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The Micro-LED market is expected to register a CAGR of over 61.3%, during the forecast period of 2018-2023.
- The increase in demand for bright and power efficient displays, along with growth in the consumer electronics industry, is boosting the growth of the micro LED market.
- Also, a rise in interest among leading brands, such as Samsung and Apple, has led to an increase in the number of micro-LED start-up companies.
- Increase in demand for attractive and high-end specification display products is also boosting the growth of the consumer electronics verticals.
- Technological advancements in micro-LED technology is generating interest among different end users to use the micro LED-based products.
- However, an increase in demand for OLED display by consumers is hampering the growth of the micro-LED market.
- Some of the other factors restraining growth in this market are the rising popularly of folded display in tabs and smartphones.
The Emergence of Micro-LED Technology May Drive Growth in the Consumer Electronics Vertical
Micro-LED is a display technology used to enhance the quality and brightness of an image. They are used in brighter and power-efficient display wearables, like smartwatches, which have a huge impact on the consumer electronics industry.
For example, Samsung had developed a wall TV, known as mLED TV. This one of the factors driving the growth of the micro LED market. Tablets and Smartphones are high-volume applications of micro LEDs.
Asia-Pacific is Expected to Witness the Highest Growth Rate
The Asia-Pacific region is expected to witness the fastest growth rate, over the forecast period, due to the presence of leading product manufacturers, LED foundries, and display panel manufacturers. LED lighting in Asia has developed in the recent years and gradually replaced traditional lighting.
It is anticipated that, along with the policy incentives and increasing demand for replacement, the demand for micro LED lighting will increase, during the forecast period.
Moreover, recent technological advancements in micro LED have led to an increased focus on these products, worldwide. This is increasing the competition between among players in the micro LED market in this region. Thus, APAC-based display panel manufacturers have accelerated their R&D and investments in micro LED.
Partnerships among different players, innovation in products, and rising investments in micro LED technologies are major factors driving the growth of the micro LED market in the region. Also, an increase in disposable income and developing economies in the region may further drive the demand for micro LED based-products in Asia-Pacific.
Major Market Developments
- April 2018: Sony Corporation showcased its latest development, a huge 8K micro LED display at the NAB 2018 show in Las Vegas, in the micro LED display technology.
- Jan 2018: Samsung Electronics Co Ltd had introduced the Wall—the world's first consumer modular MicroLED 146-inch TV—at its annual First Look CES event.
