Micro LED Display Market Size

Micro LED Display Market Size

Micro LED Display Market size exceeded USD 250 million in 2018 and is projected to grow at over 115% CAGR between 2018 and 2024. The rising demand for fine pitch panels is expected to propel the market growth.

The micro LED display panels are being increasingly used in applications, such as outdoor displays, for businesses due to their properties such as high-brightness, self-illumination, and vivid colors. These components provide high wavelength uniformity suitable for fine pitch panels.

The growing trend of miniaturization of electronics is encouraging the manufacturers to reduce the panel size used in several applications including handheld devices and near-to-eye displays. Furthermore, miniaturization between each pixel lowers the cost of displays as compared to the traditional components. These components are expected to be increasingly used in small electronic devices such as smartwatches and smartphones.

The micro LED display market is in the development phase and lacks well-established distribution channels, making it difficult for the manufacturers to switch from traditional components to technologically advanced components. Additionally, due to the newness and lack of awareness regarding the technology, there exists no patent portfolio. This hampers the industry growth in the short term but provides opportunities to the players in the long run.