Micro-LED market in APAC expected to grow at highest CAGR during forecast period

APAC is the leading region in terms of production and consumption of display panels. The region has witnessed significant advancements in display devices, along with rapid changes in terms of the adoption of new technologies.

APAC is an attractive market for smartphone, tablet, laptop, and television manufacturers, with major companies, such as Samsung Electronics and LG Display, based in South Korea, and Sony, Sharp, Panasonic, and a few others based in Japan. The region has registered the highest growth for consumer products such as smartphones, tablets, laptops, and TVs in the last three years.

The global micro-LED market size is estimated to grow from USD 409 million in 2020 to USD 18,835 million by 2026; it is expected to grow at a CAGR of 89.3% from 2020 to 2026. This growth can be attributed to the increased use of near-to-eye (NTE) devices, coupled with the increasing interest of electronics giants, such as Apple, Samsung Electronics, and Sony, in micro-LED technology.
Micro-LED is an emerging display and lighting technology with the potential to disrupt the traditional LCD display and LED lighting markets.

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=119830236

Display panels are used in various devices, such as TVs, notebooks, smartphones, and smartwatches. Currently, most of these devices are based on display technologies such as organic light-emitting diode (OLED) and LED-backlit LCD. The display market has been witnessing several developments in terms of picture quality, display sizes, and power consumption features. The LED lighting market has also witnessed huge growth in the past with the introduction of attractive and low-power-consuming products.

Many smart wearable manufacturers are looking to extend their product range by adding small devices with screens. Smart wearables 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, such as NTE devices and smartwatches. As the technology matures, it may penetrate smartphones and other larger applications such as laptops, PC monitors, and TVs. Thus, the growing market for smart wearables may act as an opportunity for display panel manufacturers such as Samsung, LG, AU Optronics, and Innolux. These companies could consider investing and focusing on such applications by collaborating with micro-LED startups.

https://www.marketsandmarkets.com/Market-Reports/micro-led-market-119830236.html

The emergence of COVID-19, a deadly respiratory disease that originated in China, has now become a global pandemic. The impact of COVID-19 on the micro-LED market and the consumer demand is not yet clear for the time being. Still, it is believed that device manufacturing will be reduced in the short term as the majority of the micro-LED device manufacturers are based in China. For micro-LED device manufacturing, including micro-LED manufactures, panel manufactures, and others, the industry continues to rely heavily on China. Component supply may face some disruption due to the COVID-19 outbreak as most of the research & development and product launches for micro-LED display are likely to get postponed until the end of 2020.

Mr. Aashish Mehra
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

This release was published on openPR.