| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.07 Billion |
| Market Size (2029) | USD 1.48 Billion |
| CAGR (2024 - 2029) | 81.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Micro LED Market Analysis
The Micro LED Market size is estimated at USD 0.07 billion in 2024, and is expected to reach USD 1.48 billion by 2029, growing at a CAGR of 81.80% during the forecast period (2024-2029). In terms of shipment volume, the market is expected to grow from 13.30 thousand units in 2024 to 902 thousand units by 2029, at a CAGR of 132.5% during the forecast period (2024-2029).
Micro LED is a display technology that uses microscopic LEDs (light-emitting diodes) to create individual pixels. It offers high brightness, contrast, and energy efficiency. Micro LED displays are known for their potential to deliver superior picture quality and can be used in various applications, including TVs, monitors, and wearable devices.
- The micro LED market has grown significantly over the years. This is primarily due to the advancement of technologies such as AR/VR and the expansion of end-user industries across various regions. For instance, the transition toward 5G accelerates the demand for advanced mobile devices.
- Micro LED technology provides advantages over LCDs and OLEDs in brightness, resolution, contrast ratio, energy consumption, lifetime, and thermal stability, opening new possibilities in the display industry.
- In May of 2023, the world’s leading provider of long-distance wireless power solutions, Wi-Charge, introduced the industry’s most energy-efficient and high-performance wirelessly charged video display solutions for retailers, brands, and marketers to deliver directly to consumers at the point-of-sale (POS) on store shelves, in queue lines, and at restaurant tables. Wi-Charge developed the larger Wi-Spot 7", its new generation of video displays, which is available immediately in response to growing worldwide customer demand.
- Micro LED technology has been making waves in the consumer electronics industry, promising significant advancements in display technology. With its unique features and advantages, micro LED can potentially disrupt how users experience visual content on various devices.
- Micro LED technology has gained significant attention in recent years due to its potential for superior performance compared to other display technologies. Micro LEDs offer higher pixel density, lower power consumption, faster response time, higher luminance in direct sunlight, and wider viewing angles. These attributes make them suitable for various applications, including handheld devices and near-eye displays.
- The COVID-19 pandemic delayed production, and some new projects in the industry were delayed as many companies temporarily closed their facilities and the supply chain was interrupted. New technological developments might be affected during the challenging time as well. LEDinside shares its insights toward Micro LED technology development in such global uncertainty. It points out that next-generation display technology might be a chance to move a step forward.
Micro LED Market Trends
Consumer Electronics to be the Largest End-user Industry
- The increasing usage of digital twin technology in the transportation industry is expected to drive the demand for virtual sensors. Digital twins have emerged as the most recent technological phenomenon in the transportation sector. Implementing digital twins in supply chains is enhancing the efficiency of supply chain networks on both local and global scales. By utilizing the data, transportation companies are able to predict their operations with exceptional precision. Significantly, this innovative technology also aids in generating valuable insights to enhance corporate strategies.
- Virtual sensors are increasingly becoming crucial for the automotive industry due to their wide variety of applications. The growing adoption of virtual sensors in the industry will enable the market to gain traction over the forecast period. Amidst this costly sensory inflation, the adoption of virtual sensors has become prevalent. Virtual sensors entail replacing a physical sensor with software embedded in the vehicle’s electronic control unit. The objective is to acquire essential information without the need for a physical component. Numerous vehicle parts, including tires, engines, and cabins, are embedded with these virtual sensors. Virtual sensing is widely employed in automotive applications, such as passenger thermal comfort, tire pressure monitoring systems, powertrain applications, estimation of sprung mass state, and others.
- The automotive sector depends significantly on sensing technology for various functions such as safety, entertainment, traffic management, navigation, and guidance. With the advancement toward autonomous vehicles, sensing device usage is expected to grow. Despite the high cost and occasional unreliability of physical sensors in vehicles, virtual sensors are emerging as a cost-effective solution for car makers. These virtual sensors serve as a secondary safety measure to physical sensors and play a crucial role in enhancing driver assistance systems (ADAS) and ultimately achieving autonomous driving capabilities.
- The growing demand for ADAS features in the automotive industry is expected to drive the segment’s growth. Several governments worldwide are implementing various measures to boost the adoption of ADAS technology to ensure vehicle safety. Furthermore, the increasing trend of autonomous or self-driving vehicles is also playing a role in the expansion of the market. As an illustration, Intel predicts that worldwide car sales will exceed 101.4 million units by 2030, with autonomous vehicles projected to make up approximately 12% of car registrations by the same year.
- Furthermore, Artificial Intelligence (AI) has become vital in various industries, including the automotive sector. A significant innovation in this field is the creation of advanced driver assistance systems (ADAS), designed to enhance vehicle safety and assist drivers in different driving situations. The adoption of ADAS technology is increasing in countries such as Germany, China, and India, as it has the potential to reduce accidents and promote road safety. Such factors in boosting ASAD technology may present significant opportunities for the market.
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North America to Hold Significant Market Share
- The increasing demand for digital signage creates a need for high-quality displays. Digital signage is becoming popular in the United States with technological advancements in display, connectivity, and monitoring space. Furthermore, the increasing adoption has decreased the prices of display panels significantly.
- Educational institutions are adopting digital signages for huge displays in the building's pre-function and lobby areas to broadcast building-wide event messaging, with directional navigation arrows to direct people to the appropriate conference rooms.
- For instance, in April 2022, Visix Inc. expanded its portfolio of higher education projects by announcing that Wichita State University has chosen an AxisTV Signage Suite digital signage system for its Metroplex convention center. The entire solution includes a cloud-hosted CMS, three Nano digital signage players, and ten Electronic Paper Room (E-Paper) Signs, which dynamically display events and meetings as they happen.
- As marketing and promotional strategies evolve, advertisers favor digitized promotion over traditional marketing, and the United States and Canada are popular destinations for market players. Other advantages of digitized signage, such as higher audience engagement, reduced paper consumption, increased sales due to improved consumer influence, and cost-effective advertising, drive their implementation in the region.
- The region is witnessing various developments as vendors operating in the market are continuously innovating new solutions through partnerships.
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Micro LED Industry Overview
The micro LED market is highly fragmented. Some major players are Innolux Corporation, Sony Corporation, LG Display Co. Ltd, Aledia SA, and Epistar Corporation. Companies are adopting strategies such as partnerships and acquisitions to improve their product offerings and gain sustainable competitive advantage.
- January 2024 - Innolux Corp (Innolux) introduced the world’s first 53-inch QD color conversion AM-Micro LED seamless tiling displays that can be used to assemble displays of any size using seamless tiling module technology. This technology can meet the growing market demand for high-quality, ultra-wide, and ultra-tall displays measuring 110-200 inches in size. The seamless tiling solution offers high color saturation and color uniformity, which is 1.07 times higher than OLED. It also has a higher ambient contrast ratio, which is eight times higher than OLED. This, among other benefits, can be achieved even under normal lighting conditions.
- September 2023 - Sony launched the VERONA, a new Crystal LED display built to meet the needs of virtual production applications. The new displays are tailored for filmmakers, bringing higher levels of quality and efficiency to in-camera VFX applications.
Micro LED Market Leaders
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Innolux Corporation
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Sony Corporation
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LG Display Co Ltd
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Aledia SA
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Epistar Corporation
- *Disclaimer: Major Players sorted in no particular order
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Micro LED Market News
- January 2024: Ennostar announced that it is proceeding with the strategic divestment of certain assets as the board of directors approved measures to enable the company to restructure its finances. As a result, the company is selling the Zhunan plant at NTD670 million, with a small profit on the sale. Ennostar currently has low utilization rates on the existing blue LED at Jingdian and has been actively reorganizing resources in Taiwan and optimizing the utilization of plant space. The company initially planned to construct a new MicroLED manufacturing plant in Zhunan. It pursued a capital increase in 2022 but now plans to utilize the space freed by optimizing existing resources at subsidiary Epistar.
- January 2024: Samsung Electronics has announced its leading MICRO LED display to expand how users enjoy visual content. This new modular MICRO LED wowed attendees with its futuristic design. The Transparent MICRO LED’s crystal-clear, glass-like display has revolutionized the viewing experience and attracted the attention of global consumers.
Micro LED Industry Segmentation
The micro LED market is defined by the revenue generated from selling Micro Light Emitting Diode (LED) offered by different market players for a diverse range of end-user industries. The market trends are evaluated by analyzing the investments made in product innovation, diversification, and expansion. Further, advancements in the automotive and consumer electronics sectors are crucial in determining the growth of the studied market.
The micro LED market is segmented by application (smartwatch, near-to-eye devices (AR and VR), television, smartphone and tablet, monitor and laptop, head-up display, and digital signage), end user (consumer electronics, automotive, aerospace and defense, and other end users), geography (North America, Europe, Asia-Pacific, Rest of the World). The report offers market forecasts and size in value (USD) for all the above segments.
| By Application | Smartwatch |
| Near-to-eye Devices (AR and VR) | |
| Television | |
| Smartphone and Tablet | |
| Monitor and Laptop | |
| Head-up Display | |
| Digital Signage | |
| By End User | Consumer Electronics |
| Automotive | |
| Aerospace and Defense | |
| Other End Users | |
| By Geography | North America |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
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Micro LED Market Research FAQs
How big is the Micro LED Market?
The Micro LED Market size is expected to reach USD 0.07 billion in 2024 and grow at a CAGR of 81.80% to reach USD 1.48 billion by 2029.
What is the current Micro LED Market size?
In 2024, the Micro LED Market size is expected to reach USD 0.07 billion.
Who are the key players in Micro LED Market?
Innolux Corporation, Sony Corporation, LG Display Co Ltd, Aledia SA and Epistar Corporation are the major companies operating in the Micro LED Market.
Which is the fastest growing region in Micro LED Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Micro LED Market?
In 2024, the North America accounts for the largest market share in Micro LED Market.
What years does this Micro LED Market cover, and what was the market size in 2023?
In 2023, the Micro LED Market size was estimated at USD 0.01 billion. The report covers the Micro LED Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Micro LED Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Micro LED Industry Report
Statistics for the 2024 Micro LED market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Micro LED analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
