Micro-LED Display Market Expected to Hit USD 24,307.4 Million by 2027, with a CAGR of 82.1% - Report by Market Research Future (MRFR)
Market Research Future
5 min read
Rising Adoption of Micro LED Displays in Premium Flat Screen TV Lineup Drives the Market
New York, US, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Micro-LED Display Market information by Panel Size, by Vertical, by Application and Region – forecast to 2027” market size to reach USD 24,307.4 Million, growing at a compound annual growth rate of 82.1% by 2027.
Market Scope: The global micro-LED display market is witnessing rapid traction. The rapid shift from quantum-dot LED to micro-LED and OLED describes the growing market landscape. Micro-LED displays draw immense demand due to their high energy efficiency and quality imaging qualities.
Dominant Key Players on Micro-LED Display Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Major factors bolstering the market demand include the increasing adoption of micro-LED display technology due to its vibrant displays with low-energy consumption and utilization in various applications. Moreover, the growing demand for micro-LED displays in smartphones, computer monitors, tablets, and TV drives the market growth.
The increasing adoption and demand for energy-efficient display solutions and enhanced display technologies offer significant market opportunities. Additionally, the increasing demand for head-up displays in automotive to improve the consumer experience and ensure safety acts as a major growth driver.
Increasing R&D investments and micro-LED displays adoption in telecommunication, commercial, healthcare, and defense sectors would escalate the market shares. Despite lucrative growth opportunities, the micro-LED display industry faces some underlying challenges, such as technological complexities, which are significant headwinds for the market rise.
Also, high costs and compatibility issues associated with installation are significant challenges slowing down the market growth. High initial investments required for technology developments, changing consumer preferences, and manufacturing techniques are key factors posing major challenges. Furthermore, the slow adoption rate of the technology is a key factor impeding the market's growth.
Nevertheless, large deployments of micro-LED displays in smartphones, PC monitors, tablets, and TV would support the market growth throughout the assessment period. Additionally, the high adoption of micro-LED displays in mobile and smartphones would foster the growth of the market.
Segmentation of Market Covered in the Research: The market report is segmented into panel size, applications, verticals, and regions. Of these, the panel size segment is bifurcated into micro-display, small & medium-sized panels, and large panels. Further, the application segment is bifurcated into smartphones & tablets, NTE devices, televisions, monitors & laptops, digital signage, smartwatches, heads-up displays, and others.
The vertical segment is bifurcated into consumer electronics, entertainment & advertisement, automotive, aerospace & defense, and others. The region segment is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis The Asia Pacific region dominates the global micro-LED display market. In 2020, the region accounted for the largest market share of 34.4%. The increasing penetration of mobile-connected devices augments the need for LED displays directly. Besides, the rising demand for automotive HUD in this region and gradually strengthening economy in India, China, and Southeast Asian countries boost the market value.
Also, leading display manufacturers are shifting their bases to rapidly developing countries in the region, which provides vast impetus to the micro-LED display market share. Advancing automotive and display technologies, alongside the increasing number of OEM and aftermarket companies, substantiate the market size. Moreover, the growing demand for automotive HUD in the mid-range car segment and improving socio-economic conditions create significant market opportunities.
COVID-19 Impact on the Global Micro-LED Display Market The recent COVID-19 pandemic affected the micro-LED display industry severely. Logistics problems led by the pandemic posed major challenges, such as obtaining raw components and attracting workforces from quarantine and delivering end products to the market. On the other hand, the lockdown and work from home mandates increased the sales of various consumer electronics devices, such as computers, laptops, and TVs. Resultantly, the micro-LED display market is gearing up gradually and witnessing various product launches. The market is expected to pick up and grow exponentially further in 2021 and beyond.
Competitive Analysis The micro-LED display market appears highly competitive due to the presence of several leading players. Industry players seek opportunities to integrate across the extended value chain to gain a larger impetus, focusing on their production facility expansion, R&D investments, and M&A activities.
For instance, recently, on Dec 9, 2021, Questex, the preeminent event and digital platform for the digital signage industry, announced the participation of Sony Electronics to Digital Signage Experience (DSE) as Presenting Sponsor for 2022. Sony offers professional Displays, large-scale micro-LED displays, video walls, and all-in-one solutions with software.
The updated event plans to showcase innovations and technological solutions from leading manufacturers in the market, providing educational training experiences and networking opportunities to attendees. Sony Electronics would be the Presenting Sponsor of the DSE show, taking place during March 22-24, 2022, at the Las Vegas Convention Center.
About Market Research Future: Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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