The forecast research report says, "Micro LED Display Market is predicted to be valued USD 14 billion by 2024." This technology provides a superior display with higher-degree contrast when compared to the LCD technology. These devices provide lesser response time and are energy-efficient due to low power consumption. Due to these factors, the technology is being widely adopted in the wearable industry and is projected to increase the micro-LED display market growth.
The trend of electronics miniaturization is allowing manufacturers to reduce the size of the display panels that are used in several handheld devices such as tablets & smartphones, and near-to-eye devices including AR/VR headsets. The reduction in size between each pixel lowers the total cost of displays when compared with their traditional counterparts. This increases the usability of these components in small electronic devices, such as smartwatches and smartphones, thereby propelling the micro LED display market growth.
Small size and low power consumption ability of these devices make them suitable for the adoption in wearable devices, propelling the micro-LED display market growth. These devices are being largely adopted in AR/VR devices due to the factors such as low weight, small size, and high brightness. These benefits also encourage the adoption of the technology in devices such as smartwatches and smartphones.
The lack of standardization and design issues pertaining to small size are restraining the micro LED display market. Due to this, the manufacturers are facing issues in the mass manufacturing of large-size displays. The manufacturers and research entities in the industry are working on correcting the issues by developing flexible displays that can be adjusted in terms of the panel size.
Micro-LED display market in digital signage applications is projected to grow significantly due to the increasing demand for the equipment in the retail sector. These components are suitable for digital signages due to their low cost and low power consumption. Digital signage demand is increasing in retail and advertising sectors. High demand from small retailers with low budgets is contributing towards the micro-LED display market growth.
The Asia Pacific micro-LED display market is expected to witness a significant growth due to the increasing demand for low cost and high-quality smartphones. The region is characterized by the increasing demand for smartphones due to the rapidly-penetrating network infrastructure. Furthermore, there are several manufacturers of displays and LEDs in the region due to the availability of resources. This allows the traditional manufacturers in the region to switch to the new technology and develop these components at a low cost.
The key players in the micro-LED display market include Samsung Electronics, Epistar, Sony Corporation, X-Celeprint, Aledia, Plessey Semiconductors, and VerLASE Technologies. The industry participants are investing in R&D due to the newness of the technology. For instance, in 2017, 120 patents in technology were filed according to the Korean Intellectual Property Office (KIPO).
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