Latest News - Micro Light-Emitting Diode (LED) Market: Display is expected to lead the Product segment during 2024-2028

The Micro Light-Emitting Diode (LED) Market is being driven by Increasing investments in MicroLEDs

The Micro Light-Emitting Diode (LED) Market is expected to grow at a CAGR of 71.99% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12123.6 million. In the Micro LED market, there is a notable shift towards Gallium nitride-on-silicon (GaN-on-Si) technology for production, as opposed to the traditional sapphire substrate. This transition is driven by the advantages of GaN-on-Si, including higher yields, larger wafer sizes, and cost savings. Vendors, such as Plessey Semiconductors, are collaborating with partners like Jasper Display Corp., to develop Micro LED displays utilizing GaN-on-Si technology. This technology enables maximum utilization of wafer surface area through the application of transfer stamps, leading to increased efficiency and cost savings. The potential benefits of GaN-on-Si are compelling, making it a preferred choice for Micro LED manufacturing in the industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Display
  • Lighting
• Type
  • Micro display
  • Small and medium panel
  • Large panel
• Geography
  • APAC
    • China
    • Japan
    • South Korea
    • Taiwan
  • North America
    • US
  • Europe
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in MicroLEDs
• Increasing number of patents being registered
• Integration of MicroLED in TVs

However, the market also witnesses some limitations, which are as follows:

• High market penetration of other display technologies
• Distributed patent portfolio
• Challenges in manufacturing of MicroLEDs

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Market Scope in Micro Light-Emitting Diode (Led) Market Research Report

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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

According to Technavio, the Micro Light-Emitting Diode (LED) market is a segment of the larger global Technology Hardware, Storage, and Peripherals market, which encompasses manufacturers of IT hardware, data storage components, and peripherals. This market includes revenue from the sales of cellular phones, personal computers, servers, electronic computer components, monitors, keyboards, printers, and other peripherals. Key growth drivers for this market include the escalating demand for data centers due to the surge in work-from-home technologies, resulting from the COVID-19 pandemic. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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