The micro-LED market is estimated to be valued at USD 592 million in 2021 and reach USD 21,169 million by 2027, at a CAGR of 81.5%. The expected penetration of micro-LED displays in NTE devices and premium smartphones are the key factors that will accelerate the growth of the micro-LED market during the forecast period. Likewise, growing demand for wearable displays for smartwatches and head mounted displays (HMDs) are expected to create lucrative opportunities for the players in the micro-LED market. However, absence of patents and proper supply chain are expected to restraint market growth.
The micro-LED market is expected to be dominated by Apple (US), Oculus VR (US), Sony (Japan), Samsung Electronics (South Korea), and X-Celeprint (Ireland). The major strategies adopted by the key players in the micro-LED market included R&D investments, collaborations, and acquisitions which helped them to innovate and strengthen their product offerings.
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Apple (US) and Sony (Japan) are among the major players in the micro-LED market.
One of the major companies in the micro-LED market, Apple designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. Apple acquired LuxVue Technology, a micro-LED display developer, in 2014 and set up a micro-LED research lab in Taoyuan, Taiwan, in 2015. LuxVue owns the largest patent portfolio on micro-LED and associated technologies and is a leading company in developing low-power, micro-LED technology-based displays for consumer electronic products. This acquisition indicates that Apple is investing huge resources in the development of energy-efficient and high-quality display technology for its premium products.
Apple partnered with Taiwan Semiconductor Manufacturing Company (TMSC) to mass-produce micro-LED displays as the company is fabless. The shift toward micro-LED display technology is aimed at reducing dependence on OLED display panel suppliers, such as Samsung Electronics, that also compete with Apple in the consumer electronics market space. The transition toward micro-LED display technology will also allow for longer battery life in smartwatch and smartphone applications due to lesser power requirements, as well as brighter screen features.
Sony is known for developing, designing, manufacturing, and selling electronic equipment, instruments, devices, game consoles, and software for retail and industrial markets. In 2017, Sony unveiled the Crystal LED-integrated structure (CLEDIS) display technology, a new large-scale canvas solution with ultrafine LEDs as a light source. The CLEDIS display technology is designed for a range of commercial applications, such as industrial product design and manufacturing for the automotive industry and displays in theme parks, museums, high-traffic lobbies, and showrooms in which intricately detailed video displays and realistic simulation are required to a large extent.
Sony is currently focusing on large-scale displays that require high pixel volume; however, as signage displays are viewed from a distance, they can have low pixel density. An increase in size and pixel volume will also increase the number of LEDs used on display, which would require more time and effort in making the product. Sony has adopted a solution to lower the pixel per inch (ppi) and increase the pixel volume (in contrast to Apple’s high ppi and low pixel volume) by using larger LEDs that have high production yield rates. The ZRD-1 CLEDIS display unit, a CLEDIS display solution derivative, is available in Europe and some countries in APAC.
Micro-LED Market with Covid-19 Impact Analysis by Application (Display (Smartwatch, NTE Device, Smartphone and Tablet, Television, Digital Signage), Lighting (General, Automotive)), Display Panel Size, Vertical and Region - Global Forecast to 2027
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