[Research Report] The Micro-LED market size is expected to grow from US$ 1.95 billion in 2022 to US$ 150.14 billion by 2031. The Micro-LED market is estimated to grow at a CAGR of 72.1% from 2022 to 2031.

Analyst Perspective:

The Micro-LED market has witnessed significant growth in recent years, driven by technological advancements and the huge adoption of displays among various end users such as consumer electronics, aerospace & defense, entertainment and sports, automotive and others, driving the Micro-LED market growth. Growing adoption of Micro-LED displays in smartphones and an increasing need for brighter and power-efficient display panels are anticipated to drive the Micro-LED market growth over the forecast period. Moreover, the rapid adoption of wearable devices amongst consumers is influencing Micro-LEDs adoption in a big way. In addition, the Micro-LED market witnessed a sharp increase in demand for brighter and more energy-efficient display panels for devices such as smartwatches, TVs, laptops, mobile phones, and AR and VR devices.

According to Enterprise Apps Today, in 2016, half of the world’s population had smartphones, which has increased to nearly 85% of the population owning smartphones. Companies shipped 1.43 billion smartphones worldwide, reaching US$409 billion worldwide. In recent years, smartphone sales reached 1.5 billion smartphones yearly. Such an increase in the sale of smartphones increases the need for HD displays and hence contributes to the Micro-LED market growth.

However, the Micro-LED technology is at an early and developing stage. Key Micro-LED market players such as Sony Corporation, SAMSUNG, LG Electronics and others were engaged in offering ultra-large microLED TVs and other premium devices. Micro-LED market players were increasingly engaging themselves to produce Micro-LED microdisplays and are trying to gain a significant market share in the near future.

Micro-LED Market Overview:

Micro-LED is a display technology based on Micro-LED devices that directly generate color pixels. Micro-LEDs are also known as mLED or μLED. These LEDs utilize inorganic materials such as Gallium Nitrate and others, which do not need backlight for their operation and are self-emitting. Micro-LEDs are used for various applications such as smart watches, wearable handsets, augmented reality (AR) and virtual reality (VR) products, smartphones, 8K UHD televisions, laptops and tablets, large video displays and many others. Micro-LED provides various benefits, such as superior image quality, energy efficiency, and greater durability. There are various benefits of using microLED displays, and Micro-LEDs offer superior image quality, microLED displays achieve brighter whites, deeper blacks, and more vibrant colors than traditional displays because each LED can be controlled independently. Also, microLED displays can be made much thinner than traditional displays because each LED is so small, making them ideal for smartphone devices and other applications where space is critical. Micro-LEDs provide a wide color gamut, low power consumption, high luminance, wide view angle, fast refresh rate, excellent stability and long lifetime, high dynamic range, high contrast, transparency, seamless connection, and sensor integration capability.

Micro-LED Market Driver:

Growing Adoption of Brighter and Power-Efficient Display Panels to Drive Growth of the Micro-LED Market

Brighter and power-efficient displays are becoming increasingly popular among consumers due to their widespread applications in tablets, desktops, televisions, projectors and other devices. Nowadays, micro-LEDs have emerged as an effective solution for consumers requiring brighter and power-efficient displays. Micro-LED displays utilize self-emissive red, blue, and green sub-pixels; hence, they do not require a color filter. This display technology offers OLED-level contrast and dynamic range using inorganic rather than organic LEDs. Micro-LED displays offer up to 10 times more brightness when compared to an OLED panel and are more power efficient, making it idle for smartphones, wearables and other devices. In recent years, most manufacturers are also leveraging the benefits of Micro-LED displays to achieve color conversion. For instance, in June 2023, Mojo Vision, the high-performance micro-LED company, announced the launch of the highest-density (14K ppi) red micro-LED microdisplay. Mojo Vision used their proprietary Quantum Dot (QD) process to display visually vibrant, red micro-LEDs, measuring 1.37um in diameter and set on a 1.87um pitch.  In addition, with the adoption of quantum dot color conversion films, Micro-LED displays are expected to offer the best color accuracy and efficiency, making them a promising technology for displays in the near future. Micro-LEDs have the potential to become the next-generation technology and are revolutionizing the TV and display industry. Thus, the growing adoption of brighter and power-efficient display panels drives the Micro-LED market growth.

Micro-LED Market Report Segmentation and Scope:

The " Micro-LED Market" is segmented based on application, end user, and geography. Based on application, the Micro-LED market is segmented into display and lighting. Based on end users, the Micro-LED market is segmented into consumer electronics, aerospace & defense, entertainment and sports, and automotive. The Micro-LED market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Micro-LED Market Segmental Analysis:

Based on application, the Micro-LED market is segmented into display and lighting. The display segment held the largest share of the Micro-LED market. The increasing requirement for displays in smartwatches, near-to-eye devices (AR and VR), television, smartphones and tablets, monitors and laptops, head-up displays, digital signage and other devices is contributing to the segment's growth in the Micro-LED market.

Micro-LED Market Regional Analysis:

The North American Micro-LED Market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2031; it is expected to grow at a CAGR of XX% during the forecast period. North America holds one of the largest global Micro-LED market shares. High technology adoption trends in various industries in the North American region have fueled North America's Micro-LED market growth. Furthermore, the huge presence of major manufacturers such as Apple Inc. contributes to the growth of the Micro-LED Market in North America. Moreover, the North American region has the most significant smartphone adoption rate and has the fastest adoption of technology. The US is the second-most technologically advanced nation. According to statistics, the smartphone adoption rate in the region will reach 85% by 2031. Thus, such increasing smartphone adoption provides lucrative growth opportunities for the North American Micro-LED market growth.

Micro-LED Market Key Player Analysis:

The Micro-LED Market analysis consists of players such as Aledia, Apple Inc.; eLux Inc.; Glo AB, LG Display, PlayNitride Inc.; Rohinni LLC; Samsung Electronics Co. Ltd.; Sony Corporation; and VueReal, among others, are the key Micro-LED Market players profiled in the report.

Micro-LED Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Micro-LED Market. A few recent key Micro-LED market developments are listed below: 

• In August 2023, Samsung announced the launch of ultra-luxurious Micro-LED in India. This Micro-LED is available in a display size of 110 inches. The Micro-LED will be available at select retail stores in India and on Samsung.com for INR 1,14,99,000.
• In January 2023, Apple announced its plan to build MicroLED displays into future Apple Watch models either in 2024 or 2031. Through this, the company aimed to have greater control over future products with less risk of delays and setbacks that are out of the company’s control.
• In May 2023, Apple announced the mass production of its own microLED displays to lessen its reliance on Samsung and increase its control over supply. Under this, Apple has spent at least US$ 1 billion on microLED research and development over the past decade. Once production starts, Apple will perform the manufacturing process's critical "mass transfer" step, which involves placing at least tens of thousands of tiny microLED chips onto substrates.
• In August 2023, LG Electronics (LG) announced the launch of a new Micro-LED signage solution, the LG MAGNIT All-in-One (model LAAA). This new 136-inch Micro-LED signage combines a premium screen featuring LG’s advanced Micro-LED technology and a 1.56-millimeter pixel pitch with a built-in controller and speaker and is ideal for corporate meeting rooms. Along with outstanding picture quality, LG MAGNIT All-in-One offers a convenient user experience with the webOS platform, seamless compatibility with AV control systems and easy installation.

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