Micro-LED Market by Application (Display (Smartwatch, NTE Device (AR HMD, VR HMD), Smartphone, Television, HUD, Digital Signage, Laptop and Monitor, Lighting (General, Automotive), Display Panel Size, Vertical, and Region – Global Forecast to 2026

The global micro-LED market size is projected to grow from USD 409 million in 2020 to USD 18,835 million by 2026; it is expected to grow at a CAGR of 89.3% from 2020 to 2026. The most significant factor driving the growth of this market is the increasing demand for better display solutions.

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Micro-LED is an emerging display and lighting technology with the potential to disrupt the traditional LCD display and LED lighting markets. Display panels are used in various devices, such as TVs, notebooks, smartphones, and smartwatches. Currently, most of these devices are based on display technologies such as organic light-emitting diode (OLED) and LED-backlit LCD. The display market has been witnessing several developments in terms of picture quality, display sizes, and power consumption features. The LED lighting market has also exhibited huge growth in the past with the introduction of attractive and low-power-consuming products.

Micro-LED technology is being developed to create display panels that offer high brightness and low power consumption. The micro-LED market can be divided broadly into the micro-LED display and micro-LED lighting. Micro-LED display panels are expected to hold a larger market share than micro-LED lighting panels.

Micro-LED Market Dynamics

Driver: Increase in demand for microdisplays for NTE devices

Increasing demand for brighter and more power-efficient display panels for smartwatches, smartphones, televisions, and AR/VR devices is expected to significantly drive the development and subsequent commercialization of micro-LED display technology. The keen interest of technology heavyweights such as Apple, Samsung, and Sony is expected to result in the faster commercialization of micro-LED display technology. Samsung and Sony are focused on the large panel segment for signage and television applications, while Apple is likely to commercialize the technology for the smartwatch application by 2021. Significant ongoing research by input suppliers for the establishment of a strong supply chain will also drive the growth of the micro-LED display market.

Restraint: Lack of supply chain and patents

 At present, the lack of an established supply chain and distributed patent portfolio are the major restraints for the growth of the market. The fast adoption of OLED technology in display devices may further hinder the commercialization and growth of micro-LED technology.

Opportunity: Manufacturing of micro-LEDs on large silicon wafers

Manufacturing micro-LEDs on wafers has been a major challenge in terms of yield and cost. Most of the LED manufacturers today use sapphire wafers for manufacturing LEDs. These wafers are small in diameter and costly, which restrains the cost reduction of LED devices. ALLOS Semiconductors, Plessey Semiconductors, Aledia, and a few other players have developed GaN-on-silicon technology for manufacturing LEDs using conventional process. These companies are collaborating with the world’s leading LED foundries to increase the manufacturing capacity on a large scale.

This development is expected to increase the use of large-sized wafers (more than 4 inches) for manufacturing LED products. The technology is used for making high-quality GaN-on-Si epitaxial wafers by means of MOCVD/MOVPE. However, the technology is yet to be optimized for micro-LEDs. GaN-on-Si is a promising technology for the LED market, and once developed, it can significantly impact micro-LED technology in terms of manufacturing cost.

Challenge: Huge investment requirement in infrastructure, equipment, and process development; and need for different manufacturing processes as well as equipment compatibility

Manufacturers will have to adopt different manufacturing process and equipment or upgrade their existing systems to mass-produce micro-LED chips for different applications. Industry-leading LED manufacturers, such as Epistar (Taiwan) and Cree (US), are focusing on finding micro-LED development solutions that are compatible with the existing manufacturing processes. GLO AB (Sweden) demonstrated nanowires that can be grown on various substrates, such as sapphire and silicon, utilizing standard industry process equipment. Making the micro-LED fabrication process compatible with the existing fabrication plants is the major focus of industry-leading players.

Micro-LED technology-based displays are self-emitting, with no need for filters and liquid crystals, and industry-leading companies are finding ways to mass-produce RGB-based micro-LEDs. Down-converting micro-LEDs for display applications involves the manufacturing of very small pixel. To get down to very small pixel sizes, nanophosphors would probably not work, and even quantum dots will create some challenges due to some thermo-constraints, which make them impractical for very small pixels. Manufacturing small pixels based on micro-LED technology is comparatively easier than quantum dot or any other display technology.

Micro-LED display for smartphone application is expected to commercialize by 2021

The smartphone and tablet application are expected to account for the largest share of the micro-LED display market by 2026. The market for this application is expected to commercialize in 2021. Smartphones and tablets are high-volume applications, and once micro-LED display technology is commercialized, the corresponding market share will rise to dominate the overall micro-LED display market.

Consumer electronics vertical is anticipated to capture largest share in micro-LED market

The consumer electronics vertical is expected to hold the largest share of the micro-LED display market by 2026. The micro-LED display market for this vertical is also expected to grow at the highest CAGR between 2020 and 2026. The large market share and high growth rate are attributed to the anticipated adoption of micro-LED display panels in various consumer electronic devices, such as smartphones, televisions, smartwatches, TVs, laptops, and NTE devices. APAC is expected to dominate the global micro-LED market. The market in this region is expected to register the highest CAGR during the forecast period due to the presence of leading LED foundries, display panel manufacturers, and customers in the region. Recent technological advancements in micro-LED have led to an increased interest of leading APAC-based display panel manufacturers, such as Samsung, LG Display, AU Optronics, and BOE Technology. They are also focusing on R&D activities pertaining to micro-LED technology.

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Key Market Players

Some of the leading players in the global micro-LED market are Apple Inc. (LuxVue) (US), Oculus VR (InfiniLED) (US), Sony Corp. (Japan), Samsung Electronics Co., Ltd. (South Korea), X-Celeprint Ltd. (Ireland), Epistar Corporation (Taiwan), GLO AB (Sweden), VerLASE Technologies LLC (US), JBD Inc. (JB-Display) (China), Aledia (France), Uniqarta, Inc. (US), ALLOS Semiconductors GmbH (Germany), Plessey Semiconductors Ltd. (UK), PlayNitride Inc. (Taiwan), Mikro Mesa Technology Co., Ltd. (Taiwan), VueReal Inc. (Canada), Ostendo Technologies, Inc. (US), Sharp Corporation (eLux Inc.) (Japan), University of Sheffield (EpiPix Ltd.) (UK), Micledi (Belgium), Microluce (Taiwan), Tianma (China), and Visionox (China). Other prominent players in the market are Lumens Co., Ltd. (South Korea), Lumiode, Inc. (US), Rohinni LLC (US), Cooledge Lighting Inc. (Canada), Nichia Corp. (Japan), PRP Optoelectronics (Wiltshire), CSOT (China), and Konka (China).

Apple has aggressive marketing and advertising strategies, along with high investments in R&D. The markets for Apple’s products and services are highly competitive, and the company is confronted by aggressive competition in all areas of its business. In the micro-LED market, Apple is expected to dominate the small display format as the technology commercializes. With the largest patent portfolio on micro-LED technology (including LuxVue’s expertise), and with the development of efficient and high-quality displays (based on micro-LED technology), the company can decrease its dependence on other display panel manufacturers. Apple smartwatch is expected to be the first product to have micro-LED display panels. The company has good business relations with foundry companies, e.g., TSMC. As of 2017, the company is investing heavily in the development of micro-LED technology for mass production; however, there has been no official prototype development in the market by Apple.

Scope of the Report

Report Metric

Details

Market size available for years 2017–2025
  Base year considered 2019
  Forecast period 2020–2025
  Forecast units Value (USD)
  Segments covered application, resolution and brightness, panel size, vertical, and geography
  Geographies covered North America, Europe, APAC, and RoW
  Companies covered        Apple Inc. (LuxVue) (US), Oculus VR (InfiniLED) (US), Sony Corp. (Japan), Samsung Electronics Co., Ltd. (South Korea), X-Celeprint Ltd. (Ireland), Epistar Corporation (Taiwan), GLO AB (Sweden), VerLASE Technologies LLC (US), JBD Inc. (JB-Display) (China), Aledia (France), Uniqarta, Inc. (US), ALLOS Semiconductors GmbH (Germany), Plessey Semiconductors Ltd. (UK), PlayNitride Inc. (Taiwan), Mikro Mesa Technology Co., Ltd. (Taiwan), VueReal Inc. (Canada), Ostendo Technologies, Inc. (US), Sharp Corporation (eLux Inc.) (Japan), University of Sheffield (EpiPix Ltd.) (UK), Micledi (Belgium), Microluce (Taiwan), Tianma (China), and Visionox (China). Other prominent players in the market are Lumens Co., Ltd. (South Korea), Lumiode, Inc. (US), Rohinni LLC (US), Cooledge Lighting Inc. (Canada), Nichia Corp. (Japan), PRP Optoelectronics (Wiltshire), CSOT (China), and Konka (China).
Total 31 major players covered

In this research report, the interactive kiosk market has been segmented on the basis of application, resolution and brightness, panel size, vertical, and geography.

Micro-LED market by Application

  • Display
    • Smartwatch
    • Near-to-Eye (NTE) Device
    • Television
    • Smartphone and Tablet
    • Head-up Display (HUD)
    • Laptop and Monitor
    • Digital Signage
  • Lighting
    • General Lighting
    • Automotive Lighting

Micro-LED market by Resolution and Brightness

Micro-LED market by Panel Size

  • Microdisplay
  • Small and Medium-sized Panel
  • Large Panel

Micro-LED market by Vertical

  • Consumer Electronics
  • Automotive
  • Advertising (Digital Signage)
  • Aerospace & Defense
  • Others

Recent Developments

  • In January 2020, Samsung Electronics announced that it will launch new modular micro-LED TVs for the consumer market in distinct size ranges—75″, 88″, 93″, 110″, 146″, 150″, 219″, and 292″.
  • In February 2020, Samsung Electronics partnered with Niio, a premium media art platform. The objective of the partnership is to launch an open-call visual art competition to promote Samsung’s micro-LED displays.
  • In October 2019, Apple announced the construction of a new facility for developing micro-LED technology for Apple products in collaboration with the local supply chain in Taiwan; it is located next to Apple’s Taoyuan plant.

Post time: Jan-14-2021