Micro-LED displays are emerging as an energy-efficient alternative to LCD and OLED displays. Micro-LED display technology utilizes inorganic light emitting diodes that are just a few microns in size to produce high-quality images. Unlike LCD screens that rely on a backlight, each Micro-LED pixel produces its own light. This enables Micro-LED displays to have greater brightness and contrast levels compared to conventional screens. They do not suffer from issues like image retention and degradation over time that plague some OLED displays. Being composed entirely of inorganic material, Micro-LED displays are expected to have a lifespan of over 100,000 hours, much longer than LCD and OLED panels. Their resistance to moisture and heat makes them durable for applications in extreme environments. With individual pixel control and no need for color filters, Micro-LED displays can reproduce the entire visible color spectrum and achieve true wide color gamuts. These advantages are driving the demand for Micro-LED screens in high-end televisions, laptops, tablets, smartphones as well as large commercial displays.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the Micro-LED market is the increasing commercialization of Micro-LED displays in smartphones and tablets. Major smartphone manufacturers are actively working on integrating ultra-thin and vibrant Micro-LED screens in future smartphones. For instance, Apple has patented Micro-LED screen technology and prototypes of iPhones with Micro-LED displays have been demonstrated. Samsung has also showed off Micro-LED TVs and monitors at CES 2020. Another significant trend is the adoption of Micro-LED in large-scale commercial displays for digital signage, corporate offices and retail stores. Their high luminance, wide viewing angle and long longevity makes Micro-LED an attractive alternative to conventional LED displays. Continuous advances in Micro-LED manufacturing technologies focused on mass producing Micro-LEDs at lower costs will further fuel the growth of this market over the forecast period.
Threat of new entrants: The micro-LED market requires high investments in R&D and manufacturing equipment which acts as a barrier for new players.
Bargaining power of buyers: Large tech companies like Apple, Samsung have significant bargaining power over micro-LED suppliers.
Bargaining power of suppliers: Few semiconductor firms currently manufacture micro-LEDs globally, giving them strong bargaining power over buyers.
Threat of new substitutes: Emerging display technologies like OLED pose competition but micro-LED provides better resolution and durability.
Competitive rivalry: Heavy investments in micro-LED R&D have intensified competition among Apple, Samsung and Xiaomi to launch products first.
The Global Micro-LED Market Demand is expected to witness high growth over the forecast period driven by increasing demand for larger and higher resolution displays.
North America dominates micro-LED adoption currently led by US tech firms’ investments. Asia Pacific is expected to be the fastest growing market driven by Chinese firms rapidly developing micro-LED applications for smartphones and AR/VR devices.
Key players operating in the micro-LED market are Samsung, Apple, Sony, LG, Epistar and AU Optronics. Samsung has led initial commercialization through its The Wall displays. Apple is aggressively investing in micro-LED technology for future iPhones and Macs.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it