Micro-LED Market is estimated to be valued at USD 592 million in 2021 and reach USD 21,169 million by 2027; it is anticipated to grow at a CAGR of 81.5% during the forecast period. The major factors driving the growth of the micro-LED market are an increase in demand for microdisplays for NTE devices, and the increasing interest of electronic giants in micro-LED technology. However, several factors, such as the requirement of huge investment in infrastructure, equipment, and process development can act as a key challenge in the market during the forecast period.
Major players in the market are: Apple (US), Sony (Japan), Samsung Electronics (South Korea), Oculus VR (US), X-Celeprint (Ireland) Epistar (Taiwan), Nanosys (US), Aledia (EU)
The consumer electronics vertical is expected to dominate in the micro-LED market during the forecast period
Consumer Electronics is expected to dominate in terms of market share during the forecast period. The market for consumer electronics has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant growth of micro-LED market.
Near-to-Eye (NTE) devices expected to witness the highest CAGR in the micro-LED display market during the forecast period
The Near-to-Eye (NTE) devices is estimated to grow at the highest CAGR from 2021 to 2027 during the forecast period, as the growth of this segment can be attributed because there is high demand for AR/VR devices. Also, there is need of brighter and more power-efficient LED for NTE devices. Micro-LED serves this need and hence NTE devices application is projected to grow at the highest CAGR during the forecast period.
The aerospace and defense vertical is expected to grow at the highest CAGR in 2027
Aerospace and Defense is expected to grow at the highest CAGR during the forecast period. The market for Aerospace and Defense has seen the emergence of large number of start-ups, with high R&D investments. Such developments are likely to lead to significant growth of the micro-LED market
APAC is attributed to growing at the highest CAGR in the micro market during the forecast period (2021-2027)
APAC is expected to grow at the highest CAGR in the overall micro-LED market. The fastest growth of the APAC micro-LED market is expected to be driven by the increasing interest of electronic giants in APAC in adopting micro-LED technology.For instance, Samsung, one of the electronic giants, has commercialized a few products into the digital signage vertical. Samsung’s “The Wall” is one of the premium products in the micro: LED digital signage (advertising) vertical. Also, Sony has also launched a few products using micro-LED technology in the market.
