Micro-LED Display Market Expected to Reach $23.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Micro-LED Display Market," The micro-LED display market size was valued at $56.00 million in 2020, and is estimated to reach $23.4 billion by 2030, growing at a CAGR of 77.1% from 2021 to 2030. At present, North America dominates the global micro-LED display market and Asia-Pacific is expected witness highest CAGR during forecast period. In 2021, China is expected to register the highest growth rate in the Asia-Pacific market. However, Germany is expected to lead the overall market in Europe in 2020.

Micro-LED display is an emerging technology, which provides high luminance in a small format. This display is preferred over TFT, LCD, and OLED displays, owing to the quality of image offered by it. Moreover, it offers reduced energy consumptions as compared to the conventional LCD and OLED display systems. In addition, micro-LED display is considered to have innate potential performance advantages over OLED and LCD displays such as lower latency, high contrast ratio, and high color saturation.

The global micro-LED display industry is projected to register significant growth during the forecast period due to rise in demand for bright & power-efficient display panels and increase in preference of electronic giants towards micro displays. However, high cost of microLED display is expected to restrain the growth of the market.

The micro-LED display market analysis is provided on the basis of product, application industry vertical, and region. The product segment includes small- & large-scale display, small- & medium-sized display, and micro display. The application segment includes smartphone & tablet, TV, PC & laptop, smartwatch, and others. The industry vertical segment consists of consumer electronics, entertainment & sports, automotive, retail, government & defense, and others. Region wise, the micro-LED display market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The large-scale display segment was the largest contributor of revenue in 2020 and is expected to grow at a CAGR of 13.2% from 2021 to 2030, owing to growth in demand from entertainment & sports industry. However, based on industry vertical, consumer electronics is projected to lead the global market in the same year.

The market share in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factor such as increase in demand for consumer electronics in Asia-Pacific and benefits of micro-LED displays over OLED are the major factors driving micro-LED display market Growth in this region.

COVID-19 Impact Analysis

The global micro LED display market has been significantly impacted by the COVID-19 outbreak. Production facilities of micro LED display have been halted, owing to the slowdown and unavailability of workforce across the globe. However, the impact of COVID-19 on this market is temporary as only production and supply chain were stalled in 2020. As the situation has improved, production, supply chains, and demand for these products are expected to gradually increase in 2021. The current scenario is expected to provide opportunities for companies to think about ways to increase their production, research about technologies, and improve current products.

Key findings of the study

• On the basis of product, the large-scale display segment is anticipated to dominate the global micro-LED display market share, in terms of revenue.
• The consumer electronics segment dominated the global micro-LED display market share in year 2020, owing to increase in demand for devices such as microled tv and smartphones.
• North America held the majority of market share in 2020 and Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

The key players profiled in the report include Aledia, Apple Inc., eLux, Inc., Glo AB, LG Display, PlayNitride Inc., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Corporation, and VueReal. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the micro-LED display market.