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NEW YORK, Aug. 7, 2024 /PRNewswire/ — The global micro light-emitting diode (LED) market size is estimated to grow by USD 12.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 71.99% during the forecast period. Increasing investments in microleds is driving market growth, with a trend towards development of gan-on-si technology. However, high market penetration of other display technologies poses a challenge. Key market players include Aledia SA, ALLOS Semiconductors GmbH, Apple Inc., AUO Corp., Beijing BDK Electronics Co. Ltd., eLux Inc., EPISTAR Corp, Innolux Corp., JBD Inc., LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., OSRAM Licht AG, PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Group Corp., and VueReal Inc..
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Forecast period |
2024-2028 |
Base Year |
2023 |
Historic Data |
2018 – 2022 |
Segment Covered |
Product (Display and Lighting), Type (Micro display, Small and medium panel, and Large panel), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
Key companies profiled |
Aledia SA, ALLOS Semiconductors GmbH, Apple Inc., AUO Corp., Beijing BDK Electronics Co. Ltd., eLux Inc., EPISTAR Corp, Innolux Corp., JBD Inc., LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., OSRAM Licht AG, PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Group Corp., and VueReal Inc. |
Key Market Trends Fueling Growth
The Micro LED market is witnessing a shift in production technology from sapphire substrates to Gallium nitride-on-silicon (GaN-on-Si) for Micro LEDs. GaN-on-Si offers several advantages, including higher yields and larger wafer sizes. This technology enables maximum utilization of wafer surface area through the use of transfer stamps, resulting in cost savings. Plessey Semiconductors and Jasper Display Corp. Have collaborated to develop monolithic Micro LED displays using GaN-on-Si and silicon backplane technology. Their successful partnership is expected to result in Micro LED displays for the consumer electronics market, offering potential cost savings and increased efficiency.
The Micro LED market is experiencing significant growth due to its energy efficiency and high light quality. Key industries driving this trend include Consumer Electronics, Automotive displays, and Commercial displays. Micro LEDs offer superior brightness levels and contrast ratios, making them ideal for Digital signage, Digital dashboards, and High-end TVs. The integration of technologies like augmented reality and heads-up displays (HUDs) in various sectors, including Aerospace and Defense and Government and Defense, is also fueling demand. The complexity in manufacture and energy consumption concerns are being addressed through advancements in gallium nitride technology and the use of inorganic mini-LEDs (mLEDs). The market is expected to expand further in sectors like Advertising, Entertainment and Sports, European Commission, and IoT devices, despite economic downturns and competition from traditional lighting sources like halogen and HID bulbs. Flexible displays and large panel, large resolutions, and individual pixels are additional features contributing to the market’s growth.
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Market Challenges
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Segment Overview
This micro light-emitting diode (led) market report extensively covers market segmentation by
1.1 Display- The Micro Light-Emitting Diode (LED) market is experiencing significant growth due to its energy efficiency and long lifespan. LED technology is increasingly being adopted in various applications such as general lighting, signage, and backlighting. Companies are investing in research and development to improve LED performance and reduce costs. The market is expected to continue expanding, driven by increasing demand for energy-efficient lighting solutions.
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Learn and explore more about Technavio’s in-depth research reports
The global automotive lighting market is set to driven by advancements in LED and OLED technologies. Enhanced safety standards and growing vehicle production are key growth drivers. Spurred by rising demand for energy-efficient solutions and smart lighting systems. Both sectors reflect a shift towards innovative, eco-friendly technologies that cater to evolving consumer preferences and regulatory requirements.
Research Analysis
The Micro Light-Emitting Diode (micro-LED) market is experiencing significant growth due to the advanced features and benefits it offers over traditional lighting technologies. Micro-LEDs are known for their high brightness and contrast, making them ideal for various applications such as UHD picture quality in televisions and high light quality in recessed lamps. They also consume less energy and are more energy efficient than incandescent bulbs and halogen lamps. The use of gallium nitride in micro-LEDs enhances their efficiency and reliability. Inorganic mLEDs provide better wavelength uniformity and saturation of colors compared to LCDs and OLEDs. Micro-LEDs are also finding applications in wearable products like smartwatches and refrigerated case lighting due to their small size and high brightness. Under-cabinet lighting and recessed lamps are other areas where micro-LEDs are gaining popularity for their energy efficiency and high light quality.
Market Research Overview
The Micro LED Market is a rapidly growing industry, driven by the demand for energy-efficient, high-performance lighting and display solutions. LED technology, which includes light-emitting diodes, has revolutionized various sectors such as Consumer Electronics, Automotive displays, Commercial displays, and Digital signage, among others. The integration of technologies like augmented reality technology and heads-up displays (HUDs) in various applications is further fueling market growth. Micro LEDs, also known as mLEDs, are the latest innovation in LED technology. They offer high light quality, individual pixel control, and significant energy savings compared to traditional LCDs and OLEDs. The complexity in manufacture and significant initial costs are current market restraints. Applications of micro-LEDs extend beyond lighting to include backlighting for high-end TVs, monitors, and tablets, as well as mini-LED displays for large-format displays and large-scale displays. The market also caters to niche applications such as aerospace and defense, government and defense, and outdoor lighting. The market’s economic downturn is a concern, but the potential for immersive entertainment experiences, smart wearables, and IoT devices offers significant growth opportunities. The European Commission and other governments are also investing in the technology to reduce energy consumption and improve energy efficiency. Micro LEDs offer long service life, high brightness levels, and rapid response times, making them ideal for applications requiring high contrast ratios and saturation of colors. The technology’s endurance and energy efficiency make it a preferred choice for applications in the automotive industry, sports arenas, and recessed lamps. The market’s future looks bright, with the potential for mass production and the integration of technologies like gallium nitride and flexible displays. However, the supply chain’s complexity and the impact of geopolitical events like the Russian Ukraine war on the availability of raw materials remain challenges.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
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