Micro LED Display Market Analysis

Micro LED Display Market Analysis

The small micro LED display market is estimated to witness around 105% growth rate till 2024, on account of the increasing use in applications including smartwatches, smartphones, and near-to-eye devices. These components significantly lower the size of devices that allow their adoption in small electronics such as smartphones. These components have a response time of a few nanoseconds and are suitable for applications in smartwatches and AR/VR devices.
 

The large micro LED display market shipments will cross 35 million units by 2024 led by the growing use of the technology in the digital signages, particularly in indoor applications. In January 2018, Samsung announced the launch of its 146-inch micro LED modular panels. The size of these panels can be increased and decreased as per the requirement for outdoor and indoor public displays. The closer spacing of LEDs in these panels and the reduction in size allow high-resolution images and videos.
 

The micro LED display market will witness a considerable growth owing to increasing applications in near-to-eye devices such as AR and VR headsets which is predicted to reach USD 1.5 billion by 2024. The growing penetration of AR/VR technology in gaming, healthcare, and entertainment applications is creating opportunities for the compact and small-sized panels with high brightness and low costs. AR and VR devices require components with high restrictions on their size and weight to attain user satisfaction. These components also provide the required amount of brightness and contrast ratio for near-to-eye devices.
 

The smartwatches application will showcase growth of around 100% through 2024. Several technology giants, such as Apple, Inc., are investing in the technology to modify their near-to-eye devices. For instance, in April 2018, Apple announced the partnership with Taiwan Semiconductor to invest in R&D on micro LED panels for their smartwatches. These components provide lightweight and low-power alternatives to the traditional LED or OLED panels. However, the production costs of these components are set to be higher and are poised to be incorporated only in high-end Apple watches.
 

U.S. micro LED display market size is anticipated to surpass USD 7 billion by 2024 impelled by the rising demand for electronic devices such as smartphones, tablets, and smartwatches. In 2017, the smartwatch sales in the U.S. accounted to approximately 12 million and is projected to increase further. The increasing usage of these components in wearable devices will increase the market share.
 

Asia Pacific micro LED display market is slated to observe substantial growth during the forecast period propelled by increasing penetration of smartphones in the region. Moreover, the presence of several manufacturers in the region makes it cost-effective for the manufacturers to switch from the production of traditional displays to micro LED displays. Growing interest of electronic product manufacturers, such as Panasonic, LG, and Samsung, are encouraging the panel manufacturers in the region to invest in the development of facilities to produce these components.