MicroLED Market – Snapshot
The MicroLED market, which is in the initial stage, is witnessing significant technological advancements across the industry. Developments in the LED industry include the introduction of upgraded MicroLED panels which are exceptionally thin and proficient for the purpose of delivering excellent viewing angle which allow brighter pictures to be delivered with less power consumption.With focus on enhancing consumer experience, MicroLED delivers quick response time and in a compact format. The market for MicroLED is forecast to grow to US$ 286.38 Mn by 2026 from US$ 51.47 Mn in 2017, recording a CAGR of 21.14%.
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The MicroLED market has seen demand traction due to the high wavelength uniformity for fine pixel pitch display, with smartphone applications holding the largest share. Smart watches, monitors, laptops, and AR/VR are leading applications that adopt the technology so as to enhance picture clarity and reduce the power consumption.
MicroLED has off late gained traction, though LED & OLED have been long in demand and visual technologies already enjoy strong acceptance among industries and consumers. A close study of recent product launches and developments of key industry participants active in the MicroLED market reveals that in applications such as near to eye camera, VR and MR would continue to dominate the market throughout the forecast period. Non-commercial applications too such as laptops, smartphones, and home theaters are forecast to see demand surge, gaining significant uptake toward the second half of the forecast period of the MicroLED market study.This rise is due to further improvement in consumer acceptance and expected dip in the product prices which is mainly the MicroLED panel display price. Factors such as improvement in consumer spending on personal entertainment is seen as crucial to influence market growth trends for both commercial and non-commercial applications. The MicroLED market however still faces challenges since high volume consumer applications are still out of reach for full scale MicroLED deployment because of expensive price of MicroLED.
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These existing technology integration and distribution related challenges offers possible opportunities for the MicroLED system. Any further development and exploration of MicroLED technology in the form of advanced sensing & visible light communication is expected to open new set of unexplored opportunities.
Attracted by this fast expanding market and underlying latent demand, many players are driven to invest in the market for MicroLED technology products and services. Right from display panel manufacturers to device manufacturers, there is a rush of companies across industries strengthening their foothold in the MicroLED market. However, with competition from established players such as Sony Corp., Apple and others, which already have a strong network in the market and technology expertise, new entrants may find it challenging to establish themselves without a unique value proposition. Some of the prominent players in the MicroLED market and profiled in the study include Apple, Inc., Sony Corp, Oculus VR, Ostendo Technologies, LG Electronics, JBD Inc., and Glo AB among others .
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MicroLED Market – Snapshot