Micro-LED Market Projected to Witness a Double-Digit CAGR During 2025
Invented in 2000 by a group of researchers from the Texas Tech University, micro-LED is currently in a nascent stage and does not account for a mass production of displays. Nevertheless, micro-LED technology has the potential to challenged established technologies such as OLED and plasma.
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Global Micro-LED Market: Key Trends
The rising demand for brighter and energy efficient display panel for a host of applications is the primary factor driving the micro-LED market. For example, micro-LED technology is suitable for small, low-energy devices such as smartphones and smartwatches. Micro LED is also used in lighting applications. The increasing applications of micro-LED technology, ceaseless penetration of near-to-eye devices, and rising interest of electronics giants such as Apple and Sony in micro-LED technology are some other factors driving the micro-LED market. Smartphones are expected to the leading contributor to the revenue of the micro-LED market over the forecast period. Furthermore, application of micro-LED in other industry sectors such as consumer electronics, automotive, retail, and education is also expected to benefit the micro-LED market.
Increasing demand for OLED displays, high adoption of flexible displays and increasing demand for folded displays for smartphones, and saturation in the shipment of TV and PC monitors are key restraints of the micro-LED market. Factors such as the need for micro-LED technology developers to adapt to a number of manufacturing processes so as to improve the mass transfer of micro-LEDs are further slowing the development of this market.
In terms of offering, the micro-LED market is segmented into micro-LED lighting and micro-LED display. The micro-LED display segment is further sub-segmented into micro display, small and medium size display, and large scale display. On the basis of type, display and lighting are the segments into which the micro-LED market is divided. The display segment is further sub-segmented into automotive, sports and entertainment, consumer electronics, defense, BFSI, retail, and education.
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Global Micro-LED Market: Market Potential
Micro-LED technology, the newest of self-emitting display technology has come into the spotlight after Apple and Oculus both acquired Micro-LED companies. Furthering the move, Apple is set for a trial production run of micro-LED devices as it plans to roll out a small volume of micro LED products from its Taiwan-based plant by the end of the year. Apple Watch is the first in a line of products that are expected to be switched to micro-LED displays by the end of 2017. This is to be followed by iPhones and iPads or TVs as it looks beyond OLED displays.
Global Micro-LED Market: Regional Outlook
North America is expected to hold the leading share in the micro-LED market during the forecast period due to early adoption of newer display and lighting technology especially in the U.S. However Asia Pacific is expected to display the leading growth rate in the coming years as the region is home to key panel, LED, and brand product manufacturers. This, along with a large consumer base attracts companies to launch novel displays and lighting products in this region.
Global Micro-LED Market: Competitive Landscape
Major companies operating in the micro-LED market include Apple Inc., Oculus VR, and Sony Corp. Some other companies operating in the micro-LED market are VerLASE Technologies LLC, Ostendo Technoloies Inc., Aledia, Rohinni LLC, X-Celeprint Ltd., Cooledge Lighting Inc., GLO AB, and Epistar Corp. among others.
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