According to relevant survey data, the global Micro LED display market revenue will soar to $250 million by the end of 2018. Market research firm Global Market Insights expects the global Micro LED display market to exceed $14 billion in 2024 as the industry's demand for brighter and more energy-efficient display solutions will continue to grow.
Compared to LCD technology, Micro LED display technology provides higher contrast. In addition, Micro LED devices provide faster response times and lower power consumption. Because of these advantages, the technology has been widely adopted in the wearable industry, and it is expected that wearable devices will continue to drive the growth of the Micro LED display market.
At the same time, the trend toward miniaturization of electronic products will continue to push manufacturers to reduce the size of display panels for several handheld devices, including tablets, smartphones and AR/VR headsets. The reduction in size also reduces the distance between each pixel, and the overall cost is also reduced compared to conventional displays. The reduction in cost has also driven the availability of these components in small electronic devices, including smartphones and smart watches, and has helped drive the growth of the Micro LED display market.
By the same token, these small, low-power devices are also suitable for wearable devices. In addition, many manufacturers of augmented reality (AR) and virtual reality devices have begun to use Micro LED displays extensively due to their light weight, small size and high brightness.
However, the market research organization pointed out that the lack of standards and design issues associated with small size, as well as problems in mass production, have limited the growth of the microdisplay LED market.
Similarly, manufacturers face the problem of mass production of large-size displays. For this reason, Micro LED display manufacturers and research ZTE have begun to develop flexible displays that can adjust the panel size to suit the relevant application.
Another growth segment: digital signage
As the demand for equipment in the retail industry grows, another market segment, the digital signage market, will also grow substantially. Global Market Insights believes that the high demand for digital signage by low-budget small retailers will also help drive the growth of the Micro LED display market.
Increased demand for smartphone Micro LED displays in the Asia Pacific region
During the forecast period, the Asia-Pacific Micro LED display market will also achieve significant growth due to the growing demand for low-cost and high-quality smartphones. This is because the construction of network infrastructure in the Asia-Pacific region is developing rapidly. This fast-growing network infrastructure has also driven the region's growing demand for smartphones.
In addition, Global Market Insights said that due to the abundance of resources, several display and LED manufacturers were established in the region, providing sufficient support for traditional manufacturers in the region to transition to adopting new technologies and developing new components.
Major participating companies
Major players in the Micro LED display market include Samsung Electronics, Epistar, Sony, X-Celeprint, Aledia, Plessey Semiconductors and VerLASE Technologies.
Many companies are currently rapidly developing technology and starting to apply for patents in order to achieve early profitability. For example, according to data provided by the Korean Intellectual Property Office (KIPO), in 2017, South Korea submitted 120 patent applications related to Micro LEDs and Micro LED displays.