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Micro LED Display Market to grow at 115% CAGR from 2018 to 2024
July 31, 2018 | Global Market InsightsEstimated reading time: 2 minutes
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., Micro LED Display Market size is set to exceed $14 billion by 2024. The industry expects shipments of approximately 1 million units by the end of 2018. Increasing demand for high-performance display solutions in advanced applications, such as wearable devices and automotive, will drive the micro LED display market growth. These energy-efficient devices potentially reduce the size of the wearable devices, thus encouraging the device manufacturers to adopt these components. Furthermore, the technology allows modifications, such as transparency and flexibility, in display systems, increasing the market share.
The manufacturers are increasingly investing in the technology development to enhance the functionality of these components, thus aiding the micro LED display market size. For instance, to produce these components, gallium nitride LED wafers are grown on sapphire substrates. However, some of the manufacturers are investing in research for developing gallium nitride on silicon technology to increase the uniformity in wavelength and lower the inspection costs. This will aid in the industry growth.
The lack of awareness and inadequate patents in the industry are expected to restrict the micro LED display market growth in the short-term. Inadequate patents in the industry will lead to the emergence of a large number of counterfeit products. Due to the newness of the technology and lack of standard procedures for manufacturing these components, the threat of the counterfeit products is low in the short-term but is expected to increase in the long-term. Lack of cost-effective procedure for the mass production of these components is expected to be one of the major restraining factors in the market. Currently, the manufacturing process is only cost-effective for the small-size displays. However, the manufacturers are working incessantly to develop a methodology for the mass production of these devices in variable sizes.
The development of hybrid OLED technology is expected to hamper the industry growth. In February 2018, Samsung announced that it is developing a hybrid QD OLED technology for TV panels. The technology, according to the company is highly efficient for mid-sized video panels such as TV screens. OLED micro display companies, such as eMagin, are also investing in research in this field. This will restrict the growth of the large micro LED display market.
The Asia Pacific micro LED display market is anticipated to ship over 250 thousand units in 2018 grow due to the manufacturers of electronic devices rapidly switching to these components from the traditional LED or OLED components. Furthermore, the presence of a large number of electronic device manufacturers encourages the display manufacturers in the region to adopt newer versions of technology to remain competitive in the industry.
Germany micro LED display market growth will witness a surge over the forecast timespan due to the increasing usage of wearable devices in the country. The consumers are demanding technologically-advanced and visually-appealing gadgets as wearable devices. Wearable device manufacturers are continuously innovating to develop the product according to the consumer requirements. Micro LED allow manufacturers to develop products, such as smartwatches, making them lightweight, compact, and energy-efficient.
Some of the major companies in the micro LED display market include Sony, Samsung Electronics, Apple, Inc., Epistar, Micro Mesa Technologies, Plassey Semiconductor Technology, VerLASE Technology, and Glo AB. The industry is characterized by intense competition among the players for product development such as Apple and Sony. For instance, Leyard Optoelectronics launched a micro LED wall super small pitch of about P0.9. The main application of these components is projected to be indoor surveillance displays, unlike Sony and Apple that are focusing on wearable devices applications.
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