Micro LED Market By Lighting (General, Automotive), By Application (AR, VR Smartphone, Television, HUD, Monitor And Laptop, Digital Signage) - Growth, Future Prospects And Competitive Analysis 2019 - 2027
Increasing demand from automotive HUDs to bolster the market growth
The Micro LED market worldwide is expected to grow with a CAGR of 81.9% during the forecast period from 2019 to 2027, starting from US$ 0.58 Bn in 2018. Developing flat display technology is called a micro-LED display, which provides invincible contrasts as well as supreme energy efficiency via microscopic LED arrays. It operates on the gallium nitride principle, which delivers extraordinary brightness, even more than an OLED display. The micro-LED display provides 30 times higher brightness and invincible efficiency than conventional OLED displays. Other advantages of micro-LED display include compact display size, improved contrast, and exceeded response time. Micro-LED display global demand is still in its emerging state. It is anticipated that rising demand for energy-efficient and brighter displays will drive the micro-LED display market over the timeframe. There is flourishing worldwide demand for micro-LED displays, which are extensively compact with excellent viewing angles. Micro-LED display implementation is currently at its peak, providing a brighter picture with a high pixel resolution and unsurpassed energy efficiency.
Market Synopsis
VR headsets to lead the global micro-LED display demand
The demand for highly efficient HMDs and functionality improvements to support the ongoing roll-out of high-quality VR content is pushing the acceptance of micro LEDs in comparison with traditional DLP and LCOS technologies. Increasing this trend has acquired an InfiniLED from Oculus, an Irish micro LED company, the virtual reality headset provider owned by Facebook. As per Intel, the AR / VR market's revenue opportunity remains strong, with headset hardware sales projected to exceed $48 billion by 2022. Such trends give the market studied over the forecast period a strong growth potential.
The Asia Pacific to Register the Fastest Growth
Because of the flourishing consumer electronics industry, Asia Pacific is projected to witness speedy market growth in the coming years. Conventional light is being replaced by LED lighting in emerging economies such as India and China, which contributes significantly to the region's market. In addition, awareness of the benefits of micro-LED displays has fascinated many manufacturers of lighting. Therefore, rising investments made by LED manufacturers to improve LED display technology are expected to drive the micro-LED display market significantly.
The growing number of advanced smartphones in Latin America plays a crucial role in driving the display market for micro-LEDs. This regional growth can be attributed to the compact size, high micro-LED display resolutions, and enormous investments made by various smartphone manufacturers to integrate micro-LED displays.
Some of the prominent players operating in the micro-LED market include Sharp Electronics, Samsung Electronics, Sony, LG Display, VerLASE Technologies, AU Optronics, Apple, Inc., Lumiode, Rohini, X-Celeprint, Epistar, Oculus VR, Aledia, Lumens, Nichia, Cooledge Lighting, Plessey Semiconductors, JBD, VueReal, Ostendo Technologies, Uniqarta, ALLOS Semiconductors, PlayNitride and Mikro Mesa Technology among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The micro LED market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global micro-LED market based on application, lighting, and geography. Key segments covered in the report are as follows:
