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Micro LED Display Market size exceeded USD 250 million in 2018 and is projected to grow at over 115% CAGR between 2018 and 2024. The rising demand for fine pitch panels is expected to propel the market growth.
The micro LED display panels are being increasingly used in applications, such as outdoor displays, for businesses due to their properties such as high-brightness, self-illumination, and vivid colors. These components provide high wavelength uniformity suitable for fine pitch panels.
The growing trend of miniaturization of electronics is encouraging the manufacturers to reduce the panel size used in several applications including handheld devices and near-to-eye displays. Furthermore, miniaturization between each pixel lowers the cost of displays as compared to the traditional components. These components are expected to be increasingly used in small electronic devices such as smartwatches and smartphones.
The micro LED display market is in the development phase and lacks well-established distribution channels, making it difficult for the manufacturers to switch from traditional components to technologically advanced components. Additionally, due to the newness and lack of awareness regarding the technology, there exists no patent portfolio. This hampers the industry growth in the short term but provides opportunities to the players in the long run.
Report Attribute | Details |
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Base Year: | 2018 |
Micro LED Display Market Size in 2018: | 250 Million (USD) |
Forecast Period: | 2018 to 2024 |
Forecast Period 2018 to 2024 CAGR: | 115% |
2024 Value Projection: | 14 Billion (USD) |
Historical Data for: | 2013 to 2017 |
No. of Pages: | 270 |
Tables, Charts & Figures: | 226 |
Segments covered: | Panel Size, Application and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The small micro LED display market is estimated to witness around 105% growth rate till 2024, on account of the increasing use in applications including smartwatches, smartphones, and near-to-eye devices. These components significantly lower the size of devices that allow their adoption in small electronics such as smartphones. These components have a response time of a few nanoseconds and are suitable for applications in smartwatches and AR/VR devices.
The large micro LED display market shipments will cross 35 million units by 2024 led by the growing use of the technology in the digital signages, particularly in indoor applications. In January 2018, Samsung announced the launch of its 146-inch micro LED modular panels. The size of these panels can be increased and decreased as per the requirement for outdoor and indoor public displays. The closer spacing of LEDs in these panels and the reduction in size allow high-resolution images and videos.
The micro LED display market will witness a considerable growth owing to increasing applications in near-to-eye devices such as AR and VR headsets which is predicted to reach USD 1.5 billion by 2024. The growing penetration of AR/VR technology in gaming, healthcare, and entertainment applications is creating opportunities for the compact and small-sized panels with high brightness and low costs. AR and VR devices require components with high restrictions on their size and weight to attain user satisfaction. These components also provide the required amount of brightness and contrast ratio for near-to-eye devices.
The smartwatches application will showcase growth of around 100% through 2024. Several technology giants, such as Apple, Inc., are investing in the technology to modify their near-to-eye devices. For instance, in April 2018, Apple announced the partnership with Taiwan Semiconductor to invest in R&D on micro LED panels for their smartwatches. These components provide lightweight and low-power alternatives to the traditional LED or OLED panels. However, the production costs of these components are set to be higher and are poised to be incorporated only in high-end Apple watches.
U.S. micro LED display market size is anticipated to surpass USD 7 billion by 2024 impelled by the rising demand for electronic devices such as smartphones, tablets, and smartwatches. In 2017, the smartwatch sales in the U.S. accounted to approximately 12 million and is projected to increase further. The increasing usage of these components in wearable devices will increase the market share.
Asia Pacific micro LED display market is slated to observe substantial growth during the forecast period propelled by increasing penetration of smartphones in the region. Moreover, the presence of several manufacturers in the region makes it cost-effective for the manufacturers to switch from the production of traditional displays to micro LED displays. Growing interest of electronic product manufacturers, such as Panasonic, LG, and Samsung, are encouraging the panel manufacturers in the region to invest in the development of facilities to produce these components.
The key players operating in the micro LED display market are
The newness of the industry is encouraging investments from innovators such as
Several research institutes such as
are undertaking R&D for the mass-production of these components. The global market is characterized by intense competition, thus leading to the acquisition of small players by the technology giants.
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Market, By Panel Size
Market, By Application
The above information has been provided on a regional and country basis for the following: