Micro-LED Market worth USD 20.50 bn by 2025
Increasing demand for brighter and more power-efficient display panels for smartwatches, mobile devices, and NTE (AR/VR) devices is a major factor for the growth of the market…
According to the MarketsandMarkets, the micro-LED market is estimated to grow from USD 0.60 billion in 2019 to USD 20.50 billion by 2025, at a CAGR of 80.1% between 2019 and 2025. Increasing demand for brighter and more power-efficient display panels for smartwatches, mobile devices, and NTE (AR/VR) devices is a major factor for the growth of the market. The rising interest of electronic giants Apple, Samsung, and Sony and interest shown by input/component suppliers in the supply chain also contribute to the market growth.
Micro-LED market for NTE devices to grow at highest CAGR during forecast period
Considering the current manufacturing capabilities, prototype development, and the involvement of leading players, micro-LED-based smartwatches and NTE devices may enter the commercial phase in 2019. The micro-LED market for NTE devices is expected to grow at the highest CAGR between 2019 and 2025. The luminosity (brightness) and resolution of micro-LED technology would be the key driving force for the adoption of the technology in NTE devices. AR devices require high resolution and brightness to match the real-world visibility. The fast response time of micro-LED displays is also suited for AR applications. Micro-LED display-based VR solutions can be implemented for diverse end uses, such as entertainment, gaming, training, and research. Smartphones and tablets are high-volume applications, and once commercialized, the corresponding market share will rise to dominate the overall micro-LED display market.
Small and medium-sized display panels to account for largest market share by 2025
Small and medium-sized display panels are expected to dominate the micro-LED display market by 2025 in terms of share, while the market for microdisplays is expected to witness the highest growth during the forecast period. Small and medium-sized display panels will be consumed in applications such as smartphones, tablets, laptops, and monitors.
APAC to hold major share of micro-LED market by 2025
APAC is expected to dominate the micro-LED display market during the forecast period with the presence of leading brand product manufacturers, LED foundries, and display panel manufacturers in the region. Samsung, LG, Sony, Sharp, Panasonic, and several others will account for major demand for micro-LED display panels by 2025. The recent technological advancements in micro-LED have led to increased interest from large APAC-based display panel manufacturers such as Samsung Electronics (South Korea), LG Display (South Korea), AU Optronics (Taiwan), and BOE Technology (China). Demand for premium display devices may also increase in APAC during the forecast period, which would boost the growth of the micro-LED display market.