Micro-LED Displays Market to Experience a Remarkable 75% CAGR, Anticipated to Reach US$25.8 Billion by 2030
The global micro-LED displays market is set for substantial growth, with a remarkable CAGR of 75% expected during the assessment period from 2023 to 2030. By the conclusion of 2030, the market is projected to achieve a market value of approximately US$25.8 billion. Micro-LED displays, featuring tiny micro-light emitting diodes (LEDs) arranged in an array, are crafted using gallium nitride, offering superior brightness, ultra-high definition (UHD) picture quality, enhanced color saturation, and excellent energy efficiency.
Key Market Insights:
- The micro-LED displays market is slated to expand more than threefold in revenue over the decade, spanning from 2023 to 2030.
- The surging demand for vibrant, energy-efficient display panels and the preference of major electronics companies for micro-LED technology are driving the markets growth.
- Smartphone and tablet applications are driving significant demand in the micro-LED displays industry.
- Consumer electronics led the micro-LED displays market in revenue share in 2022.
- Asia Pacific is expected to continue its market leadership, while North Americas micro-LED displays market will witness robust growth until 2030.
Market Drivers:
Rising Demand for More Appealing and Durable Display Panels:
The consumer electronics sector stands as one of the worlds fastest-growing economies, driven by the rapid advancement and accessibility of new technologies. To cater to evolving consumer preferences, technology is advancing swiftly, creating new business opportunities. Factors such as rising per capita disposable income, population growth, and increased internet penetration have made smartphones and laptops among the most popular consumer products worldwide.
Smartphones, laptops, desktop monitors, tablets, data projectors, and devices for augmented reality (AR) and virtual reality (VR) are just a few examples of display technology applications. To meet consumer demand for technologically advanced products, electronic displays must continually improve. While organic light-emitting diode (OLED) and liquid crystal (LCD) displays have dominated the flat panel display market, cathode ray tubes (CRTs) have been replaced by LCDs since the 2000s.
Booming Sales of High-End Smartphones:
Micro-LED displays find application in various devices, including AR/VR headsets, primary displays for fitness bands, smartphones, tablets, IT displays, smartwatches, and televisions. Smartphone and tablet applications have been the first widely adopted applications for micro-LED displays.
Micro-LED displays offer immense potential due to their emissive display capabilities, which are comparable to OLED displays but come with enhanced brightness and efficiency. Unlike OLEDs, micro-LEDs resist burn-in, a common issue with OLED displays when the same image is displayed for an extended period. This technology provides superior brightness, color gamut, dynamic range, faster refresh rates, and a broader field of view, contributing to its growing adoption.
Market Challenges:
Cyclical Nature of the Semiconductor Sector:
One of the challenges restraining the growth of the micro-LED display market is the cyclical nature of the semiconductor industry. Fluctuations in demand for electronic products like consumer and mobile devices can lead to oversupply or undersupply of semiconductor integrated circuits. Vendors often produce products based on demand projections, which can vary significantly. These fluctuations can result in high inventory and manufacturing costs before actual sales occur.
Vendors must maintain substantial working capital to cover these expenses. Inaccurate projections or order cancellations can also adversely impact vendors operational costs, posing a significant hurdle for companies in the micro-LED displays market.
Overview of Key Segments:
Smartphone and Tablet Category Dominates:
The smartphone and tablet category held the largest market share in 2022. Increasing research and development spending, along with rising disposable incomes globally, are the primary drivers of revenue growth in this segment. Leading smartphone and tablet manufacturers invest significantly in developing innovative products to meet evolving consumer preferences. These companies also invest in establishing their application processors to enhance profit margins.
Micro-LED display technology is preferred by smartphone and tablet manufacturers because it enhances the user experience through superior picture quality. With individual LEDs, micro-LED displays offer high brightness and contrast levels. Moreover, the inclusion of inorganic materials in these displays contributes to their superior brightness and longer lifespan compared to other display technologies.
Micro-LED Displays Vital for Consumer Electronics Industry:
In 2022, the consumer electronics category within the micro-LED displays market held the highest revenue share. Increasing government initiatives worldwide have accelerated revenue growth in this segment. The development of smart and user-friendly household appliances has also driven the global expansion of consumer electronics.
Governments across the globe are making significant investments and implementing measures to boost their economies. For example, the Government of India introduced its National Electronics Policy in 2018, aiming to achieve a domestic electronics manufacturing turnover of approximately US$400 billion by 2025. Consequently, high-end technologies such as Fifth Generation (5G), Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) have witnessed widespread adoption in the country.
Moreover, consumer demands for eco-friendly LED backlights in electronic devices, which improve display quality and energy efficiency, are on the rise. Experts in the consumer electronics industry are increasingly turning to micro-LED displays due to their various advantages. The technology is utilized in consumer products such as smartphones and televisions to enhance picture quality and deliver a more immersive user experience. Micro-LED displays, made of gallium nitride (GaN), significantly extend display lifespan.
Growth Opportunities Across Regions:
Asia Pacific Leads the Market:
Asia Pacific is poised to maintain its dominance in the micro-LED displays market, driven by rapid technological advancements in the electronics industry. Major electronics corporations like LG Electronics, Samsung Electronics, and others are investing substantially in expanding their production capacities. These companies are developing products that incorporate micro-LED screens to offer users a more immersive experience. LG Electronics, for instance, has announced plans to launch a new line of screens named XLED, SLED, and XLLED.
China, with numerous display manufacturers including Konka and Refond, accounted for the largest revenue share due to its significant presence in the market. These companies are investing in micro-LED display solutions, aiming to provide customers with a more realistic viewing experience. Additionally, the respective governments in these countries have initiated various measures to boost their manufacturing sectors. For example, Chinese LED chip manufacturer Sanan Optoelectronics announced subsidies from local governments for its Micro-LED project, initiated in 2019 with a US$1.7 billion investment in Hubei Province, China.
North America Presents Significant Opportunities:
The micro-LED displays market in North America is set for substantial growth, characterized by a significant CAGR throughout the forecast period. Increasing smartphone penetration and consumer demand for new electronic products are driving revenue growth in this region. The United States, in particular, contributes the lions share of the regions total demand, thanks to the presence of prominent companies and the rapid adoption of smart home appliances.
Furthermore, leading firms like LG Electronics are anticipated to offer various smart-feature-enabled consumer products in the United States, capitalizing on growth opportunities and stimulating demand for advanced display technology. These companies are also forging trade alliances and developing flexible mini-LED and micro-LED lighting technologies for the automotive industry.
Competitive Landscape:
Leading players in the micro-LED displays market include VueReal, Samsung Electronics Co. Ltd., eLux Inc., Glo AB, Aledia, Sony Corporation, LG Display, Apple Inc., PlayNitride Inc., and Rohinni LLC.
Browse Global Micro-LED Displays Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Product, By Application, By Industry Vertical, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/micro-led-displays-market
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This press release first seen on Brilad
COMTEX_440958641/2840/2023-09-26T05:25:07
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