and increasing demand for high luminance in a small format with near-to-eye display radiance. Moreover, rising need of small size electronic devices with high resolution, efficient luminance and longer battery life further augments the growth of the market. Although, it is an energy efficient technology, but mass production and complex manufacturing may sometimes hamper the growth.

The micro-LED is an emerging display technology formed by the collection of microscopic LEDs to make an individual pixel element. The inorganic material (GaN) used in the formation of micro-LED enables its sources to go brighter, for a longer period of time. In comparison to OLEDs, the mLED allows pictures with extremely high brightness and also it does not lose its luster over time due to natural aging. The lifespan and customization of mLED over OLED is a major advantage that can bring a boom in the market in the coming years. Therefore, it finds its wide applications in wearable watches, cell phone, digital display, TV, and others.

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Emergence of micro-LED technology majorly drives the consumer electronics industry

Micro-LED is a promising display technology used to enhance the brightness and quality of an image. Even Samsung has also developed a wall TV known as mLED TV. Brighter and power efficient display wearable like watches and consumer electronics has a huge impact on consumer electronics industry which in turn is driving the market growth. It is an array of miniature LED, and each pixel contributes its specific emission without any scattering.

Micro-LED Market – Regional Insight

North America dominates the mLED market. The growth in this region is attributed to the increasing adoption of lighting and display technologies in various verticals including retail, consumer electronics and education sector. Moreover, the U.S. has shown the major contribution in the North American market. Developing countries in Asia-Pacific such as China, Japan, and South-Korea are responsible for driving the growth due to presence of large display panel manufacturers, especially in consumer electronics and education sector.

Key findings from the report:

On the basis of offerings, Micro-LED display segment is a major segment owing to their better contrast and faster response time.
On the basis of application, the smart phone held the major market share due to ease of portability with less power consumption
Based on end-use, consumer electronics dominates the global market owing to increasing demand for attractive and high specification display

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Key players profiled in global market includes Apple Inc.; Sony Corp.; Aledia; Oculus VR, LLC.; X-Celeprint Ltd.; Ostendo Technologies, Inc., VerLASE Technologies LLC; Rohinni LLC; EPISTAR Corporation; Cooledge Lighting Inc.; among others.

The report segments the global Micro-LED market on the basis of offerings, application, end-use and region.

By Offering

Display Panel
Lighting Device

By Application

As a display panel
Near-to eye (NTE) Devices
Smart watches
Smart phone and Tablets
Laptops and PC monitors
Heads-Up Displays(HUD)
Digital Signage Displays
Others

As a lighting device
Automotive lighting
General lighting
Others

By End-use

Consumer Electronics
Automotive
Education
Sports and Entertainment
Retail
Residential & Commercial
Others

By Region

Asia-Pacific (APAC)
North America
Europe
Middle East and Africa
Latin America

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Sonia Mehta is a writer from Delhi, India, looking to break into the freelance copywriting field. Sonia covers health and lifestyle news as well as medical research news from around the world.

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