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Micro-LED Market: Segmented: By Product (Micro Display, Large scale Display, Small and Medium-sized Display), By Application (Smartphone and Tablet [NTE Devices], PC and Laptop, TV, Smartwatch, Others), By Industry Vertical (Consumer Electronics, Entertainment and Sports, Automotive, Retail, Government and Defense, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Micro-LED Market to surpass USD 6,53,065.7 million by 2031 from USD 475.2 million in 2021 at a CAGR of 106% in the coming years, i.e., 2021-2031.
Micro-LED is a new flat-panel display technology that is gaining traction. Individual pixel elements in micro-LED displays are formed by arrays of miniature LEDs. Micro-LED displays have superior contrast, energy economy, and response times than conventional LCD displays. Micro-LED displays use far less energy than traditional LCD panels while simultaneously providing pixel-level light control and a high contrast ratio. Micro-LEDs have a longer lifetime than OLEDs and can display brighter images with less chance of screen burn-in due to their inorganic nature.
The global Micro-LED Market is anticipated to project a remarkable CAGR of 106% by 2031
Growing demand for wearable displays for Smart Watches and head mounted displays (HMDs) is likely to provide attractive prospects for micro-LED market participants and, as a result, impact market growth. In addition, the predicted penetration of micro-LED displays in NTE devices and premium smartphones is one of the primary drivers expected to propel the micro-LED market forward in the future.
On the basis of Application, the Micro-LED Market is categorized into Smartphone and Tablet (NTE Devices), PC and Laptop, TV, Smartwatch, and Others. In previous years, the smartphones and tablets (NTE Devices) segment accounted for the biggest market share, and it is expected to continue to do so in the future. The strong demand for AR/VR devices can be ascribed to the expansion of this category.
On the basis of Industry Vertical, the Micro-LED Market is divided into Consumer Electronics, Entertainment and Sports, Automotive, Retail, Government and Defense, and Others. During the projection period, the Consumer Electronics category is expected to dominate in terms of market share. A considerable number of start-ups with high R&D investments have emerged in the consumer electronics market. As a result of these advances, the micro-LED market is expected to rise significantly.
Market DynamicsGrowing technological advancements in consumer electronics
Growing technological improvements in many consumers electronic items, such as TVs, smartphones, smart watches, tablets, and tiny LEDs, these products are likely to become more integrated. Technological behemoths in the industry have sufficient experience with LED, LCD, and OLED technologies, and are now focusing their resources and expertise on the development of micro-LED, which is seen as the consumer electronics sector's future.
Increasing demand for High-quality Head-Mounted Display
In comparison to traditional LCOS and DLP technologies, the desire for higher-quality HMDs and functionality improvements to enable the ongoing roll-out of high-quality AR/VR content is driving the use of micro LEDs.
High cost associated with the Micro-LED display
The Micro-LED Market is likely to be restrained by the high cost of micro-LED displays, as well as the lack of patents and a proper supply chain.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Micro-LED Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In the total micro-LED market, APAC is predicted to develop at the fastest rate. The increased interest of electronic heavyweights in APAC in adopting micro-LED technology is predicted to drive the fastest growth of the APAC micro-LED market. The Asia Pacific region's enormous population necessitates a significant volume of consumer electronics, contributing to the region's overall growth.
Over the years, the micro-LED market has seen substantial expansion. The abrupt emergence of the COVID-19 pandemic has had an impact on the demand for micro-LED-based devices, particularly in 2020 and 2021. Companies have been forced to develop remote working strategies as a result of the pandemic. Lockdown imposed in almost all major countries to combat the spread of COVID-19 has interrupted the supply chain, hampered research and development, and halted manufacturing, resulting in production delays.
| Report Attribute | Details |
| Market size value in 2021 | USD 475.2 million |
| Revenue forecast in 2031 | USD 6,53,065.7 million |
| Growth Rate | CAGR of 106% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, Application, Industry Vertical, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Aledia, Apple Inc., eLux, Inc., Glo AB, LG Display, PlayNitride Inc., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Corporation, and VueReal. |
The Cross-Laminated Timber Market size was estimated at USD 475.2 million in 2021 and is expected to reach USD 6,53,065.7 million by 2031.
Key players: Aledia, Apple Inc., eLux, Inc., Glo AB, LG Display, PlayNitride Inc., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Corporation, and VueReal.
Micro-LED Market Segments: By Product Micro Display Large scale Display Small and Medium-sized Display By Application Smartphone and Tablet (NTE Devices) PC and Laptop TV Smartwatch Others By Industry Vertical Consumer Electronics Entertainment and Sports Automotive Retail Government and Defense Others
Driver: Growing technological advancements in consumer electronics
Micro-LED is a new flat-panel display technology that is gaining traction. Individual pixel elements in micro-LED displays are formed by arrays of miniature LEDs. Micro-LED displays have superior contrast, energy economy, and response times than conventional LCD displays.
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