Micro-LED is a minimized form of LED with matrix, which offers superior energy efficiency, color, brightness, and response time. It is also known as microLED or mLED. Micro-LED is used in smartphones, tablets, laptop, television, smart watch, head-up displays, and other near-to eye (NTE) devices.
Factors Driving Growth of the Global Micro-LED Market:
Increasing demand for low energy and small devices such as smartphones and smart watches is propelling the growth of micro-LED market. Rising number of smartphone users across the world is expected to fuel the market growth during the forecast period. For instance, according to the Australian Communications and Media Authority, in May 2012, the number of smartphone owners in Australia were 8.67 million, an increase by 104% from 2018.
Furthermore, increasing demand for OLED (Organic Light Emitting Diodes), a flat light emitting technology, is one of the factors restraining the growth of global micro-LED market.
Trends of the Global Micro-LED Market:
Strategic alliance with e-commerce platform providers is another major trend, which drives the growth of micro-LED market. Manufacturers are focused on digital marketing practices, in order to expand their consumer base and revenue generation. Key market players are focused on strategic partnerships and alliances with online retailers, in order to provide architectural micro-LED products to consumers easily at affordable prices. For instance, in July 2014, Phillips Lighting Limited entered into a strategic alliance with Amazon.com, Inc. in order to enhance its presence in the global market.
Global Micro-LED Market: Regional Insights
On the basis of region, the global micro-LED market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America region held a major share in the global micro-LED market in 2019, owing to rising penetration of tablets and smartphones. For instance, according to the U.S. General Services Administration, smartphone and tablet accounted for 36% of all internet traffic in December 2015, which increased to 43% in December 2016.
Furthermore, Asia Pacific region is witnessing rapid growth in the global micro-LED market. This is due to the economies such as China, which play crucial role in the supply chain of global micro-LED market. Majority of the components for the micro-LED are manufactured in countries such as China due to low labor cost. Moreover, governments of these countries launched various schemes to drive growth of their manufacturing sector. For instance, in December 2019, Chinese LED chip producer Sanan Optoelectronics reported that the company received subsidies from the local government for its Micro LED project, which started by 2019 based on the company’s US$ 1.7 billion investment in Hubei Province, China.
Key Players in the Global Micro-LED Market:
Key players operating in the market include Apple Inc., Sony Corp., Tianma Micro-electronics, Ostendo Technologies, Inc., Oculus, VerLASE Technologies, Samsung Electronics Co., Ltd., ALLOS Semiconductors GmbH, JBD Inc, GLO-USA, INC., Uniqarta, Inc, Epistar Corporation, VueReal, Aledia, Plessey Semiconductors Ltd, Mikro Mesa Technology Co., Ltd., Sharp Corporation, and others.
Global Micro-LED Market: Taxonomy
On the basis of panel size, the global micro-LED market is segmented into:
On the basis of application, the global micro-LED market is segmented into:
On the basis of vertical, the global micro-LED market is segmented into:
On the basis of region, the global micro-LED market is segmented into: