NEW YORK, April 20, 2017 /PRNewswire/ — “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 micro-LED market growth.”
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The micro-LED market is estimated to be valued at USD 254.1 mmillion in 2017 and is likely to reach USD 19,921.3 million by 2025, at a CAGR of 54.7% between 2019 and 2025. Increasing demand for brighter and more power efficient display panels for several applications and increase in applications as well as adoption rate of near-to-eye (NTE) devices are the major drivers for the market growth. Factors such as rising demand for OLED displays, high growth of the flexible display market, and adoption of folded displays for smartphones in the near future are restraining the growth of the market.
“Smartphones are expected to grow at the highest rate in the micro-LED market”
There is a huge market potential for micro-LED display devices in the consumer electronics vertical due to the increasing demand for devices such as smartphones and smart wearables. Smartphones are expected to witness high growth in shipments between 2021 and 2025. Premium smartphones in the display market usually incorporate the latest available display technology owing to superior quality pictures that it offers. Micro-LED technology, once commercialized for smartphones, is expected to penetrate into the premium smartphone market at a high rate.
“North America to hold the largest market size, and APAC to witness the highest growth in the micro-LED market”
North America is expected to hold the largest share of the micro-LED market owing to the high adoption rate of the latest display and lighting technologies, especially in the consumer electronics and retail verticals. The market in the APAC region is expected to grow at the highest rate due to the presence of major display panel manufacturers, LED foundries, and brand product manufacturers in the region—companies usually launch their new products or technologies in their native regions. Early exposure to the latest display and lighting products is expected to be the driving factor for the growth of the market in the consumer electronics and other industries in APAC.
Extensive primary interviews have been conducted with industry leaders to determine and verify the market size of several segments and subsegments that were gathered through secondary research.
The breakup of the primary participants has been shown below:
• By Company Type: Tier 1 – 10 %, Tier 2 – 48%, and…