April 13, 2024

Micro-LED Market is Estimated to Witness High Growth Owing to Increasing Applications of Advanced Display Technologies

Micro-LED is an emerging flat-panel display technology that uses inorganic light-emitting diodes (LEDs) as pixels to create the visual display. Micro-LED displays can provide higher contrast, better brightness, wider viewing angles and much faster refresh rates than the conventional LCD displays. With individual red, green, and blue Micro-LEDs which make up each pixel to offer higher resolution and better image quality. Micro-LED displays don’t require backlighting and can achieve true blacks, vivid colors and have higher dynamic range than OLED displays. The self-emissive properties of Micro-LED displays also make them durable, long lasting and suitable for rugged environments.

The Global Micro-LED Market is estimated to be valued at US$ 314.67 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in The Micro-LED Market are AptarGroup, Inc., Axilone USA, ShyaHsin Packaging (China) Co., Ltd., Lumson SpA, Toly Group, Cosmopak Corp., Yoshida Industries Co., Ltd., Mitani Valve Co Ltd., HCP Packaging (Shanghai) Co. Ltd., Quadpack Industries, S.A., Kolmar Laboratories, Inc., and others. Micro-LED displays are poised to replace existing display technologies like LCD and OLED displays in smartphones, laptops, televisions and other wearable devices owing to their advantages of self-emissive displays without the need of backlight. The growing demand for high-resolution and energy efficient displays especially in consumer electronics is a major growth opportunity for Micro-LED manufacturers. Additionally, increasing investments in R&D of Micro-LED displays by technology giants and display manufacturers is expected to accelerate the commercialization and global expansion of Micro-LED displays.

Market Drivers
The primary driver fueling the growth of the Micro-LED market is the increasing applications of advanced and energy efficient display technologies in consumer electronics. Micro-LED displays offer significant advantages over LCDs and OLEDs in terms of higher resolution, better contrast, lower power consumption and longevity. The demand for high-performance and durable displays especially in premium smartphones, tablets and televisions is a major factor driving the Micro-LED market growth. Furthermore, the ongoing technological advancements to improve manufacturing efficiencies and reduce costs of Micro-LED displays will support their widespread adoption across different industries over the forecast period.

PEST Analysis
Political: The major authorities and regulators in various countries play a key role in influencing the growth of the micro-LED market. Certain regulations and directives pertaining to the environmental impact and overall sustainability can positively or negatively impact the demand and adoption of micro-LED technology.

Economic: The overall macroeconomic conditions of a country or region including GDP growth, per capita income levels, and consumer spending power are important determinants for the potential of the micro-LED space. Positive economic outlooks provide opportunities for market expansion.

Social: Factors such as changing consumer lifestyles and preferences, growing inclination towards adoption of advanced and innovative lighting and display technologies are contributing to the social pressures fuelling the micro-LED landscape. Rapid urbanization also increases the scope.

Technological: Continuous R&D focusing on micro-LED miniaturization, development of high-resolution micro-displays, enhancing manufacturing throughput and yields are expected to help overcome existing technological bottlenecks. Integration of micro-LEDs with IoT contributes further.

Presently, market concentration in terms of value is highest across the Asia Pacific region, led by countries like China, South Korea, and Japan. This is owing to favourable manufacturing ecosystem for semiconductor and display technologies prevalent in these countries.

North America is anticipated to emerge as the fastest growing regional market for micro-LEDs during the forecast period. This growth can be attributed to increasing investments by players in this domain, coupled with robust demand from end-use verticals like consumer electronics and automotive across the US and Canada.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it