The micro-LED market is estimated to be valued at USD 592 million in 2021 and reach USD 21,169 million by 2027; it is anticipated to grow at a CAGR of 81.5% during the forecast period. The major factors driving the growth of the micro-LED market are increase in demand for micro displays for NTE devices, and increasing interest of electronic giants in micro-LED technology. However, several factors, such as requirement of huge investment in infrastructure, equipment, and process development can act as a key challenge in the market during the forecast period.
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“Micro-LED Market with Covid-19 Impact Analysis by Application (Display (Smartwatch, NTE Device, Smartphone and Tablet, Television, Digital Signage), Lighting (General, Automotive)), Display Panel Size, Vertical and Region — Global Forecast to 2027”
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Consumer Electronics vertical is expected to dominate in the micro-LED market during the forecast period
Consumer Electronics is expected to dominate in terms of market share during the forecast period. The market for consumer electronics has seen the emergence of large number of start-ups, with high R&D investments. Such developments are likely to lead to significant growth of the micro-LED market.
Near-to-eye (NTE) devices are expected to witness the highest CAGR in the micro-LED display market during the forecast period
During the projection period, Near-to-Eye (NTE) devices are expected to expand at the highest compound annual growth rate (CAGR) of 2021 to 2027. This increase can be due to the strong demand for AR/VR devices. Additionally, NTE devices require LEDs that are both brighter and more power-efficient. This demand is met by micro-LEDs, which is why the use of NTE devices is anticipated to increase at the fastest CAGR throughout the forecast period.
Aerospace and Defense vertical is expected to grow at the highest CAGR in 2027
Aerospace and Defense is expected to grow at the highest CAGR during the forecast period. The market for Aerospace and Defense has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant growth of micro-LED market
APAC is attributed to grow at the highest CAGR in micro-LED market during the forecast period (2021–2027)
When it comes to the micro-LED market as a whole, APAC is predicted to grow at the fastest CAGR. The rising interest in micro-LED technology adoption by APAC’s largest electronics companies is anticipated to propel the micro-LED market’s fastest expansion.One of the biggest names in electronics, Samsung, for example, has only commercialized a small number of products for digital signage. “The Wall” from Samsung is a high-end device in the vertical micro:LED digital signage (advertising) market. Additionally, Sony has introduced a few items into the market that make use of micro-LED technology.Key Market Players
Apple (US), Sony (Japan), Samsung Electronics (South Korea), Oculus VR (US), X-Celeprint (Ireland) Epistar (Taiwan), Nanosys (US), and Aledia (EU) are among the key players in the micro-LED market.
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