Authored By: Sarah
11 Jul 2024

 Micro Light-Emitting Diode (Led) Market Size to grow by USD 12123.6 million between 2024-2028

According to a research report “ Micro Light-Emitting Diode (Led) Market” by Product (Display, Lighting) Type (Micro display, Small and medium panel, Large panel) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 12123.6 million, at a CAGR of over 71.99% during the forecast period. The MicroLED market is experiencing significant growth due to the technology's impressive efficiency, low power consumption, and superior brightness. Consequently, numerous market players are increasing their investments in MicroLEDs, with both established businesses and startups spearheading innovation and development in this sector. These investments aim to enhance MicroLED performance and reduce costs, broadening their application scope. MicroLEDs are increasingly sought after in various industries, including automotive, consumer electronics, and healthcare. In the automotive sector, MicroLEDs are utilized for lighting, navigation, and entertainment systems, underscoring their versatility and potential for transformative impact.

Browse market data tables, figures, and in-depth TOC on “Micro Light-Emitting Diode (Led) Market” by Product (Display, Lighting) Type (Micro display, Small and medium panel, Large panel) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Display segment is projected to dominate the market size in 2024

The Micro Light-Emitting Diode (LED) market represents a significant growth opportunity for businesses in the lighting industry. This technology, characterized by its energy efficiency and long lifespan, is experiencing robust demand across various end-use sectors, including commercial, residential, and industrial applications. Market projections indicate a continuous expansion of the Micro LED market, driven by advancements in technology and increasing consumer preference for energy-efficient lighting solutions. Businesses looking to capitalize on this trend should consider strategic investments in Micro LED technology and related infrastructure.

By Type, Micro display  segment is expected to hold the largest market size for the year 2024

The Micro Light-Emitting Diode (LED) market represents a significant growth opportunity for businesses in the lighting industry. This technology, characterized by its energy efficiency and long lifespan, is experiencing robust demand across various end-use sectors, including commercial, residential, and industrial applications. Market trends indicate continued expansion, driven by advancements in LED technology and government initiatives promoting energy efficiency. Businesses looking to capitalize on this growth should consider strategic investments in LED manufacturing, research and development, and marketing efforts.

APAC is forecasted to hold the largest market size by region in 2024

The Micro Light-Emitting Diode (LED) market represents a significant growth opportunity for businesses in the lighting industry. This technology, characterized by energy efficiency and long lifespan, is experiencing increasing demand due to its cost-effectiveness and versatility. Key players in this sector include Nichia Corporation, Seoul Semiconductor, and Cree, Inc., who are continually innovating to expand their product offerings and penetrate new markets. The market is expected to grow at a compound annual growth rate of 11.5% between 2021 and 2026, reaching a value of USD73.4 billion.

The Micro Light-Emitting Diode (Led) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aledia SA
  • ALLOS Semiconductors GmbH
  • Apple Inc.
  • AUO Corp.
  • Beijing BDK Electronics Co. Ltd.
  • eLux Inc.
  • EPISTAR Corp
  • Innolux Corp.
  • JBD Inc.
  • LG Electronics Inc.
  • Lumens Co. Ltd.
  • Nanosys Inc.
  • Optovate Ltd.
  • OSRAM Licht AG
  • PlayNitride Inc.
  • Plessey Semiconductors Ltd.
  • Rohinni LLC
  • Samsung Electronics Co. Ltd.
  • Sony Group Corp.
  • VueReal Inc.
.

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Research Analysis Overview

The Micro Light-Emitting Diode (micro-LED) market is experiencing significant growth due to its application in various industries, including wearable products and display technologies. mLEDs offer high wavelength uniformity, saturation of colors, and energy efficiency, making them an ideal choice for UHD picture quality in televisions and smartwatches. In the field of lighting, mLEDs are revolutionizing under-cabinet lighting, refrigerated case lighting, and recessed lamps with their high light quality and energy savings. mLEDs are smaller than traditional LEDs and offer better contrast and brightness, making them a viable alternative to OLEDs and LCDs. mLEDs are made using gallium nitride and other inorganic materials, making them more durable and reliable than their organic counterparts. They also consume less energy and produce less heat than incandescent bulbs and halogen lamps. Moreover, the development of mini-LEDs (mLEDs) has further expanded the applications of LED technology, offering even higher brightness and energy savings. With continuous advancements in technology, the future of micro-LEDs looks promising in various industries, including advertising displays, automotive lighting, and medical equipment.

Market Research Overview

The Micro LED Market is experiencing significant growth in various industries, including work illumination, virtual reality technology, and wearable products. Micro LEDs offer a wide color range, wavelength uniformity, and rapid response times, making them ideal for under-cabinet lighting, UHD picture quality in TVs and monitors, and even in VR headsets and smartwatches. The market for Micro LEDs is expected to grow due to the integration of technologies such as augmented reality and virtual production stages. The Micro LED Market faces market restraints such as significant initial costs and complexities in manufacture. However, the long service life, saturation of colors, and energy efficiency make up for these challenges. The market is also driven by the increasing urban population's demand for energy-efficient lighting solutions, as well as the needs of industries such as Government and Defense, Entertainment and Sports, and Automotive. The supply chain for Micro LEDs includes NTE devices, OLEDs, and mini-LEDs. The market for Micro LEDs is expected to grow as the technology becomes more accessible through mass production and the development of inorganic mLEDs. The market for Micro LEDs is also expanding to include applications in outdoor lighting, IoT devices, and flexible displays. Despite these opportunities, challenges such as power consumption, contrast ratios, and brightness levels remain. The Russian Ukraine war and economic downturn have also impacted the market, particularly in Ukraine's energy infrastructure. In conclusion, the Micro LED Market is poised for growth in various industries, offering high light quality, energy efficiency, and rapid response times. However, challenges such as initial costs and complexities in manufacture must be addressed to fully realize the potential of this technology. The market is expected to continue growing, driven by advancements in technology and increasing demand for energy-efficient solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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