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Micro-LED market to be worth $19,921.3 million by 2025

Micro-LED market to be worth $19,921.3 million by 2025

July 13, 2017: Micro-LED is a self-emitting technology which offers the possibility of manufacturing the display and lighting devices with very high brightness at low power consumption. The micro-LED market is estimated to be USD 254.1 million in 2017 and is likely to reach USD 19,921.3 million by 2025, at CAGR of 54.7% between 2019 and 2025. Display applications are expected to dominate the market between 2019 and 2025, with a market share of more than 95%. The market is expected to growth at a significant rate between 2019 and 2025 owing to the launch of micro-LED displays for smartwatch and near-to-eye (NTE) devices in 2019, displays for smartphones and tablets in 2021, and for TVs in 2023.

Increasing demand for brighter and more power efficient display panels for several applications, increase in applications as well as adoption rate of near-to-eye (NTE) devices, and increasing interests from electronics giants—Apple and Sony are the major drivers for the market. With the launch of micro-LED display technology in high-volume applications such as smartphones and tablets by 2021, the market is expected to experience tremendous growth 2021 onwards.

Also Read: New inkjet printing system cuts down OLED display manufacturing cost by 50%

Major concern for portable device manufacturers is the power consumption by display panel units in the products. Additionally, the demand for attractive and thin display panels is encouraging the companies to develop and launch micro-LED technology-based prototypes with enhanced features. As of 2017, the micro-LED technology is in its development phase owing to which the players are majorly focusing on mergers and acquisitions, partnerships, agreements, and collaborations to enter the market for various applications by launching technologically advanced and innovative display and lighting prototypes. Companies such as Apple, Inc. (U.S.) and Oculus VR (U.S.) have adopted mergers and acquisitions as their main strategies, while X-Celeprint and Aledia have adopted prototype launch as their main strategy.

Also Read: Apple may invest in LG Display’s new OLED plant

Apple, Inc. (U.S.) and Oculus VR (U.S.) are the two major players in the micro-LED market. Apple, Inc., the leading consumer electronics device developer, relies on various display panel manufacturers for the display panels in its products. Apple acquired micro-LED display developer LuxVue Technology in 2013 to concentrate its focus on new display technology, which the company can utilize in its products. The company has been involved in extensive research and development of the micro-LED technology-based display for smartwatch from the last three years, and the company may incorporate the next smartwatch based on micro-LED technology-enabled display panels. Apple has the largest patent portfolio in micro-LED and huge resources to invest in the development of technology, owing to which the company is ranked among the top position in the micro-LED market. Apple is expected to benefit the most from micro-LED technology as the company offers a wide variety of products such as smartwatches, smartphones, tablets and PCs in which display panels are used.

Oculus VR specializes in virtual reality hardware and software product development. The company acquired low-power LED display developer Infiniled in 2016. Inorganic LED (ILED) technology developed by Infiniled is energy efficient and can be used for applications ranging from wearables to TVs. Specifically optimized for wearable and portable devices, these low power ILED displays provide high performance and attractive product possibilities for designers. The company owns a wide patent portfolio pertaining to micro-LED technology-based products and is backed by social media giant Facebook, Inc. (U.S.).

Source: MarketsandMarkets

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